-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 ADfBN5llqgNgf/y2FTZSQNfMQBhb3Q3kzFl8eaStK6ITjKV64HsEwGJGpC+Sm2RH
 NXOzIcAK3aHKs7RnfzxJqg==

<SEC-DOCUMENT>0001362310-09-004420.txt : 20090327
<SEC-HEADER>0001362310-09-004420.hdr.sgml : 20090327
<ACCEPTANCE-DATETIME>20090327112259
ACCESSION NUMBER:		0001362310-09-004420
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090327
DATE AS OF CHANGE:		20090327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CENTRAL FEDERAL CORP
		CENTRAL INDEX KEY:			0001070680
		STANDARD INDUSTRIAL CLASSIFICATION:	SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035]
		IRS NUMBER:				341877137
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-25045
		FILM NUMBER:		09708717

	BUSINESS ADDRESS:	
		STREET 1:		C/O CENTRAL FEDERAL BANK
		STREET 2:		601 MAIN ST
		CITY:			WELLSVILLE
		STATE:			OH
		ZIP:			43968
		BUSINESS PHONE:		3305321517

	MAIL ADDRESS:	
		STREET 1:		C/O CENTRAL FEDERAL BANK
		STREET 2:		601 MAIN ST
		CITY:			WELLSVILLE
		STATE:			OH
		ZIP:			43968

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAND CENTRAL FINANCIAL CORP
		DATE OF NAME CHANGE:	19980918
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>c83111e10vk.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 10-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 7pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 7pt"><B>FORM 10-K</B>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 7pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#254;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 7pt; margin-left: 12%"><B>For the Fiscal Year Ended December&nbsp;31, 2008
</B>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%" style="font-size: 12pt">
<TR style="font-size: 7pt">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD align="center"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><B>TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 7pt; margin-left: 12%"><B>For the transition period from <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U> to <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>
</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 7pt"><B>Commission File Number: 0-25045</B></DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 7pt"><B><FONT style="border-bottom: 1px solid #000000">CENTRAL FEDERAL CORPORATION.</FONT></B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 7pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Delaware
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34-1877137</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or Other Jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">Incorporation or Organization)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">2923 Smith Road, Fairlawn, Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">44333</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Address of Principal Executive Offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Zip Code)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 7pt">(330)&nbsp;666-7979<BR>
(Registrant&#146;s Telephone Number, Including Area Code)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 7pt">Securities registered pursuant to Section&nbsp;12(b) of the Act:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 7pt">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Common Stock, par value $.01 per share
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Nasdaq<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Capital Market</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Title of Class)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Name of Exchange on which Registered)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 7pt">Securities registered pursuant to Section&nbsp;12(g) of the Exchange Act: None</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of
the Securities Act<font style="white-space: nowrap"> YES <FONT face="Wingdings">&#111;</FONT> NO <FONT face="Wingdings">&#254;</FONT></font>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or
Section 15(d) of the Act <font style="white-space: nowrap">YES <FONT face="Wingdings">&#111;</FONT> NO <FONT face="Wingdings">&#254;</FONT></font>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Indicate by check mark whether the registrant: (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for
such shorter period that the registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days. YES <FONT face="Wingdings">&#254;</FONT> NO <FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Indicate by check mark if disclosure of delinquent filers pursuant to Item&nbsp;405 of Regulation&nbsp;S-K
(Section&nbsp;229.405 of this chapter) is not contained herein, and will not be contained, to the best
of the registrant&#146;s knowledge, in definitive proxy or information statements incorporated by
reference in Part&nbsp;III of this Form 10-K or any amendment to this Form 10-K. <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated
filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the Exchange Act.
(Check one):
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 7pt">
    <TD width="22%"></TD>
    <TD width="3%"></TD>
    <TD width="22%"></TD>
    <TD width="3%"></TD>
    <TD width="22%"></TD>
    <TD width="3%"></TD>
    <TD width="22%"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Large accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><FONT style="white-space: nowrap">Smaller reporting company <FONT face="Wingdings">&#254;</FONT></FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Indicate by check mark whether the registrant is a shell company (as defined in Rule&nbsp;12b-2 of the
Act). YES <FONT face="Wingdings">&#111;</FONT> NO <FONT face="Wingdings">&#254;</FONT>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">The aggregate market value of the voting and non-voting common equity of the registrant held by
non-affiliates as of June&nbsp;30, 2008 was $13.9&nbsp;million based upon the closing price as reported on
the Nasdaq&#174; Capital Market for that date.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">As of March&nbsp;15, 2009, there were 4,101,537 shares of the registrant&#146;s Common Stock outstanding.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 7pt"><B>DOCUMENTS INCORPORATED BY REFERENCE</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Portions of the registrant&#146;s Rule&nbsp;14a-3(b) Annual Report to Shareholders for its fiscal year ended
December&nbsp;31, 2008 and its Proxy Statement for the 2009 Annual Meeting of Shareholders to be held on
May&nbsp;21, 2009, which was filed with the Securities and Exchange Commission (the Commission) on or
about March&nbsp;31, 2009, are incorporated herein by reference into Parts II and III, respectively, of
this Form 10-K.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 7pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">







<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>INDEX</B>
</DIV>

<DIV align="left">
<!-- TOC -->
</DIV>
<DIV align="left">
<A name="tocpage"></A>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="95%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B><I>Page</I></B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#101"><B>PART I</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#102">Item&nbsp;1. Business</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#103">Item&nbsp;2. Properties</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#104">Item&nbsp;3. Legal Proceedings</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#105">Item&nbsp;4. Submission of Matters to a Vote of Security Holders</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#106"><B>PART II</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#107">Item&nbsp;5. Market for Registrant&#146;s Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#108">Item&nbsp;6. Selected Financial Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#109">Item&nbsp;7. Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#110">Item&nbsp;7A. Quantitative and Qualitative Disclosures About Market
Risk</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#111">Item&nbsp;8. Financial Statements and Supplementary Data</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#112">Item&nbsp;9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#113">Item&nbsp;9A(T). Controls and Procedures</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#114">Item&nbsp;9B. Other Information</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#115"><B>PART III</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#116">Item&nbsp;10. Directors, Executive Officers and Corporate Governance</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#117">Item&nbsp;11. Executive Compensation</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#118">Item&nbsp;12. Security Ownership of Certain Beneficial Owners and Management
And Related Stockholder Matters</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#119">Item&nbsp;13. Certain Relationships and Related Transactions,
and Director Independence</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#120">Item&nbsp;14. Principal Accounting Fees and Services</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#121"><B>PART IV</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><A href="#122">Item&nbsp;15. Exhibits, Financial Statement Schedules</A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#123"><B>SIGNATURES</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><A href="#124"><B>EXHIBIT INDEX</B></A></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83111exv11w1.htm">Exhibit 11.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83111exv13w1.htm">Exhibit 13.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83111exv21w1.htm">Exhibit 21.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83111exv23w1.htm">Exhibit 23.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83111exv31w1.htm">Exhibit 31.1</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83111exv31w2.htm">Exhibit 31.2</A></FONT></TD></TR>
<TR><TD colspan="9"><FONT size="2">&nbsp;<A HREF="c83111exv32w1.htm">Exhibit 32.1</A></FONT></TD></TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Forward-Looking Statements</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Statements in this Form 10-K that are not statements of historical fact are forward-looking
statements. Forward-looking statements include, but are not limited to: (1)&nbsp;projections of
revenues, income or loss, earnings or loss per common share, capital structure and other financial
items; (2)&nbsp;plans and objectives of Central Federal Corporation (the Company) or its management or
Board of Directors; (3)&nbsp;statements regarding future events, actions or economic performance; and
(4)&nbsp;statements of assumptions underlying such statements. Words such as &#147;estimate,&#148; &#147;strategy,&#148;
&#147;may,&#148; &#147;believe,&#148; &#147;anticipate,&#148; &#147;expect,&#148; &#147;predict,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;targeted,&#148; and the
negative of these terms, or similar expressions, are intended to identify forward-looking
statements, but are not the exclusive means of identifying such statements. Various risks and
uncertainties may cause actual results to differ materially from those indicated by our
forward-looking statements. The following factors could cause such differences:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in general economic conditions and economic conditions in the markets we serve, any
of which may affect, among other things, our level of nonperforming assets, charge-offs, and
provision for loan loss expense;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in interest rates that may reduce interest margin and impact funding sources;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in market rates and prices, including real estate values, which may adversely
impact the value of financial products including securities, loans and deposits;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">changes in tax laws, rules and regulations;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">various monetary and fiscal policies and regulations, including those determined by the
Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC)&nbsp;and the Office of
Thrift Supervision (OTS);</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">competition with other local and regional commercial banks, savings banks, credit unions
and other non-bank financial institutions;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">our ability to grow our core businesses;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">technological factors which may affect our operations, pricing, products and services;</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">unanticipated litigation, claims or assessments; and</DIV></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">management&#146;s ability to manage these and other risks.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Forward-looking statements are not guarantees of performance or results. A forward-looking
statement may include a statement of the assumptions or bases underlying the forward-looking
statement. The Company believes it has chosen these assumptions or bases in good faith and that
they are reasonable. We caution you however, that assumptions or bases almost always vary from
actual results, and the differences between assumptions or bases and actual results can be
material. The forward-looking statements included in this report speak only as of the date of the
report. We undertake no obligation to publicly release revisions to any forward-looking statements
to reflect events or circumstances after the date of such statements.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="101"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART I</B>
</DIV>

<DIV align="left">
<A name="102"></A>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;1. Business.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>General</B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company, which was formerly known as Grand Central Financial Corp., was organized as a Delaware
corporation in September&nbsp;1998 as the holding company for CFBank in connection with CFBank&#146;s
conversion from a mutual to stock form of organization. CFBank is a community-oriented savings
institution which was originally organized in 1892, and was formerly known as Central Federal
Savings and Loan Association of Wellsville and more recently as Central Federal Bank. As used
herein, the terms &#147;we,&#148; &#147;us,&#148; &#147;our&#148; and the &#147;Company&#148; refer to Central Federal Corporation and its
subsidiaries, unless the context indicates to the contrary. As a savings and loan holding company,
we are subject to regulation by the OTS. Reserve Mortgage Services, Inc. (Reserve), a wholly owned
subsidiary of CFBank from October&nbsp;2004 until May&nbsp;12, 2005 when it was merged into CFBank, was
acquired in October&nbsp;2004 to expand CFBank&#146;s mortgage services business. Central Federal Capital
Trust I (the Trust), a wholly owned subsidiary of the Company, was formed in 2003 to raise
additional funding for the Company. Under accounting guidance in Financial Accounting Standards
Board (FASB)&nbsp;Interpretation No.&nbsp;46, as revised in December&nbsp;2003, the Trust is not consolidated with
the Company. Accordingly, the Company does not report the securities issued by the Trust as
liabilities, and instead reports as liabilities the subordinated debentures issued by the Company
and held by the Trust. Ghent Road, Inc., a wholly owned subsidiary of the Company, was formed in
2006 and owns land adjacent to CFBank&#146;s Fairlawn office. Currently, we do not transact any
material business other than through CFBank and the Trust. At December&nbsp;31, 2008, assets totaled
$277.8&nbsp;million and stockholders&#146; equity totaled $33.1&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">CFBank is a community-oriented financial institution offering a variety of financial services to
meet the needs of the communities we serve. Our business model emphasizes personalized service,
clients&#146; access to decision makers, solution-driven lending and quick execution, efficient use of
technology and the convenience of remote deposit, telephone banking, corporate cash management and
online internet banking. We attract retail and business deposits from the general public and use
the deposits, together with borrowings and other funds, primarily to originate commercial and
commercial real estate loans, single-family and multi-family residential mortgage loans and home
equity lines of credit. We also invest in consumer loans, construction and land loans and
securities. In 2003, we began originating more commercial, commercial real estate and multi-family
mortgage loans than in the past as part of our expansion into business financial services. The
majority of our customers are consumers, small businesses and small business owners. Revenues are
derived principally from the generation of interest and fees on loans originated and, to a lesser
extent, interest and dividends on securities. Our primary sources of funds are retail and business
deposit accounts and certificates of deposit, brokered certificates of deposit and, to a lesser
extent, principal and interest payments on loans and securities, Federal Home Loan Bank (FHLB)
advances and other borrowings and proceeds from the sale of loans. Our principal market area for
loans and deposits includes the following Ohio counties: Summit County through our office in
Fairlawn, Ohio; Franklin County through our office in Worthington, Ohio; and Columbiana County
through our offices in Calcutta and Wellsville, Ohio. We originate commercial and conventional
real estate loans and business loans primarily throughout Ohio.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Market Area and Competition</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our primary market area is a competitive market for financial services and we face competition both
in making loans and in attracting deposits. Direct competition comes from a number of financial
institutions operating in our market area, many with a statewide or regional presence, and in some
cases, a national presence. Many of these financial institutions are significantly larger and have
greater financial resources than we do. Competition for loans and deposits comes from savings
institutions, mortgage banking companies, commercial banks, credit unions, brokerage firms and
insurance companies.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Lending Activities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Loan Portfolio Composition. </I></B>The loan portfolio consists primarily of mortgage loans secured by
single-family and multi-family residences, commercial real estate loans and commercial loans. At
December&nbsp;31, 2008, gross loans receivable totaled $237.4&nbsp;million. Commercial, commercial real
estate and multi-family mortgage loans totaled $182.1&nbsp;million and represented 76.7% of the gross
loan portfolio at December&nbsp;31, 2008 compared to 74.6% of the gross loan portfolio at December&nbsp;31,
2007 and 67.7% at
December&nbsp;31, 2006. The increase in the percentage of commercial, commercial real estate and
multi-family mortgage loans in the portfolio was a result of the growth strategy implemented in
2003 to expand into business financial services. Single-family residential mortgage loans totaled
$28.9&nbsp;million and represented 12.2% of total gross loans at year-end 2008, compared to 13.3% of
total gross loans at year-end 2007 and 16.2% at year-end 2006. The remainder of the portfolio
consisted of consumer loans, which totaled $26.4&nbsp;million, or 11.1% of gross loans receivable at
year-end 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The types of loans originated are subject to federal and state laws and regulations. Interest
rates charged on loans are affected by the demand for such loans, the supply of money available for
lending purposes and the rates offered by competitors. In turn, these factors are affected by,
among other things, economic conditions, fiscal policies of the federal government, monetary
policies of the Federal Reserve Board and legislative tax policies.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth the composition of the loan portfolio in dollar amounts and as a
percentage of the portfolio at the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="38" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate mortgage loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,627</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.97</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multi-family</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.48</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24.04</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,602</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23.43</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">41.98</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,474</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">25.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">20.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.40</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total real estate
mortgage loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">71.62</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">72.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,930</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">66.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">63.49</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">80.80</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">631</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.58</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.61</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,726</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.98</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,928</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.43</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Automobile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,084</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,957</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">626</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.57</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total consumer loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,248</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,952</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.77</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,913</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">17.06</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.01</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.43</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total loans receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,541</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125,657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109,266</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net deferred loan fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(364</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(382</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(285</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(136</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(139</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,119</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,495</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(978</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans receivable, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">233,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">230,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">184,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">124,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 8pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD colspan="3"><DIV style="text-align: justify">Real estate mortgage loans include $3,052, $6,184, $4,454, $1,466 and $9,774 in construction loans at year-end 2008, 2007, 2006, 2005 and 2004,
respectively.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Loan Maturity. </I></B>The following table shows the remaining contractual maturity of the loan portfolio
at December&nbsp;31, 2008. Demand loans and other loans having no stated schedule of repayments or no
stated maturity are reported as due within one year. The table does not include potential
prepayments or scheduled principal amortization.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>At December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Real Estate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Mortgage</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Consumer</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Commercial</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Receivable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amounts due:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Within one year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,094</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,852</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,756</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">After one year:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">More than one year to three years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,124</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,213</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">More than three years to five years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,567</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">More than five years to 10&nbsp;years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,970</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,666</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">More than 10&nbsp;years to 15&nbsp;years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,595</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">More than 15&nbsp;years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Total due after 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total amount due</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">170,031</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">237,405</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Real estate mortgage loans include single-family, multi-family and commercial
real estate loans.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth at December&nbsp;31, 2008, the dollar amount of total loans receivable
contractually due after December&nbsp;31, 2009, and whether such loans have fixed interest rates or
adjustable interest rates.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Due after December 31, 2009</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fixed</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Adjustable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate mortgage loans<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">58,141</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">95,080</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">153,221</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,810</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,699</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">69,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123,999</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">193,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Real estate mortgage loans include single-family, multi-family and commercial real estate loans.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Origination of Loans. </I></B>Lending activities are conducted through our offices. In 2003, we began
originating commercial, commercial real estate and multi-family mortgage loans to take advantage of
opportunities for expansion into business financial services and growth in the Fairlawn and
Columbus, Ohio, markets. These loans are predominantly adjustable rate loans. A majority of our
single-family mortgage loan originations are fixed-rate loans. Current originations of long-term
fixed-rate single-family mortgages are generally sold rather than retained in portfolio. Although
the decision to sell current single-family mortgage originations rather than retain the loans in
portfolio may result in declining single-family loan portfolio balances and lower earnings from
that portfolio in the near term, it protects future profitability. We believe it is not prudent to
retain all of these long-term, fixed-rate loan originations and subject our performance to the
interest rate risk and reduced future earnings
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">associated with a rise in interest rates. In a transaction with the Federal Home Loan Mortgage Corporation (Freddie Mac) in
2005, we securitized single-family residential mortgage loans held in our portfolio with an
outstanding principal balance of $18.6&nbsp;million, reducing single-family mortgage loan balances. The
securitization increased liquidity as the securities retained were readily marketable, eliminated
credit risk on the loans and reduced CFBank&#146;s risk-based capital requirement. Although we
currently expect that most of the long-term fixed-rate mortgage loan originations will continue to
be sold on a servicing-released basis, a portion of the loans may be retained for portfolio within
our interest rate risk and profitability guidelines.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Single-Family Mortgage Lending</I></B><B>. </B>A significant lending activity has been the origination of
permanent conventional mortgage loans secured by single-family residences located within and
outside of our primary market area. We currently sell a significant number of the single-family
mortgage loans that we originate on a servicing released basis. Most single-family mortgage loans
are underwritten according to Freddie Mac and other investor guidelines. Loan originations are
obtained from our loan officers and their contacts with the local real estate industry, existing or
past customers, members of the local communities, and to a lesser extent, through telemarketing and
purchased leads. At December&nbsp;31, 2008, single-family mortgage loans totaled $28.9&nbsp;million, or
12.2% of total loans, of which $17.6&nbsp;million, or 60.8%, were fixed-rate loans.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our policy is to originate single-family residential mortgage loans for portfolio in amounts up to
85% of the appraised value of the property securing the loan and up to 100% of the appraised value
if private mortgage insurance is obtained. Mortgage loans generally include due-on-sale clauses
which provide us with the contractual right to deem the loan immediately due and payable in the
event the borrower transfers ownership of the property without our consent. Due-on-sale clauses
are an important means of adjusting the rates on the fixed-rate mortgage loan portfolio, and we
exercise our rights under these clauses. The single-family mortgage loan originations are
generally for terms to maturity of up to 30&nbsp;years.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We offer several adjustable-rate mortgage (ARM)&nbsp;loan programs with terms of up to 30&nbsp;years and
interest rates that adjust with a maximum adjustment limitation of 2.0% per year and a 6.0%
lifetime cap. The interest rate adjustments on ARM loans currently offered are indexed to a
variety of established indices and these loans do not provide for initial deep discount interest
rates. ARM loans generally pose credit risks not inherent in fixed-rate loans, primarily because
as interest rates rise, the borrowers&#146; payments rise, thereby increasing the potential for default.
Periodic and lifetime caps on interest rate increases help to reduce the credit risks associated
with ARM loans, but also limit the interest rate sensitivity of such loans. The Company requires
that all ARM loans held in the loan portfolio have payments sufficient to amortize the loan over
its term and the loans do not have negative principal amortization.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The volume and types of single-family ARM loan originations are affected by market factors such as
the level of interest rates, consumer preferences, competition and the availability of funds. In
recent years, demand for single-family ARM loans in our primary market area has been weak due to
consumer preference for fixed-rate loans as a result of the low interest rate environment.
Consequently, our origination of ARM loans on single-family residential properties has not been
significant as compared to our origination of fixed-rate loans.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Commercial and Multi-Family Real Estate Lending. </I></B>Beginning in 2003, we expanded into business
financial services and positioned ourselves for growth in the Fairlawn and Columbus, Ohio, markets
and, as a result, commercial real estate and multi-family residential mortgage loan balances have
increased significantly. Commercial real estate and multi-family residential mortgage loans
totaled $141.1&nbsp;million, or 59.5% of gross loans, at December&nbsp;31, 2008, compared to $138.9&nbsp;million,
or 59.5% of gross loans, at December&nbsp;31, 2007, and $94.7&nbsp;million, or 50.6% of gross loans, at
December&nbsp;31, 2006. We anticipate that commercial real estate and multi-family residential mortgage
lending activities will continue to grow in the future as we continue to execute our strategic
growth plan, but future growth will be significantly impacted by economic conditions, including the
current recession.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We originate commercial real estate loans that are secured by properties used for business
purposes, such as manufacturing facilities, office buildings or retail facilities. Commercial real
estate and multi-family residential mortgage loans are secured by properties generally located in
our primary market area. Underwriting policies provide that commercial real estate and
multi-family residential mortgage loans may be made in amounts up to 80% of the appraised value of
the property. In underwriting commercial real estate and multi-family residential mortgage loans,
we consider the appraisal value and net operating income of the property, the debt service ratio
and the property owner&#146;s financial strength, expertise and credit history. We offer both fixed
rate and adjustable rate commercial real estate and multi-family loans. Fixed rates are generally
limited to three to five years, at which time they convert to adjustable rate loans. Adjustable
rate loans are tied to various market indices and generally adjust at monthly to annual time
intervals. Payments on both fixed and adjustable rate loans are based on 15 to 25&nbsp;year amortization
periods.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Commercial real estate and multi-family residential mortgage loans are generally considered to
involve a greater degree of risk than single-family residential mortgage loans. Because payments
on loans secured by commercial real estate and multi-family properties are dependent on successful
operation or management of the properties, repayment of such loans may be subject to a greater
extent to adverse conditions in the real estate market or the economy. These loans also have
larger loan balances to single borrowers or groups of related borrowers compared to single-family
residential mortgage loans. Some of our borrowers also have more than one commercial real estate
or multi-family residential loan outstanding with us. Consequently, an adverse development
involving one or more loans or credit relationships can expose us to significantly greater risk of
loss compared to an adverse development involving a single-family residential mortgage loan. We
seek to minimize these risks through underwriting policies which require such loans to be qualified
at origination on the basis of the property&#146;s income and debt coverage ratio and the financial
strength of the owners.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Three multi-family mortgage loans to one borrower, totaling $1.3&nbsp;million and secured by apartment
buildings in Columbus, Ohio, were on nonaccrual status and determined to be impaired at year-end
2008. The amount of the allowance for loan losses allocated to the loans to this one borrower
totaled $121,000 at year-end 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, one commercial real estate loan, totaling $347,000 and secured by property
in Akron, Ohio, was inadequately protected by the current net worth and paying capacity of the
obligor and of the collateral pledged. The loan was 90&nbsp;days past maturity and still accruing
interest at December&nbsp;31, 2008, as the borrower continues to make monthly payments on the loan,
however, the loan exhibits weaknesses that could lead to nonaccrual classification in the future.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, one commercial real estate loan, totaling $530,000 and secured by church
property in Columbus, Ohio, was identified as a significant problem loan that is inadequately
protected by the current net worth and paying capacity of the obligor or of the collateral pledged.
A complete documentation review has been performed and the loan is in the active process of being
collected. The borrower was two payments delinquent on the loan as of December&nbsp;31, 2008 and the
loan is not nonaccrual at year-end 2008; however, the loan exhibits weaknesses that could lead to
nonaccrual classification in the future. As a substandard asset, the loan is characterized by the
distinct possibility that some loss will be sustained if the deficiencies are not corrected. See
&#147;<I>Delinquencies and Classified Assets.</I>&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Commercial Lending. </I></B>Expansion into business lending in 2003 also resulted in increased
originations of commercial loans. Commercial loans totaled $40.9&nbsp;million, or 17.3% of gross loans,
at December&nbsp;31, 2008. Commercial loans increased $5.6&nbsp;million, or 15.7%, from $35.3&nbsp;million, or
15.1% of gross loans, at December&nbsp;31, 2007, and increased $9.0&nbsp;million, or 28.3%, from $31.9
million, or 17.1% of gross loans, at December&nbsp;31, 2006. We anticipate that commercial lending
activities will continue to grow in the
future.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We make commercial business loans primarily to businesses. Those loans are generally secured by
business equipment, inventory, accounts receivable and other business assets. In underwriting
commercial loans, we consider the net operating income of the company, the debt service ratio and
the financial strength, expertise and credit history of the owners. We offer both fixed rate and
adjustable rate commercial loans. Fixed rates are generally limited to three to five years.
Adjustable rate loans are tied to various market indices and generally adjust at monthly to annual
time intervals.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Commercial loans are generally considered to involve a greater degree of risk than loans secured by
real estate. Because payments on commercial loans are dependent on successful operation of the
business enterprise, repayment of such loans may be subject to a greater extent to adverse
conditions in the economy. We seek to minimize these risks through underwriting policies which
require such loans to be qualified at origination on the basis of the enterprise&#146;s income and debt
coverage ratio and the financial strength of the owners.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, one commercial loan, totaling $646,000 and secured by a second lien on
properties in the Kent, Ohio area, was on nonaccrual status and determined to be impaired at
year-end 2008. The amount of the allowance for loan losses allocated to this loan totaled $371,000
at year-end 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, seven commercial loans totaling $2.6&nbsp;million were identified as significant
problem loans that are inadequately protected by the current net worth and paying capacity of the
obligors or of the collateral pledged. These seven commercial loans include three commercial loans
to one borrower totaling $1.3&nbsp;million secured by the facilities of a golf course in Macedonia,
Ohio; 2 loans totaling $328,000 to an architectural firm in Columbus, Ohio; and 2 loans totaling
$902,000 to a plastics recycler in Akron, Ohio. Complete documentation reviews have been performed
and the loans are in the active process of being collected. Payments on these loans are current or
one payment behind as of December&nbsp;31, 2008 and the loans are not nonaccrual at year-end 2008;
however, the loans exhibit weaknesses that could lead to nonaccrual classification in the future.
As substandard assets, the loans are characterized by the distinct possibility that some loss will
be sustained if the deficiencies are not corrected. See &#147;<I>Delinquencies and Classified Assets.</I>&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Construction and Land Lending</I></B><B>. </B>To a lesser extent, we originate construction and land development
loans in our primary market areas. Construction loans are made to finance the construction of
residential and commercial properties. Construction loans are fixed or adjustable-rate loans which
may convert to permanent loans with maturities of up to 30&nbsp;years. Policies provide that
construction loans may be made in amounts up to 80% of the appraised value of the property, and an
independent appraisal of the property is required. Loan proceeds are disbursed in increments as
construction progresses and as inspections warrant, and regular inspections are required to monitor
the progress of construction. Land loans are evaluated on an individual basis, but generally they
do not exceed 75% of the actual cost or current appraised value of the property, whichever is less.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Construction and land financing is considered to involve a higher degree of credit risk than
long-term financing on improved, owner-occupied real estate. Risk of loss on a construction loan
is dependent largely upon the accuracy of the initial estimate of the property&#146;s value at
completion of construction or development compared to the estimated cost (including interest) of
construction. If the estimate of value proves to be inaccurate, we may be confronted with a
project, when completed, having a value which is insufficient to assure full repayment.
Construction loans totaled $3.1&nbsp;million at December&nbsp;31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Consumer and Other Lending</I></B><B>. </B>The consumer loan portfolio generally consists of home equity lines of
credit, automobile loans, home equity and home improvement loans and loans secured by deposits. At
December&nbsp;31, 2008, the consumer loan portfolio totaled $26.4&nbsp;million, or 11.1% of gross loans
receivable.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Home equity lines of credit comprise the majority of consumer loan balances and totaled $19.7
million at December&nbsp;31, 2008. We offer a variable rate home equity line of credit with rates
adjusting monthly at up to 3% above the prime rate of interest as disclosed in <I>The Wall Street
Journal. </I>Since July&nbsp;2006, our home equity line of credit product has included a 4% interest rate
floor. The amount of the line is based on the borrower&#146;s credit, income and equity in the home.
When combined with the balance of the prior mortgage liens, these lines generally may not exceed
89.9% of the appraised value of the property at the time of the loan commitment. These loans are
secured by a subordinate lien on the underlying real estate and are, therefore, vulnerable to
declines in property values in the geographic areas where the properties are located. These home
equity lines of credit are retained in our portfolio.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Home equity lines of credit include both purchased loans and loans we originated for portfolio. In
2005 and 2006, we purchased home equity lines of credit collateralized by properties located
throughout the United States, including geographic areas that have experienced significant declines
in housing values, such as California, Virginia and Florida. The outstanding balance of the
purchased home equity lines of credit was $5.5&nbsp;million at December&nbsp;31, 2008, and $3.5&nbsp;million, or
64%, of the balances are collateralized by properties in these states. The collateral values
associated with loans in these states have declined from 10%to 25% since these loans were
originated in 2005 and 2006. As a result, balances on those loans exceeded collateral values by
$938,000 at year-end 2008. None of the loans where loan balances exceeded the collateral values
were delinquent at December&nbsp;31, 2008. We have experienced increased write-offs in the purchased
portfolio as the state of the housing market and general economy has worsened and in 2008, three
loans, totaling $360,000, were written off. We continue to monitor collateral values and borrower
FICO scores and, when the situation warrants, have frozen the lines of credit.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">
Auto loan balances primarily represent remaining unpaid amounts on pools of loans purchased in
2005, 2006 and 2007. We did not purchase any auto loans in 2008. We no longer originate indirect
automobile loans, as we had in years prior to 2003, and we make few direct automobile loans.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Delinquencies and Classified Assets. </I></B>The Board of Directors monitors the status of all delinquent
loans 30&nbsp;days or more past due, past due statistics and trends for all loans on a monthly basis.
Procedures with respect to resolving delinquencies vary depending on the nature and type of the
loan and period of delinquency. In general, we make every effort, consistent with safety and
soundness principles, to work with the borrower to have the loan brought current. If the loan is
not brought current, it then becomes necessary to repossess collateral and/or take legal action.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Federal regulations and CFBank&#146;s asset classification policy require use of an internal asset
classification system as a means of reporting and monitoring assets. We have incorporated the OTS
internal asset classifications as a part of our credit monitoring system. In accordance with
regulations, problem assets are classified as &#147;substandard,&#148; &#147;doubtful&#148; or &#147;loss,&#148; and the
classifications are subject to review by the OTS. An asset is considered &#147;substandard&#148; under the
regulations if it is inadequately protected by the current net worth and paying capacity of the
obligor or of the collateral pledged, if any. An asset considered &#147;doubtful&#148; under the regulations
has all of the weaknesses inherent in those classified &#147;substandard&#148; with the added characteristic
that the weaknesses make &#147;collection or liquidation in full,&#148; on the basis of currently existing
facts, conditions and values, &#147;highly questionable and improbable.&#148; Assets considered &#147;loss&#148; under
the regulations are those considered &#147;uncollectible&#148; and having so little value that their
continuance as assets without the establishment of a specific loss allowance is not warranted.
Assets are required to be designated &#147;special mention&#148; when they posses weaknesses but do not
currently expose the insured institution to sufficient risk to warrant classification in one of
these categories. We maintain an internal credit grading system and loan review procedures
specifically developed to monitor credit risk for commercial, commercial real estate and
multi-family mortgage loans.
Additionally, we utilize an independent, external firm for loan review annually.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, $4.6&nbsp;million in assets were designated as special mention, and included $2.9
million in multi-family real estate loans, $1.5&nbsp;million in commercial real estate loans and
$245,000 in commercial loans. Assets classified as substandard totaled $4.9&nbsp;million at December
31, 2008, and included $2.5&nbsp;million in commercial loans, $1.3&nbsp;million in multi-family mortgage
loans, $877,000 in commercial real estate loans, $98,000 in consumer loans and $63,000 in
single-family mortgage loans. Assets classified as doubtful totaled $646,000 at year-end 2008 and
included one commercial loan. There were no loans classified as loss at year-end 2008.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth information concerning delinquent loans in dollar amounts and as a
percentage of the total loan portfolio. The amounts presented represent the total remaining
principal balances of the loans rather than the actual payment amounts which are overdue.
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31, 2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>60-89 Days</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>90 Days or More</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>60-89 Days</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>90 Days or More</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>60-89 Days</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>90 Days or More</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="46"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">332</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multi-family</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Automobile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total delinquent loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">533</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Delinquent loans as a
percent of total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.16</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table does not include delinquent loans less than 60&nbsp;days past due. At December&nbsp;31, 2008, 2007 and 2006,
total loans past due 30 to 59&nbsp;days totaled $1,070, $333 and $1,533, respectively.</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31, 2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>December 31, 2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>60-89 Days</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>90 Days or More</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>60-89 Days</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>90 Days or More</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Principal</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="30"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multi-family</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Home equity lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Automobile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total delinquent loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">199</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Delinquent loans as a
percent of total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.26</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table does not include delinquent loans less than 60&nbsp;days past due. At December&nbsp;31, 2005 and 2004,
total loans past due 30 to 59&nbsp;days totaled $859 and $549, respectively.</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">





<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Nonperforming Assets. </I></B>The following table contains information regarding nonperforming loans and
repossessed assets. It is the general policy of CFBank to stop accruing interest on loans four
payments or more past due (unless the loan principal and interest are determined by management to
be fully secured and in the process of collection) and set up reserves for all previously accrued
interest. At December&nbsp;31, 2008, the amount of additional interest income that would have been
recognized on nonaccrual loans, if such loans had continued to perform in accordance with their
contractual terms, was approximately $141,000. There were no troubled debt restructurings for any
of the years presented.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonaccrual loans:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">276</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multi-family real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,264</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consumer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>nonaccrual loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,065</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans past due 90&nbsp;days or more and still accruing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total nonperforming loans<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate owned (REO)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total nonperforming assets<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonperforming loans to total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.26</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonperforming assets to total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.24</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Total nonperforming loans equal nonaccrual loans and loans past due 90&nbsp;days or more and still accruing.</DIV></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Nonperforming assets consist of nonperforming loans and REO.</DIV></TD>
</TR>

</TABLE>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Allowance for Loan Losses. </I></B>Management analyzes the adequacy of the allowance for loan losses
regularly through reviews of the loan portfolio, including the nature and volume of the loan
portfolio and segments of the portfolio; industry and loan concentrations; historical loss
experience; delinquency statistics and the level of nonperforming loans; specific problem loans;
the ability of borrowers to meet loan terms; an evaluation of collateral securing loans and the
market for various types of collateral; various collection strategies; current economic conditions
and trends; and other factors that warrant recognition in providing for an adequate loan loss
allowance. The allowance for loan losses is established through a provision for loan losses based
on management&#146;s evaluation of the risk in the loan portfolio. Various regulatory agencies, as an
integral part of the examination process, periodically review the allowance for loan losses. Such
agencies may require additional provisions for loan losses based upon information available at the
time of their review. At December&nbsp;31, 2008, the allowance for loan losses totaled 1.32% of total
loans, compared to 1.15% at December&nbsp;31, 2007.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The OTS, in conjunction with the other federal banking agencies, has adopted an interagency policy
statement on the allowance for loan and lease losses. The policy statement provides guidance for
financial institutions on both the responsibilities of management for the assessment and
establishment of adequate allowances in accordance with U.S. generally accepted accounting
principles and guidance for banking agency examiners to use in evaluating the allowances. The
policy statement requires that institutions have effective systems and controls to identify,
monitor and address asset quality problems; that management analyze all significant factors that affect the collectability of the portfolio in
a reasonable manner; and that management establish acceptable allowance evaluation processes that
meet the objectives set forth in the policy statement. CFBank adopted an Allowance for Loan Losses
Policy designed to provide a thorough, disciplined and consistently applied process that
incorporates management&#146;s current judgments about the credit quality of the loan portfolio into
determination of the allowance for loan losses in accordance with U.S. generally accepted
accounting principles and supervisory guidance. Management believes that an adequate allowance for
loan losses has been established. However, actual losses are dependent upon future events and, as
a result, further additions to the level of allowances for estimated loan losses may become
necessary.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth activity in the allowance for loan losses for the periods indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses, beginning of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Charge-offs:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consumer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total charge-offs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recoveries on loans previously charged off:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family real estate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Consumer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total recoveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net charge-offs (recoveries)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses, end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to nonperforming loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">129.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">550.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">710.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">186.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">341.96</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net charge-offs (recoveries)&nbsp;to the allowance
for losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.34</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.77</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.49</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net charge-offs (recoveries)&nbsp;to average loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.02</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.10</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The provision for loan losses increased in 2008 due to an increase in loan charge-offs and
nonperforming loans in 2008. The provision for loan losses totaled $917,000 in 2008 compared to
$539,000 in 2007 and $820,000 in 2006. Growth in nonperforming commercial, commercial real estate
and multi-family mortgage loans required an increase allowance for loan losses related to these
loan types in 2008. As shown in the following chart, the allowance for commercial, commercial real
estate and multi-family mortgage loans totaled $2.9&nbsp;million at December&nbsp;31, 2008, an increase of
$382,000 from $2.6&nbsp;million at December&nbsp;31, 2007. These loans tend to be larger balance, higher
risk loans and, as a result, 94.1% of the allowance was allocated to these loan types at December
31, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The current weakness in the housing market and slowing economy may increase the level of
charge-offs in the future. Weakness in the housing markets in geographic regions that have
experienced the largest decline in housing values may negatively impact our purchased home equity
lines of credit. See <I>&#147;Consumer and Other Lending.&#148; </I>Additionally, a slowing economy may negatively
impact our commercial, commercial real estate and multi-family residential loan portfolios, where
we have already experienced an increase in delinquent and nonperforming assets.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth the allowance for loan losses in each of the categories listed at
the dates indicated and the percentage of such amounts to the total allowance and loans in each
category as a percent of total loans. Although the allowance may be allocated to specific loans or
loan types, the entire allowance is available for any loan that, in management&#146;s judgment, should
be charged off.
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in Each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in Each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in Each</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Single-family mortgage loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.72</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.51</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">16.17</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial, commercial real
estate and multi-family
mortgage loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.07</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">76.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">95.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">74.59</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">92.27</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">67.68</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total allowance for loan
losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in Each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in each</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>in Each</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Category</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>to Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Allowance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Loans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Single-family mortgage loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">18.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.97</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.77</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial, commercial real
estate and multi-family
mortgage loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">88.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57.69</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">862</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">88.14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">48.26</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total allowance for loan
losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">978</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Real Estate Owned</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">There were no properties held as real estate owned at December&nbsp;31, 2008. Assets acquired through
or instead of loan foreclosure are initially recorded at fair value less costs to sell when
acquired, establishing a new cost basis. If fair value declines subsequent to foreclosure, a
valuation allowance is recorded through expense. Operating costs after acquisition are expensed.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Investment Activities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Federally chartered savings institutions have the authority to invest in various types of liquid
assets, including United States Treasury obligations, securities of various federal agencies,
certificates of deposit of insured banks and savings institutions, bankers&#146; acceptances and federal
funds. Subject to various restrictions, federally chartered savings institutions may also invest
their assets in commercial paper, municipal bonds, investment-grade corporate debt securities and
mutual funds whose assets conform to the investments that a federally chartered savings institution
is otherwise authorized to make directly.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The investment policy established by the Board of Directors is designed to provide and maintain
liquidity, generate a favorable return on investments without incurring undue interest rate and
credit risk, and complement lending activities. The policy provides authority to invest in United
States Treasury and federal agency securities meeting the policy&#146;s guidelines, mortgage-backed
securities guaranteed by the United States government and agencies thereof, and municipal bonds.
At December&nbsp;31, 2008, the securities portfolio totaled $23.6&nbsp;million.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, all mortgage-backed securities in the securities portfolio were insured or
guaranteed by Freddie Mac or the Federal National Mortgage Association (Fannie Mae).<BR>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth certain information regarding the amortized cost and fair value of
securities at the dates indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fair</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amortized</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Fair</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fair Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="22"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities available for sale:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal agency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,883</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">State and municipal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,014</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,979</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage-backed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total securities available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,020</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,114</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,364</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net unrealized gain (loss)&nbsp;on
securities available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The table below sets forth certain information regarding the carrying value, weighted average
yields and contractual maturities of securities available for sale as of December&nbsp;31, 2008. Yields
are stated on a fully taxable equivalent basis.
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="38" style="border-bottom: 1px solid #000000"><B>At December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>More than One Year to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>More than Five Years to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>One Year or Less</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Five Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Ten Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>More than Ten Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Carrying</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Value</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Yield</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.36</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total securities at fair value</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,774</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.36</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Sources of Funds</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>General</I></B><B>. </B>Primary sources of funds are deposits, principal and interest payments on loans and
securities, borrowings, and funds generated from operations of CFBank. Contractual loan payments
are a relatively stable source of funds, while deposit inflows and outflows and loan prepayments
are significantly influenced by general market interest rates and economic conditions. Borrowings
may be used on a short-term basis for liquidity purposes or on a long-term basis to fund asset
growth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Deposits</I></B><B>. </B>CFBank offers a variety of deposit accounts with a range of interest rates and terms
including savings accounts, retail and business checking accounts, money market accounts and
certificates of deposit. Management regularly evaluates the internal cost of funds, surveys rates
offered by competitors, reviews cash flow requirements for lending and liquidity and executes rate
changes when necessary as part of its asset/liability management, profitability and growth
objectives. Certificate of deposit accounts represent the largest portion of our deposit portfolio
and totaled 60.5% of average deposit balances in 2008. The term of the certificates of deposit
typically offered vary from seven days to five years at rates established by management. Specific
terms of an individual account vary according to the type of account, the minimum balance required,
the time period funds must remain on deposit and the interest rate, among other factors. The flow
of deposits is influenced significantly by general economic conditions, changes in money market
rates, prevailing interest rates and competition. CFBank participates in the Certificate of
Deposit Account Registry Service<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> (CDARS)&nbsp;which provides CFBank customers the ability to obtain
full FDIC insurance on deposits of up to $50&nbsp;million placed through the service. During the credit
crisis in 2008, many CFBank customers sought the full FDIC coverage available through the CDARS
program, and balances in these accounts increased $31.6&nbsp;million to $48.4&nbsp;million at December&nbsp;31,
2008, compared to $16.8&nbsp;million at December&nbsp;31, 2007 and $9.5&nbsp;million at December&nbsp;31, 2006. At
December&nbsp;31, 2008, certificate accounts maturing in less than one year totaled $83.8&nbsp;million and
included $40.0&nbsp;million in CDARS balances. Although most of the certificate of deposit accounts are
expected to be reinvested with CFBank, there is a risk that the CDARS account holders may not
require the full FDIC coverage available through the CDARS program when money markets stabilize,
and may select higher yielding investments. We rely primarily on a willingness to pay
market-competitive interest rates to attract and retain retail deposits. Accordingly, rates
offered by competing financial institutions affect our ability to attract and retain deposits.
Deposits are obtained predominantly from the areas in which CFBank offices are located, and
brokered deposits are accepted. We consider brokered deposits to be a useful element of a
diversified funding strategy and an alternative to borrowings. Management regularly compares rates
on brokered certificates of deposit with other funding sources in order to determine the best mix
of funding sources balancing the costs of funding with the mix of maturities. Although CFBank
customers participate in the CDARS program, they are considered brokered deposits by regulation.
Brokered deposits, including CDARS accounts, totaled $67.2&nbsp;million at December&nbsp;31, 2008, $52.2
million at December&nbsp;31, 2007 and $30.5&nbsp;million at December&nbsp;31, 2006.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certificate accounts in amounts of $100,000 or more totaled $45.6&nbsp;million at December&nbsp;31, 2008,
maturing as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Maturity Period</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR><TD align="left" valign="top">&nbsp;</TD></TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Three months or less</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.23</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over 3 through 6&nbsp;months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.64</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over 6 through 12&nbsp;months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.55</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Over 12&nbsp;months</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.13</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">45,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth the distribution of average deposit account balances for the periods
indicated and the weighted average interest rates on each category of deposits presented. Averages
for the periods presented are based on month-end balances.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34" style="border-bottom: 1px solid #000000"><B>For the Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deposits</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deposits</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Balance</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Deposits</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Paid</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-bearing checking accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.49</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.17</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,522</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.37</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Money market accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,890</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22.97</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,754</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">21.25</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.23</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Savings accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.33</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,613</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.96</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.55</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">.60</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificates of deposit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,715</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,063</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">58.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.93</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noninterest-bearing deposits:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Demand deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.85</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,742</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,386</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.95</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total average deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">201,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">177,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">149,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.80</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table presents by various rate categories, the amount of certificate accounts
outstanding at the dates indicated and the periods to maturity of the certificate accounts
outstanding at December&nbsp;31, 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="14" style="border-bottom: 1px solid #000000"><B>Period to Maturity from December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>At December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Two to</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Over</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Less than</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>One to Two</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Three</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Three</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>One Year</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Certificate accounts:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">0 to 0.99%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">1.00 to 1.99%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,548</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,628</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2.00 to 2.99%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,696</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">3.00 to 3.99%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">4.00 to 4.99%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,401</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,324</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">5.00% and above</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,806</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">831</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">482</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,915</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,443</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,547</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total certificate
accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83,758</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">114,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Borrowings. </I></B>FHLB advances are used as an alternative to retail and brokered deposits to fund
operations as part of our operating strategy. The advances are collateralized primarily by certain
mortgage loans, home equity lines of credit, commercial real estate loans and mortgage-backed
securities and secondarily by investment in capital stock of the FHLB. FHLB advances are made
pursuant to several credit programs, each of which has its own interest rate and range of
maturities. The maximum amount that the FHLB will advance to member institutions fluctuates from
time to time in accordance with the policies of the FHLB. In addition to access to FHLB advances,
CFBank has a $5.0&nbsp;million line of credit with a commercial bank. Interest on the line accrues
daily and is variable based on the lender&#146;s federal funds rate.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2003, we formed the Trust, which issued $5.0&nbsp;million of three-month London Interbank Offered
Rate (LIBOR)&nbsp;plus 2.85% floating rate trust preferred securities as part of a pooled private
offering of such securities. We issued $5.2&nbsp;million of subordinated debentures to the Trust in
exchange for ownership of all of the common stock of the Trust and the proceeds of the preferred
securities sold by the Trust. The subordinated debentures mature on December&nbsp;30, 2033 and we may
redeem the subordinated debentures, in whole or in part, at par plus accrued and unpaid interest,
any time after December&nbsp;30, 2008. We have the option to defer interest payments on the
subordinated debentures from time to time for a period not to exceed five consecutive years. There
are no required payments on the subordinated debentures over the next five years. Under FASB
Interpretation No.&nbsp;46, as revised in December&nbsp;2003, the Trust is not consolidated with the Company.
Accordingly, we do not report the securities issued by the Trust as liabilities, and instead
report the subordinated debentures issued by the Company and held by the Trust as liabilities.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The following table sets forth certain information regarding borrowed funds at or for the periods
ended on the dates indicated:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>At or for the Year ended December 31,</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB advances and other borrowings:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Average balance outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,201</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maximum amount outstanding at any month-end
during the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,305</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,604</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Balance outstanding at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,605</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average interest rate during the period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.85</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Weighted average interest rate at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.28</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Subsidiary Activities</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2008, we maintained CFBank, Ghent Road, Inc. and the Trust as wholly owned
subsidiaries.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Personnel</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2008, CFBank had 63 full-time and 12 part-time employees.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Regulation and Supervision</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>General.</I></B> CFBank is subject to regulation, examination and supervision by the OTS, as its
chartering agency, and the FDIC, as the deposit insurer. CFBank is a member of the FHLB System.
CFBank&#146;s deposit accounts are insured up to applicable limits by the FDIC through the Deposit
Insurance Fund (DIF). The FDIC merged the Bank Insurance Fund and the Savings Association
Insurance Fund to form the DIF on March&nbsp;31, 2006, in accordance with the Federal Deposit Insurance
Reform Act of 2005. CFBank must file reports with the OTS and the FDIC concerning its activities
and financial condition in addition to obtaining regulatory approvals prior to entering into
certain transactions such as mergers with, or acquisitions of, other financial institutions. There
are periodic examinations by the OTS and the FDIC to test CFBank&#146;s compliance with various
regulatory requirements. This regulation and supervision establishes a comprehensive framework of
activities in which an institution can engage and is intended primarily for the protection of the
insurance fund and depositors. The regulatory structure also gives the regulatory authorities
extensive discretion in connection with their supervisory and enforcement activities and
examination policies, including policies with respect to the classification of assets and the
establishment of adequate allowances for loan losses for regulatory purposes. Legislation,
including proposals to change substantially the financial institution regulatory system and to
expand or contract the powers of banking institutions and bank holding companies, is from time to
time introduced in Congress. Any change in such law, regulation or policies, whether by the OTS,
the FDIC or the Congress, could have a material adverse impact on the Company, and on CFBank and
its operations. Under the holding company form of organization, the Company is also required to
file certain reports with, and otherwise comply with the rules and regulations of the OTS and of
the Commission under the federal securities laws.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain of the regulatory requirements applicable to the Company and CFBank are referred to below.
However, the description of statutory provisions and regulations applicable to savings institutions
and their holding companies set forth in this Form 10-K does not purport to be a complete
description of such statutes and regulations and their effects on CFBank and/or the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Federal Savings Institution Regulation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Business Activities. </I></B>The activities of federal savings institutions are governed by the Home
Owners&#146; Loan Act, as amended (HOLA)&nbsp;and, in certain respects, the Federal Deposit Insurance Act and
the regulations issued by the agencies to implement these statutes. These laws and regulations
delineate the nature and extent of the activities in which federal associations may engage. In
particular, many types of lending authority for federal associations, for example, commercial,
commercial real estate loans and consumer loans, are limited to a specified percentage of the
institution&#146;s capital or assets.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Loans-to-One Borrower. </I></B>Under HOLA, savings institutions are generally subject to the national bank
limit on loans to one borrower. Generally, this limit is 15% of a bank&#146;s unimpaired capital and
surplus, plus an additional 10% of unimpaired capital and surplus, if such loan is secured by
readily marketable collateral, which is defined to include certain financial instruments. At
December&nbsp;31, 2008, CFBank was in compliance with this regulation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>QTL Test. </I></B>The HOLA requires that CFBank, as a savings association, comply with the qualified thrift
lender (QTL)&nbsp;test. Under the QTL test, CFBank is required to maintain at least 65% of its
portfolio assets in certain &#147;qualified thrift investments&#148; for at least nine months of the most
recent twelve-month period. &#147;Portfolio assets&#148; means, in general, CFBank&#146;s total assets less the
sum of (i)&nbsp;specified liquid assets up to 20% of total assets, (ii)&nbsp;goodwill and other intangible
assets and (iii)&nbsp;the value of property used to conduct CFBank&#146;s business. CFBank may also satisfy
the QTL test by qualifying as a domestic building and loan association as defined in the Internal Revenue Code of 1986, as amended. CFBank met the QTL test
at December&nbsp;31, 2008 and in each of the prior 12&nbsp;months, and, therefore, qualified as a thrift
lender. If CFBank fails the QTL test, it must either operate under certain restrictions on its
activities or convert to a national bank charter.

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Capital Requirements. </I></B>The OTS regulations require savings associations to meet three minimum
capital standards: (i)&nbsp;a tangible capital ratio requirement of 1.5% of total assets as adjusted
under the OTS regulations; (ii)&nbsp;a leverage ratio requirement of 3.0% of core capital to such
adjusted total assets, if a savings association has been assigned the highest composite rating of 1
under the Uniform Financial Institutions Rating System; and (iii)&nbsp;a risk-based capital ratio
requirement of 8.0% of core and supplementary capital to total risk-based assets. The minimum
leverage capital ratio for any other depository institution that does not have a composite rating
of 1 is 4.0%, unless a higher leverage capital ratio is warranted by the particular circumstances
or risk profile of the depository institution. In determining the amount of risk-weighted assets
for purposes of the risk-based capital requirement, a savings association must compute its
risk-based assets by multiplying its assets and certain off-balance sheet items by risk weights,
which range from 0%, for cash and obligations issued by the United States government or its
agencies, to 100% for consumer and commercial loans, as assigned by the OTS capital regulation
based on the risks found by the OTS to be inherent in the type of asset.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Tangible capital is defined, generally, as common shareholders&#146; equity (including retained
earnings), certain non-cumulative perpetual preferred stock and related earnings and minority
interests in equity accounts of fully consolidated subsidiaries, less intangibles (other than
certain mortgage servicing rights) and investments in and loans to subsidiaries engaged in
activities not permissible for a national bank. Core capital is defined similarly to tangible
capital, but core capital also includes certain qualifying supervisory goodwill and certain
purchased credit card relationships. Supplementary capital currently includes cumulative and other
preferred stock, mandatory convertible debt securities, subordinated debt, intermediate preferred
stock and the allowance for loan and lease losses. In addition, up to 45% of unrealized gains on
available-for-sale equity securities with a readily determinable fair value may be included in tier
2 capital. The allowance for loan and lease losses includable in supplementary capital is limited
to a maximum of 1.25% of risk-weighted assets, and the amount of supplementary capital that may be
included as total capital cannot exceed the amount of core capital. At December&nbsp;31, 2008, CFBank
met each of its capital requirements, in each case on a fully phased-in basis.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Excess</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Required</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>(Deficiency)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Actual</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Required</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Capital</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Amount</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Percent</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18"><B>(Dollars in thousands)</B></TD>
    <TD>&nbsp;</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangible</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Core (Leverage)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-based</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Limitation on Capital Distributions. </I></B>OTS regulations impose limitations upon all capital
distributions by savings institutions, such as cash dividends, payments to repurchase or otherwise
acquire its shares, payments to shareholders of another institution in a cash-out merger and other
distributions charged against capital. The rule establishes three tiers of institutions, which are
based primarily on an institution&#146;s capital level. An institution that exceeds all fully phased-in
capital requirements before and after a proposed capital distribution (Tier 1 Bank) and that has
not been advised by the OTS that it is in need of more than normal supervision, could, after prior notice, but without obtaining approval of
the OTS, make capital distributions during a calendar year equal to the greater of (i)&nbsp;100% of its
net earnings to date during the calendar year plus the amount that would reduce by one-half its
&#147;surplus capital ratio&#148; (the excess capital over its fully phased-in capital requirements) at the
beginning of the calendar year or (ii)&nbsp;75% of its net earnings for the previous four quarters. Any
additional capital distributions would require prior regulatory approval. In the event CFBank&#146;s
capital fell below its regulatory requirements or the OTS notified it that it was in need of more
than normal supervision, CFBank&#146;s ability to make capital distributions could be restricted. In
addition, the OTS could prohibit a proposed capital distribution by any institution, which would
otherwise be permitted by the regulation, if the OTS determines that such distribution would
constitute an unsafe or unsound practice. At December&nbsp;31, 2008, CFBank was classified as a Tier 1
Bank.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under OTS capital distribution regulations, an application to and the prior approval of the OTS is
required before an institution makes a capital distribution if (1)&nbsp;the institution does not meet
certain criteria for &#147;expedited treatment&#148; for applications under the regulations, (2)&nbsp;the total
capital distributions by the institution for the calendar year exceed net income for that year plus
the amount of retained net income for the preceding two years, (3)&nbsp;the institution would be
undercapitalized following the distribution or (4)&nbsp;the distribution would otherwise be contrary to
a statute, regulation or agreement with the OTS. If an application is not required, the institution
may still need to give advance notice to the OTS of the capital distribution. The Company&#146;s ability
to pay dividends, service debt obligations and repurchase common stock is dependent upon receipt of
dividend payments from CFBank.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Branching. </I></B>OTS regulations permit federally-chartered savings associations to branch nationwide
under certain conditions. Generally, federal savings associations may establish interstate networks
and geographically diversify their loan portfolios and lines of business. The OTS authority
preempts any state law purporting to regulate branching by federal savings associations.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Community Reinvestment. </I></B>Under the Community Reinvestment Act (the CRA), as implemented by OTS
regulations, a savings association has a continuing and affirmative obligation consistent with its
safe and sound operation to help meet the credit needs of its entire community, including low- and
moderate-income neighborhoods. The CRA does not establish specific lending requirements or
programs for financial institutions nor does it limit an institution&#146;s discretion to develop the
types of products and services that it believes are best suited to its particular community,
consistent with the CRA. The CRA requires the OTS, in connection with its examination of a savings
association, to assess the association&#146;s record of meeting the credit needs of its community and to
take such record into account in its evaluation of certain applications by the association. The
CRA also requires each institution to publicly disclose its CRA rating. CFBank&#146;s CRA rating was
&#147;satisfactory&#148; based on the latest assessment by the OTS as of December&nbsp;2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The CRA regulations establish an assessment system that bases a savings association&#146;s rating on its
actual performance in meeting community needs. In particular, the assessment system focuses on
three tests: (i)&nbsp;a lending test, to evaluate the institution&#146;s record of making loans in its
assessment areas; (ii)&nbsp;an investment test, to evaluate the institution&#146;s record of investing in
community development projects, affordable housing and programs benefiting low- or moderate-income
individuals and businesses; and (iii)&nbsp;a service test, to evaluate the institution&#146;s delivery of
services through its branches, ATMs and other offices. The applicability of these three tests to a
particular savings association is based on its asset size.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Transactions with Related Parties. </I></B>The authority of CFBank to engage in transactions with related
parties or &#147;affiliates&#148; (i.e., any company that controls or is under common control with an
institution, including the Company and any non-savings institution subsidiaries that the Company
may establish) is limited by Sections&nbsp;23A and 23B of the Federal Reserve Act. Section&nbsp;23A restricts
the aggregate amount of covered transactions with any individual affiliate to 10% of the capital and surplus of the
savings institution and also limits the aggregate amount of transactions with all affiliates to 20%
of the savings institution&#146;s capital and surplus. Certain transactions with affiliates are required
to be secured by collateral in an amount and of a type described in Section&nbsp;23A, and the purchase
of low quality assets from affiliates is generally prohibited. Section&nbsp;23B generally requires that
certain transactions with affiliates, including loans and asset purchases, must be on terms and
under circumstances, including credit standards, that are substantially the same or at least as
favorable to the institution as those prevailing at the time for comparable transactions with
non-affiliated companies. A savings association also is prohibited from extending credit to any
affiliate engaged in activities not permitted for a bank holding company and may not purchase the
securities of an affiliate (other than a subsidiary).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Section&nbsp;22(h) of the Federal Reserve Act restricts a savings association with respect to loans to
directors, executive officers and principal stockholders. Under Section&nbsp;22(h), loans to directors,
executive officers and stockholders who control, directly or indirectly, 10% or more of voting
securities of a savings association, and certain related interests of any of the foregoing, may not
exceed, together with all other outstanding loans to such persons and affiliated entities, the
savings association&#146;s total unimpaired capital and unimpaired surplus. Section 22(h) also prohibits
loans above amounts prescribed by the appropriate federal banking agency to directors, executive
officers, and stockholders who directly or indirectly control 10% or more of voting securities of a
stock savings association, and their respective related interests, unless such loan is approved in
advance by a majority of the board of directors of the savings association. Any &#147;interested&#148;
director may not participate in the voting. The loan amount (which includes all other outstanding
loans to such person) as to which such prior board of director approval is required, is the greater
of $25,000 or 5% of capital and surplus. Furthermore, any loan, when aggregated with all other
extensions of credit to that person, which exceeds $500,000, must receive prior approval by the
board. Further, pursuant to Section&nbsp;22(h), loans to directors, executive officers and principal
stockholders must be made on terms substantially the same as offered in comparable transactions to
other persons except for extensions of credit made pursuant to a benefit or compensation program
that is widely available to the institution&#146;s employees and does not give preference to insiders
over other employees. Section 22(g) of the FRA places additional limitations on loans to executive
officers.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Section&nbsp;402 of the Sarbanes-Oxley Act of 2002 prohibits the extension of personal loans to
directors and executive officers of issuers. The prohibition, however, does not apply to mortgages
advanced by an insured depository institution, such as CFBank, which are subject to the insider
lending restrictions of Section 22(h) of the Federal Reserve Act.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Enforcement. </I></B>Under the Federal Deposit Insurance Act, the OTS has primary enforcement
responsibility over savings institutions and has the authority to bring action against all
&#147;institution-affiliated parties,&#148; including stockholders, and any attorneys, appraisers or
accountants who knowingly or recklessly participate in a wrongful action likely to have an adverse
effect on an insured institution. Formal enforcement action may range from the issuance of a
supervisory directive or cease and desist order to removal of officers or directors, receivership,
conservatorship or termination of deposit insurance. Civil penalties apply to a wide range of
violations and can amount to $25,000 per day, or $1&nbsp;million or 1% of total assets, whichever is
less per day in especially egregious cases. The FDIC also has the authority under the act to
recommend to the Director of the OTS that enforcement action be taken with respect to a particular
savings institution. If action is not taken by the Director, the FDIC has authority to take such
action under certain circumstances. Federal and state law also establishes criminal penalties for
certain violations.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Standards for Safety and Soundness. </I></B>The Federal Deposit Insurance Act requires each federal
banking agency to prescribe for all insured depository institutions standards relating to, among
other things, internal controls, information systems and audit systems, loan documentation, credit
underwriting, interest rate risk exposure, asset growth, compensation, fees and benefits and such other
operational and managerial standards as the agency deems appropriate. The federal banking agencies
have adopted final regulations and Interagency Guidelines Establishing Standards for Safety and
Soundness (Guidelines) to implement these safety and soundness standards. The Guidelines set forth
the safety and soundness standards that the federal banking agencies use to identify and address
problems at insured depository institutions before capital becomes impaired. The Guidelines address
internal controls and information systems; internal audit system; credit underwriting; loan
documentation; interest rate risk exposure; asset growth; asset quality; earnings; compensation,
fees and benefits. If the appropriate federal banking agency determines that an institution fails
to meet any standard prescribed by the Guidelines, the agency may require the institution to submit
to the agency an acceptable plan to achieve compliance with the standard. The regulations under the
Federal Deposit Insurance Act establish deadlines for the submission and review of such safety and
soundness compliance plans.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Real Estate Lending Standards. </I></B>The OTS and the other federal banking agencies adopted regulations
to prescribe standards for extensions of credit that (i)&nbsp;are secured by real estate or (ii)&nbsp;are
made for the purpose of financing the construction of improvements on real estate. The OTS
regulations require each savings association to establish and maintain written internal real estate
lending standards that are consistent with safe and sound banking practices and appropriate to the
size of the association and the nature and scope of its real estate lending activities. The
standards also must be consistent with accompanying OTS guidelines, which include loan-to-value
ratios for the different types of real estate loans. Associations are also permitted to make a
limited amount of loans that do not conform to the proposed loan-to-value limitations so long as
such exceptions are reviewed and justified appropriately. The guidelines also list a number of
lending situations in which exceptions to the loan-to-value standards are justified.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Prompt Corrective Regulatory Action. </I></B>Under the OTS prompt corrective action regulations, the OTS is
required to take certain, and is authorized to take other, supervisory actions against
undercapitalized savings associations. For this purpose, a savings association would be placed in
one of the following four categories based on the association&#146;s capital: (i)&nbsp;well-capitalized; (ii)
adequately capitalized; (iii)&nbsp;undercapitalized; or (iv)&nbsp;critically undercapitalized. When
appropriate, the OTS can require corrective action by a savings association holding company under
the &#147;prompt corrective action&#148; provision of federal law. At December&nbsp;31, 2008, CFBank met the
criteria for being considered &#147;well-capitalized.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Insurance of Deposit Accounts. </I></B>The FDIC has adopted a risk-based insurance assessment system. The
FDIC assigns an institution to one of three capital categories based on the institution&#146;s financial
information, as of the reporting period ending seven months before the assessment period,
consisting of (1)&nbsp;well capitalized, (2)&nbsp;adequately capitalized or (3)&nbsp;undercapitalized, and one of
three supervisory subcategories within each capital group. The supervisory subgroup to which an
institution is assigned is based on a supervisory evaluation provided to the FDIC by the
institution&#146;s primary federal regulator and information that the FDIC determines to be relevant to
the institution&#146;s financial condition and the risk posed to the deposit insurance funds. An
institution&#146;s assessment rate depends on the capital category and supervisory category to which it
is assigned.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;27, 2009, the FDIC proposed an interim rule imposing a 20 basis points emergency
special assessment on insured institutions on June&nbsp;30, 2009, to be collected on September&nbsp;30, 2009.
The interim rule also permits an additional emergency special assessment of not more than 10 basis
points to be assessed after June&nbsp;30, 2009. Based on CFBank&#146;s deposit balances at December&nbsp;31,
2008, the 20 basis point special assessment to CFBank would amount to approximately $415,000, but
the actual amount will depend on the level of deposit balances at June&nbsp;30, 2009, the date of the
assessment, and the amount of the assessment in the final rule
when it is adopted by the FDIC.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the special assessment announced on February&nbsp;27, 2009, the FDIC also issued a final
rule regarding the restoration plan for the DIF, assessing banks a base assessment of from 7 basis
points to 77.5 basis points on an annual basis, beginning April&nbsp;1, 2009, based on their risk
classification and all adjustments allowed under the final rule. Assessment rates for DIF member
institutions ranged from 2 basis points to 40 basis points prior to the adoption of the final rule
regarding the restoration plan. Information on the exact risk classification and assessment level
that will be applicable to CFBank is not available at this time, but FDIC premiums payable by
CFBank will increase when the final rule is implemented beginning April&nbsp;1, 2009. The increased
premiums and special assessment will have an adverse effect on the operating expenses and results
of operations of CFBank and the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In addition to the assessment for deposit insurance, institutions are required to pay on bonds
issued in the late 1980s by the Financing Corporation to recapitalize the predecessor to the
Savings Association Insurance Fund (now a predecessor to the DIF).
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In 2006, the Federal Deposit Insurance Reform Act of 2005 was signed into law. The statute
increased the coverage limit for retirement accounts to $250,000. In addition, it allowed the FDIC
to set the target reserve ratio between 1.15% and 1.50%. It also provided eligible insured
depository institutions that were in existence on and paid deposit insurance assessments prior to
December&nbsp;31, 1996, to share a one-time assessment credit based on their share of the aggregate 1996
assessment base. CFBank received a one-time assessment credit of $103,000, which was fully used to
offset FDIC premiums in 2007 and 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under the Federal Deposit Insurance Reform Act of 2005, insurance of deposits may be terminated by
the FDIC upon a finding that the institution has engaged in unsafe or unsound practices, is in an
unsafe or unsound condition to continue operation or has violated any applicable law, regulation,
rule, order or condition imposed by the FDIC or the OTS. The management of the Company does not
know of any practice, condition or violation that might lead to termination of deposit insurance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As part of the regulatory initiatives in 2008, the FDIC implemented the Temporary Liquidity
Guarantee Program to strengthen confidence and encourage liquidity in the banking system. This
program is comprised of the Debt Guarantee Program (DGP)&nbsp;and the Transaction Account Guarantee
Program (TAGP). The DGP guarantees all newly issued senior unsecured debt (e.g., promissory notes,
unsubordinated unsecured notes and commercial paper) up to prescribed limits issued by
participating entities beginning on October&nbsp;14, 2008 and continuing through June&nbsp;30, 2009. For
eligible debt issued by that date, the FDIC will provide the guarantee coverage until the earlier
of the maturity date of the debt or June&nbsp;30, 2012. The TAGP offers full guarantee for
noninterest-bearing deposit accounts held at FDIC-insured depository institutions. The unlimited
deposit coverage is voluntary for eligible institutions and is in addition to the $250,000 FDIC
deposit insurance per account that was included as part of the Emergency Economic Stabilization Act
of 2008 (EESA). The TAGP coverage became effective on October&nbsp;14, 2008 and will continue for
participating institutions until December&nbsp;31, 2009.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Initially, these programs were provided at no cost for the first 30&nbsp;days. On November&nbsp;3, 2008, the
FDIC extended the opt-out period to December&nbsp;5, 2008 to provide eligible institutions additional
time to consider the terms before making a final decision regarding participation in the program.
An entity that has chosen not to opt out of either or both programs became a participating entity
and will be assessed fees for participation. Participants in the DGP will be charged an annualized
fee equal to 75 basis points multiplied by the debt issued, and calculated for the maturity period
of that debt, or through June&nbsp;30, 2012, whichever is earlier. Any eligible entity that has not
chosen to opt out of the TAGP will be assessed, on a quarterly basis, an annualized 10 basis point fee on balances in noninterest-bearing
transaction accounts that exceed the existing deposit insurance limit of $250,000. CFBank has
chosen to participate in both of the programs.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Federal Home Loan Bank System. </I></B>CFBank is a member of the FHLB of Cincinnati, which is one of the
regional FHLBs composing the FHLB System. Each FHLB provides a central credit facility primarily
for its member institutions by providing a readily available, competitively priced source of
funding which can be used for a wide variety of asset/liability purposes. CFBank, as a member of
the FHLB of Cincinnati, is required to acquire and hold shares of capital stock in the FHLB of
Cincinnati in an amount based on CFBank&#146;s total assets and outstanding advances. The stock
requirement is subject to change by the FHLB. CFBank was in compliance with the requirement with
an investment in FHLB of Cincinnati stock at December&nbsp;31, 2008 of $2.1&nbsp;million. Any advances from
a FHLB must be secured by specified types of collateral, and all long-term advances may be obtained
only for the purpose of providing funds for residential housing finance.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The FHLBs are required to provide funds for the resolution of insolvent thrifts and to contribute
funds for affordable housing programs. These requirements could reduce the amount of earnings that
the FHLBs can pay as dividends to their members and could also result in the FHLBs imposing a
higher rate of interest on advances to their members. If dividends were reduced, or interest on
future FHLB advances increased, CFBank&#146;s net interest income would be affected. Under the
Gramm-Leach-Bliley Act, membership in the FHLB is voluntary for all federally-chartered savings
associations, such as CFBank. CFBank owns Class&nbsp;B shares which are redeemable with five-year&#146;s
notice.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Recent published reports indicate that asset quality risks and the application of certain
accounting rules may negatively affect the capital levels of certain members of the FHLB System. If
events occur that cause substantial doubt about the ultimate recoverability of our investment in
FHLB stock, which totaled $2.1&nbsp;million at December&nbsp;31, 2008, we could incur an impairment loss that
would cause our earnings and shareholders&#146; equity to be reduced by the after-tax amount of the
impairment charge.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Federal Reserve System. </I></B>CFBank is subject to provisions of the Federal Reserve Act and the
regulations of the Federal Reserve (FR)&nbsp;pursuant to which depositary institutions may be required
to maintain reserves against their deposit accounts and certain other liabilities. Currently,
reserves must be maintained against transaction accounts, primarily NOW and regular checking
accounts. At December&nbsp;31, 2008, the FR regulations generally required that reserves be maintained
in the amount of 3.0% of the aggregate of transaction accounts up to $43.9&nbsp;million. The aggregate
transaction accounts in excess of $43.9&nbsp;million were subject to a reserve ratio of $1.038&nbsp;million
plus 10.0%. The FR regulations exempt $9.3&nbsp;million of otherwise reservable balances from the
reserve requirements, which exemption is adjusted by the FR at the end of each year. CFBank was in
compliance with the foregoing reserve requirements at December&nbsp;31, 2008. Effective for 2009,
reserves in the amount of 3% of aggregate transaction accounts up to $44.4&nbsp;million must be
maintained, and transaction accounts in excess of the $44.4&nbsp;million are subject to a reserve ratio
of $1.023&nbsp;million plus 10%. The FR regulations exempt $10.3&nbsp;million of otherwise reservable
balances from the reserve requirements. Prior to October&nbsp;1, 2008, required and excess reserve
balances on deposit with the Federal Reserve Bank did not earn interest. Because required reserves
may be maintained in the form of vault cash, these reserves may reduce CFBank&#146;s interest-earning
assets. The balances maintained to meet the reserve requirements imposed by the FR may be used to
satisfy liquidity requirements imposed by the OTS. FHLB System members are also authorized to
borrow from the Federal Reserve Bank discount window.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Privacy Regulations. </I></B>The OTS issued regulations implementing the privacy protection provisions of
the GLB Act. The regulations generally require that CFBank disclose its privacy policy, including
identifying with whom it shares a customer&#146;s &#147;non-public personal information,&#148; to any customer at
the time of establishing the customer relationship and annually thereafter. In addition, CFBank is
required to provide its customers with the ability to &#147;opt-out&#148; of having their personal
information shared with unaffiliated third parties and not to disclose account numbers or access
codes to non-affiliated third parties for marketing purposes. CFBank currently has a privacy
protection policy in place and believes that such policy is in compliance with the regulations.
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>The USA PATRIOT Act. </I></B>The USA PATRIOT Act of 2001 was enacted on October&nbsp;26, 2001 and was renewed in
substantially the same form on March&nbsp;9, 2006. This act contains the International Money Laundering
Abatement and Financial Anti-Terrorism Act of 2001. That statute contains anti-money laundering
measures affecting insured depository institutions, broker-dealers and certain other financial
institutions. It also requires United States financial institutions to adopt policies and
procedures to combat money laundering and grants the Secretary of the Treasury broad authority to
establish regulations and to impose requirements and restrictions on financial institutions&#146;
operations. CFBank has adopted policies and procedures to meet those requirements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Holding Company Regulation</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company is a savings and loan holding company regulated by the OTS and, as such, is registered
with and subject to OTS examination and supervision, as well as certain reporting requirements. In
addition, the OTS has enforcement authority over the Company and any of our non-savings institution
subsidiaries. Among other things, this authority permits the OTS to restrict or prohibit
activities that are determined to be a serious risk to the financial safety, soundness or stability
of a subsidiary savings institution. Unlike bank holding companies, federal savings and loan
holding companies are not subject to any regulatory capital requirements or to supervision by the
Federal Reserve System.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Permissible Activities of Central Federal Corporation. </I></B>Because the Company acquired CFBank prior to
May&nbsp;4, 1999, it is permitted to engage in the following non-financial activities under the
Gramm-Leach-Bliley Act: (i)&nbsp;furnishing or performing management services for a savings institution
subsidiary; (ii)&nbsp;conducting an insurance agency or escrow business; (iii)&nbsp;holding, managing or
liquidating assets owned or acquired from a savings institution subsidiary; (iv)&nbsp;holding or
managing properties used or occupied by a savings institution subsidiary; (v)&nbsp;acting as trustee
under a deed of trust; (vi)&nbsp;any other activity (a)&nbsp;that the FR, by regulation, has determined to be
permissible for bank holding companies under Section 4(c) of the Bank Holding Company Act of 1956,
unless the Director of the OTS, by regulation, prohibits or limits any such activity for savings
and loan holding companies, or (b)&nbsp;in which multiple savings and loan holding companies were
authorized by regulation to directly engage in on March&nbsp;5, 1987; (vii)&nbsp;purchasing, holding, or
disposing of stock acquired in connection with a qualified stock issuance if the purchase of such
stock by such holding company is approved by the Director of the OTS; and (viii)&nbsp;any activity
permissible for financial holding companies under section 4(k) of the Bank Holding Company Act of
1956.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Permissible activities which are deemed to be financial in nature or incidental thereto under said
section 4(k) include: (i)&nbsp;lending, exchanging, transferring, investing for others or safeguarding
money or securities; (ii)&nbsp;insurance activities or providing and issuing annuities, and acting as
principal, agent or broker; (iii)&nbsp;financial, investment or economic advisory services; (iv)&nbsp;issuing
or selling instruments representing interests in pools of assets that a bank is permitted to hold
directly; (v)&nbsp;underwriting, dealing in or making a market in securities; (vi)&nbsp;activities previously
determined by the FR to be closely related to banking; (vii)&nbsp;activities that bank holding companies
are permitted to engage in outside of the United States; and (viii)&nbsp;portfolio investments made by
an insurance company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Restrictions Applicable to All Savings and Loan Holding Companies. </I></B>As a savings and loan holding
company, the Company is prohibited by federal law from, directly or indirectly, acquiring: (i)
control (as defined under HOLA) of another savings institution (or a holding company parent) without prior OTS
approval; (ii)&nbsp;through merger, consolidation or purchase of assets, another savings institution or
a holding company thereof, or acquiring all or substantially all of the assets of such institution
(or a holding company) without prior OTS approval; or (iii)&nbsp;control of any depository institution
not insured by the FDIC (except through a merger with and into the holding company&#146;s savings
institution subsidiary that is approved by the OTS).
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A savings and loan holding company also may not acquire as a separate subsidiary an insured
institution that has a principal office outside of the state where the principal office of its
subsidiary institution is located, except (i)&nbsp;in the case of certain emergency acquisitions
approved by the FDIC, (ii)&nbsp;if such holding company controls a savings institution subsidiary that
operated a home or branch office in such additional state as of March&nbsp;5, 1987 or (iii)&nbsp;if the laws
of the state in which the savings institution to be acquired is located specifically authorize a
savings institution chartered by that state to be acquired by a savings institution chartered by
the state where the acquiring savings institution or savings and loan holding company is located or
by a holding company that controls such a state-chartered association.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">If the savings institution subsidiary of a federal savings and loan holding company fails to meet
the QTL test set forth in Section 10(m) of the HOLA and regulations of the OTS, the holding company
must register with the FR as a bank holding company under the BHC Act within one year of the
savings institution&#146;s failure to so qualify.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Prohibitions Against Tying Arrangements. </I></B>Federal savings banks are subject to the prohibitions of
12 U.S.C. &#167;1972 on certain tying arrangements. A depository institution is prohibited, subject to
some exceptions, from extending credit to or offering any other service, or fixing or varying the
consideration for such extension of credit or service, on the condition that the customer obtain
some additional service from the institution or its affiliates or not obtain services of a
competitor of the institution.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Federal Securities Laws. </I></B>The Company&#146;s common stock is registered with the Commission under Section
12(g) of the Securities Exchange Act of 1934, as amended (the Exchange Act), and, accordingly, we
are subject to information, proxy solicitation, insider trading restrictions, and other
requirements under the Exchange Act.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Sarbanes-Oxley Act. </I></B>As a public company, we are subject to the Sarbanes-Oxley Act, which implements
a broad range of corporate governance and accounting measures for public companies designed to
promote honesty and transparency in corporate America and better protect investors from corporate
wrongdoing. The Sarbanes-Oxley Act includes a requirement that companies establish and maintain a
system of internal control over financial reporting and that a company&#146;s management provide an
annual report regarding its assessment of the effectiveness of such internal control over financial
reporting to its independent accountants and that such accountants provide an attestation report
with respect to management&#146;s assessment of the effectiveness of the company&#146;s internal control over
financial reporting.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The independent auditor attestation requirement of the internal control rules becomes applicable to
the Company as a &#147;non-accelerated filer&#148; for the year ending December&nbsp;31, 2009, and costs
associated with this attestation will be borne by the Company.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Emergency Economic Stabilization Act of 2008. </I></B>The EESA was enacted in October&nbsp;2008. Pursuant to
the EESA, the U.S. Treasury has authority to, among other things, invest in financial institutions
and purchase mortgages, mortgage-backed securities and certain other financial instruments from
financial institutions, in an aggregate amount up to $700&nbsp;billion, for the purpose of stabilizing
and providing liquidity to the U.S. financial markets.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">On October&nbsp;14, 2008, in connection with the Troubled Asset Relief Program (TARP)&nbsp;Capital
Purchase Program, established as part of the EESA, the U.S. Treasury announced a plan to invest up
to $250&nbsp;billion in certain eligible financial institutions in the form of non-voting, senior
preferred stock initially paying quarterly dividends at a 5% annual rate. When the U.S. Treasury
makes such preferred investments in any company, it will also receive 10-year warrants to acquire
common shares having an aggregate market price of 15% of the amount of the senior preferred
investment. Under the TARP Capital Purchase Program, dividend payments on, and repurchases of, a
participating company&#146;s outstanding preferred and common stock are subject to certain restrictions.
For more information on these restrictions and the Company&#146;s TARP Capital Purchase Program
transaction, see Note 15 to the Consolidated Financial Statements.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">For the period during which the Treasury holds equity issued under the TARP programs, companies
participating in the programs must also comply with the standards for executive compensation and
corporate governance enacted as part of EESA, as it has been amended by the American Recovery and
Reinvestment Act of 2009 (the ARRA). The standards, which generally apply to the institution&#146;s
senior executive officers (defined as the five most highly compensated executives) include
limitations on deductibility of compensation and on bonuses and incentive compensation, prohibit
golden parachute payments, require recovery of bonuses and other incentive compensation paid under
certain circumstances, and require compensation arrangements to be structured so as to avoid
incentives for senior executives to take excessive risks in managing the institution. The
standards also require that shareholders of publicly-traded institutions that participate in the
TARP programs be given a non-binding vote on the compensation paid by the institution to its
executives and require that a publicly-traded institution&#146;s chief executive officer and chief
financial officer provide to the Commission a certificate of compliance with all of the executive
compensation requirements that are part of the legislation. The legislation permits the Treasury
to seek to apply the ARRA requirements retroactively to TARP participants, like the Company, whose
transactions predated the enactment of the ARRA. It also includes a provision that would permit
such a participant to repay the funds received by it from the Treasury rather than become subject
to the ARRA requirements. The Treasury is directed by the ARRA to issue regulations to implement
the ARRA provisions relating to compensation. The Company will review the regulations issued by
the Treasury before determining what position it will take with regard to continuing to participate
in the TARP Capital Purchase Program.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Quotation on Nasdaq<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP></I></B><B>. </B>Our common stock is quoted on the Nasdaq<SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> Capital Market. In order to
maintain such quotation, we are subject to certain corporate governance requirements, including:
(i)&nbsp;a majority of our Board of Directors must be composed of independent directors; (ii)&nbsp;we are
required to have an audit committee composed of at least three directors, each of whom is an
independent director, as such term is defined by both the rules of the National Association of
Securities Dealers and by Exchange Act regulations; (iii)&nbsp;our nominating committee and compensation
committee must also be composed entirely of independent directors; and (iv)&nbsp;each of our audit
committee and nominating committee must have a publicly available written charter.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Federal and State Taxation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Federal Taxation</I></B>

</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>General. </I></B>We report income on a calendar year, consolidated basis using the accrual method of
accounting, and we are subject to federal income taxation in the same manner as other corporations,
with some exceptions discussed below. The following discussion of tax matters is intended only as
a summary and does not purport to be a comprehensive description of the tax rules applicable to the
Company and CFBank. We are subject to a maximum federal income tax rate of 34% for 2008. At
year-end 2008, the Company had net operating loss carryforwards of approximately $2.9&nbsp;million which
expire at various dates from 2024 to 2028.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Distributions. </I></B>Under the Small Business Job Protection Act of 1996, if CFBank makes &#147;non-dividend
distributions&#148; to the Company, such distributions will be considered to have been made from
CFBank&#146;s unrecaptured tax bad debt reserves (including the balance of its reserves as of December
31, 1987) to the extent thereof, and then from CFBank&#146;s supplemental reserve for losses on loans,
to the extent thereof, and an amount based on the amount distributed (but not in excess of the
amount of such reserves) will be included in CFBank&#146;s taxable income. Non-dividend distributions
include distributions in excess of CFBank&#146;s current and accumulated earnings and profits, as
calculated for federal income tax purposes, distributions in redemption of stock, and distributions
in partial or complete liquidation. Dividends paid out of CFBank&#146;s current or accumulated earnings
and profits will not be so included in CFBank&#146;s taxable income.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The amount of additional taxable income triggered by a non-dividend distribution is an amount that,
when reduced by the tax attributable to the income, is equal to the amount of the distribution.
Thus, if CFBank makes a non-dividend distribution to the Company, approximately one and one-half
times the amount of such distribution (but not in excess of the amount of the reserves described in
the previous paragraph) would be includable in income for federal income tax purposes, assuming a
34% federal corporate income tax rate. CFBank does not intend to pay dividends that would result
in a recapture of any portion of its bad debt reserves.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Corporate Alternative Minimum Tax</I></B>. The Internal Revenue Code of 1986, as amended, imposes a tax on
alternative minimum taxable income (AMTI)&nbsp;at a rate of 20%. AMTI is federal taxable income before
net operating loss adjusted by certain tax preference amounts. AMTI is increased by an amount
equal to 75% of the amount by which the Company&#146;s adjusted current earnings exceed its AMTI . Only
90% of AMTI can be offset by alternate minimum tax net operating loss carryovers. The Company
currently has AMT net operating losses totaling $2.3&nbsp;million and $324,000 that originated in tax
years 2004 and 2005, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Ohio Taxation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Company and Ghent Road, Inc. are subject to the Ohio corporate franchise tax, which, is a tax
measured by both net earnings and net worth. In general, the tax liability is the greater of 5.1%
on the first $50,000 of computed Ohio taxable income and 8.5% of computed Ohio taxable income in
excess of $50,000 or 0.4% times taxable net worth. The minimum tax is either $50 or $1,000 per
year based on the size of the corporation, and maximum tax liability as measured by net worth is
limited to $150,000 per year.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">A special litter tax also applies to all corporations, including the holding company, subject to
the Ohio corporate franchise tax. This litter tax does not apply to &#147;financial institutions.&#148; If
the franchise tax is paid on the net income basis, the litter tax is equal to 0.11% of the first
$50,000 of computed Ohio taxable income and 0.22% of computed Ohio taxable income in excess of
$50,000. If the franchise tax is paid on the net worth basis, the litter tax is equal to 0.014%
times taxable net worth.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Certain holding companies will qualify for complete exemption from the net worth tax if certain
conditions are met. The Company will most likely meet these conditions, and thus, calculate its
Ohio franchise tax on the net income basis only. When the Company files as a qualifying holding
company, Ghent Rd., Inc. must make an adjustment to its net worth computation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">CFBank is a &#147;financial institution&#148; for State of Ohio tax purposes. As such, it is subject to the
Ohio corporate franchise tax on &#147;financial institutions,&#148; which is imposed annually at a rate of
1.3% of CFBank&#146;s apportioned book net worth, determined in accordance with U.S. generally accepted
accounting principles, less any statutory deductions. As a &#147;financial institution,&#148; CFBank is not
subject to any tax based upon net income or net profits imposed by the State of Ohio.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The franchise tax for corporations other than financial institutions and their related affiliates
will be phased out 20% per year over five years beginning with tax due for calendar 2006. The
franchise tax for financial institutions and their related affiliates remains unchanged by the
recent legislation. Neither the Company nor any of its affiliated companies currently is subject
to the Ohio Commercial Activity Tax.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B><I>Delaware Taxation</I></B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">As a Delaware holding company not earning income in Delaware, the Company is exempted from Delaware
corporate income tax, but is required to file an annual report with and pay an annual franchise tax
to the State of Delaware.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Available Information</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Our website address is www.CFBankonline.com. We make available free of charge through our website
our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any
amendments to these reports as soon as reasonably practicable after we electronically file such
reports with the Commission. These reports can be found on our website under the caption &#147;CF News
and Links &#151; Investor Relations &#151; SEC Filings.&#148; Investors also can obtain copies of our filings
from the Commission&#146;s website at www.sec.gov.
</DIV>
<DIV align="left">
<A name="103"></A>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>Item&nbsp;2. Properties.</B></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We conduct our business through four offices located in Summit, Columbiana, and Franklin Counties,
Ohio. The net book value of the Company&#146;s properties and leasehold improvements totaled $4.5
million at December&nbsp;31, 2008. Ghent Road, Inc. owned land located adjacent to the Fairlawn office
held for future development that totaled $702,000 at year-end 2008.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Original Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Leased or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Leased or</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date of Lease</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Location</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Owned</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Acquired</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Expiration</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Administrative/Home Office:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">2923 Smith Rd</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Leased</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2004</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2014</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Fairlawn, Ohio 44333</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px"><B>Branch Offices:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">601 Main Street</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Owned</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1989</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Wellsville, Ohio 43968</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em; background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">49028 Foulks Drive</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Owned</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">1979</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:-0px">East Liverpool, Ohio 43920</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 0em"><!-- Blank Space -->
    <TD><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">7000 N. High St</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Owned</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2007</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&#151;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:0px; text-indent:-0px">Worthington, Ohio 43085</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="104"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Legal Proceedings.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We may, from time to time, be involved in various legal proceedings in the normal course of
business. Periodically, there have been various claims and lawsuits involving CFBank, such as claims to
enforce liens, condemnation proceedings on properties in which CFBank holds security interests,
claims involving the making and servicing of real property loans and other issues incident to our
business.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We are not a party to any other pending legal proceeding that management believes would have a
material adverse effect on our financial condition or operations, if decided adversely to us.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">No tax shelter penalty was assessed against the Company or any of our subsidiaries by the Internal
Revenue Service in calendar year 2008 or at any other time, in connection with any transaction
deemed by the Internal Revenue Service to be abusive or to have a significant tax avoidance
purpose.
</DIV>
<DIV align="left">
<A name="105"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Submission of Matters to a Vote of Security Holders.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None
</DIV>

<DIV align="left">
<A name="106"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART II</B>
</DIV>

<DIV align="left">
<A name="107"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Market for Registrant&#146;s Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">During the fiscal quarter ended December&nbsp;31, 2008, the Company did not repurchase any of its
securities. The Company did sell equity securities during the period covered by this report that
were not registered. Information regarding that sale can be found in the Company&#146;s Current Report
on Form 8-K filed on December&nbsp;5, 2008.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The market information required by Item&nbsp;201(a), the stockholders information required by Item
201(b) and the dividend information required by Item 201(c) of Regulation&nbsp;S-K are incorporated by
reference to our 2008 Annual Report to Shareholders distributed to shareholders and furnished to
the Commission under Rule&nbsp;14a-3(b) of the Exchange Act; the information appears under the caption
&#147;Market Prices and Dividends Declared&#148; on page 19 and in &#147;Note 17 &#151; Regulatory Capital Matters&#148; at
page 48 therein, respectively.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The equity compensation plan information required by Item 201(d) of Regulation&nbsp;S-K is set forth
herein under Part&nbsp;III, Item&nbsp;12, Security Ownership of Certain Beneficial Owners and Management and
Related Stockholder Matters.
</DIV>
<DIV align="left">
<A name="108"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"> <B>Selected Financial Data.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information required by Item&nbsp;301 of Regulation&nbsp;S-K is incorporated by reference to our 2008 Annual
Report to Shareholders distributed to shareholders and furnished to the Commission under Rule
14a-3(b) of the Exchange Act; the information appears under the caption &#147;Selected Financial and
Other Data&#148; at page 4 therein.
</DIV>
<DIV align="left">
<A name="109"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information required by Item&nbsp;303 of Regulation&nbsp;S-K is incorporated by reference to our 2008 Annual
Report to Shareholders distributed to shareholders and furnished to the Commission under Rule
14a-3(b) of the Exchange Act; the information appears under the caption &#147;Management&#146;s Discussion
and Analysis of Financial Condition and Results of Operations&#148; at page 4 therein.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="110"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;7A.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Quantitative and Qualitative Disclosures About Market Risk.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information required by Item&nbsp;305 of Regulation&nbsp;S-K is incorporated by reference to our 2008 Annual
Report to Shareholders distributed to shareholders and furnished to the Commission under Rule
14a-3(b) of the Exchange Act; the information appears under the caption &#147;Management&#146;s Discussion
and Analysis of Financial Condition and Results of Operations&#148; at page 4 therein.
</DIV>
<DIV align="left">
<A name="111"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Financial Statements and Supplementary Data.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The consolidated financial statements required by Article&nbsp;8 of Regulation&nbsp;S-X are incorporated by
reference to our 2008 Annual Report to Shareholders distributed to shareholders and furnished to
the Commission under Rules&nbsp;14a-3(b) and (c)&nbsp;of the Exchange Act. The consolidated financial
statements appear under the caption &#147;Financial Statements&#148; at page 20 therein and include the
following:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Management&#146;s Report on Internal Control over Financial Reporting</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Consolidated Balance Sheets</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Consolidated Statements of Operations</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Consolidated Statements of Comprehensive Income (Loss)</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Consolidated Statements of Changes in Shareholders&#146; Equity</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Consolidated Statements of Cash Flows</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%">Notes to Consolidated Financial Statements</DIV>


<DIV align="left">
<A name="112"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None
</DIV>
<DIV align="left">
<A name="113"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9A(T).</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Controls and Procedures.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Evaluation of disclosure controls and procedures. </I>We maintain disclosure controls and procedures
that are designed to ensure that information required to be disclosed in our Exchange Act reports
is recorded, processed, summarized and reported within the time periods specified in the SEC&#146;s
rules and forms, and that such information is accumulated and communicated to our management,
including our principal executive officer and principal financial officer, as appropriate, to allow
timely decisions regarding required disclosure based closely on the definition of &#147;disclosure
controls and procedures&#148; in Rule&nbsp;13a-14(c). Management, with the participation of our principal
executive and financial officers, has evaluated the effectiveness of its disclosure controls and
procedures (as such term is defined in Rules&nbsp;13a-15(e) and 15d-15(e) under the Exchange Act) as of
the end of the period covered by this report. Based on such evaluation, our principal executive
officer and principal financial officer have concluded that, as of the end of such period, our
disclosure controls and procedures are effective in recording, processing, summarizing and
reporting, on a timely basis, information required to be disclosed by us in the reports we file or
submit under the Exchange Act.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Management&#146;s Report on Internal Control Over Financial Reporting. </I>Information required by Item
308T of Regulation&nbsp;S-K is incorporated by reference to our 2008 Annual Report to Shareholders
distributed to shareholders and furnished to the Commission under Rule&nbsp;14a-3(b) of the Exchange
Act; the information appears under the caption &#147;Management&#146;s Report on Internal Control over
Financial Reporting&#148; at page 20 therein.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Changes in internal control over financial reporting. </I>We made no significant changes in our
internal controls or in other factors that could significantly affect these controls in the fourth
quarter of 2008 that has materially affected, or is reasonably likely to materially affect, our
internal control over financial
reporting.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="114"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;9B.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Other Information.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">None
</DIV>
<DIV align="left">
<A name="115"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART III</B>
</DIV>

<DIV align="left">
<A name="116"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;10.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Directors, Executive Officers and Corporate Governance.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Directors. </I>Information required by Item&nbsp;401 of Regulation&nbsp;S-K with respect to our directors and
committees of the Board of Directors is incorporated by reference to our definitive Proxy Statement
for our 2009 Annual Meeting of Shareholders filed with the Commission on or about March&nbsp;31, 2009,
under the caption &#147;PROPOSAL 1. ELECTION OF DIRECTORS.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Executive Officers of the Registrant</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Age at</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>December 31,</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="CENTER"><B>Position held with the Company and/or</B></TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>Subsidiaries</B></TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark S. Allio
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Chairman, President and Chief Executive
Officer, Company; Chairman and Chief
Executive Officer, CFBank</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Raymond E. Heh
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">66</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">President and Chief Operating Officer, CFBank</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Eloise L. Mackus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">58</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Executive Vice President, General Counsel
and Secretary, Company and CFBank</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Therese Ann Liutkus
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Treasurer and Chief Financial Officer,
Company and CFBank</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">R. Parker MacDonell
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">President, Columbus Region, CFBank</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Mark S. Allio, Chairman, President and Chief Executive Officer of Central Federal and Chairman and
Chief Executive Officer of CFBank, joined us in February&nbsp;2005 and has more than 30&nbsp;years of banking
and banking-related experience, including service as President and Chief Executive Officer of Rock
Bank in Livonia, Michigan, an affiliate of Quicken Loans, Inc., from April&nbsp;2003 to December&nbsp;2004.
He was previously President of Third Federal Savings, MHC in Cleveland, Ohio, a multi-billion
dollar thrift holding company from January&nbsp;2000 to December&nbsp;2002 and Chief Financial Officer of
Third Federal from 1988 through 1999.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Raymond E. Heh, President and Chief Operating Officer, joined CFBank in June&nbsp;2003. Formerly, Mr.
Heh held numerous positions at Bank One Akron NA including Chairman, President and CEO. He was
with Bank One Akron NA for 18&nbsp;years and has over 40&nbsp;years of experience in the commercial banking
industry. Mr.&nbsp;Heh is a graduate of The Pennsylvania State University.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Eloise L. Mackus is Executive Vice President, General Counsel and Secretary of the Company and
CFBank. Prior to joining us in July&nbsp;2003, Ms.&nbsp;Mackus practiced in law firms in Connecticut and
Ohio and was the Vice President and General Manager of International Markets for The J. M. Smucker
Company. Ms.&nbsp;Mackus completed a bachelor&#146;s degree at Calvin College and a juris doctorate at The
University of Akron School of Law.
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Therese Ann Liutkus joined the Company and CFBank as Chief Financial Officer in November&nbsp;2003.
Prior to that time, Ms.&nbsp;Liutkus was Chief Financial Officer of First Place Financial Corp. and
First Place Bank for six years, and she has more than 20&nbsp;years of banking experience. Ms.&nbsp;Liutkus
is a certified public accountant and has a bachelor&#146;s degree in accounting from Cleveland State
University.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">R.&nbsp;Parker MacDonell, President, Columbus Region, joined CFBank in May&nbsp;2003. Mr.&nbsp;MacDonell is a
third generation Ohio banker with over 20&nbsp;years of commercial banking experience. He is a former
Senior Vice President of Bank One Columbus NA, a position he held for three years during his 15
year tenure with Bank One. He is a graduate of Dartmouth College and received his master&#146;s degree
from Yale University.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Compliance with </I><I>Section 16(a)</I><I> of the Exchange Act. </I>Information required by Item&nbsp;405 of Regulation
S-K is incorporated by reference to our definitive or Statement for our 2009 Annual Meeting of
Shareholders filed with the Commission on or about March&nbsp;31, 2009, under the caption &#147;ADDITIONAL
INFORMATION ABOUT DIRECTORS AND EXECUTIVE OFFICERS &#151; SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE.&#148; Copies of Section&nbsp;16 reports, Forms 3, 4 and 5, are available on our website,
www.CFBankonline.com under the caption &#147;CF News and Links &#151; Investor Relations &#151; Section&nbsp;16
Filings.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Code of Ethics. </I>We have adopted a code of ethics, our Code of Ethics and Business Conduct, which
meets the requirements of Item&nbsp;406 of Regulation&nbsp;S-K and applies to all employees, including our
principal executive officer, principal financial officer and principal accounting officer. Since
our inception in 1998, we have had a code of ethics. We require all directors, officers and other
employees to adhere to the Code of Ethics and Business Conduct in addressing the legal and ethical
issues encountered in conducting their work. The Code of Ethics and Business Conduct requires that
our employees avoid conflicts of interest, comply with all laws and other legal requirements,
conduct business in an honest and ethical manner and otherwise act with integrity and in the
Company&#146;s best interest. All employees are required to attend annual training sessions to review
the Code of Ethics and Business Conduct. The Code of Ethics and Business Conduct is available on
our website, www.CFBankonline.com under the caption &#147;CF News and Links &#151; Investor Relations &#151;
Corporate Governance.&#148; Disclosures of amendments to or waivers with regard to the provisions of
the Code of Ethics and Business Conduct also will be posted on the Company&#146;s website.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Corporate Governance</I>. Information required by Items 407(c)(3), (d)(4) and (d)(5) of Regulation&nbsp;S-K
is incorporated by reference to our definitive Proxy Statement for our 2009 Annual Meeting of
Shareholders filed with the Commission on or about March&nbsp;31, 2009, under the caption &#147;PROPOSAL 1.
ELECTION OF DIRECTORS.&#148;
</DIV>
<DIV align="left">
<A name="117"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;11.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Executive Compensation.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information required by Item&nbsp;402 of Regulation&nbsp;S-K is incorporated by reference to our definitive
Proxy Statement for our 2009 Annual Meeting of Shareholders filed with the Commission on or about
March&nbsp;31, 2009, under the caption &#147;COMPENSATION OF EXECUTIVE OFFICERS.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information required by Item&nbsp;407 (e)(4) and (e)(5) of Regulation&nbsp;S-K is incorporated by reference
to our definitive Proxy Statement for our 2009 Annual Meeting of Shareholders filed with the
Commission on or about March&nbsp;31, 2009, under the caption &#147;MEETINGS AND COMMITTEES OF THE BOARD OF
DIRECTORS &#151; COMPENSATION AND MANAGEMENT DEVELOPMENT COMMITTEE&#148; and &#147;COMPENSATION AND MANAGEMENT
DEVELOPMENT COMMITTEE REPORT.&#148;
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left">
<A name="118"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;12.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Security Ownership of Certain Beneficial Owners and Management. </I>Information required by Item&nbsp;403
of Regulation&nbsp;S-K is incorporated by reference to our definitive Proxy Statement for our 2009
Annual Meeting of Shareholders filed with the Commission on or about March&nbsp;31, 2009, under the
caption &#147;STOCK OWNERSHIP.&#148;
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><I>Related Stockholder Matters &#150; Equity Compensation Plan Information</I>. Information required by Item 201(d) of Regulation
S-K is incorporated by reference to our definitive Proxy Statement for our 2009 Annual Meeting of Shareholders filed
with the Commission on or about March&nbsp;31, 2009, under the caption &#147;EQUITY COMPENSATION PLAN INFORMATION,&#148; and to our
2008 Annual Report to Shareholders distributed to shareholders and furnished to the Commission under Rule&nbsp;14a-3(b) of
the Exchange Act, where the information appears under the caption &#147;Note 14 &#150; Stock-Based Compensation&#148; at page 45
therein.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See Part&nbsp;II, Item&nbsp;8, Financial Statements, Notes 1 and 14, for a description of the principal
provisions of our equity compensation plans. The information required by Item&nbsp;8 is incorporated by
reference to our 2008 Annual Report to Shareholders distributed to shareholders and furnished to
the Commission under Rules&nbsp;14a-3(b) and (c)&nbsp;of the Exchange Act; the financial statements appear
under the caption &#147;Financial Statements&#148; at page 20 therein.
</DIV>
<DIV align="left">
<A name="119"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;13.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Certain Relationships and Related Transactions, and Director Independence.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information required by Items 404 and 407(a) of Regulation&nbsp;S-K is incorporated by reference to our
definitive Proxy Statement for our 2009 Annual Meeting of Shareholders filed with the Commission on
or about March&nbsp;31, 2009, under the caption &#147;ADDITIONAL INFORMATION ABOUT DIRECTORS AND OFFICERS &#151;
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.&#148;
</DIV>
<DIV align="left">
<A name="120"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;14.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Principal Accounting Fees and Services.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Information required by Item 9(e) of Schedule&nbsp;14A pursuant to this Item&nbsp;14 is incorporated by
reference to our definitive Proxy Statement for our 2009 Annual Meeting of Shareholders filed with
the Commission on or about March&nbsp;31, 2009, under the caption &#147;PROPOSAL 5. RATIFICATION OF
APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.&#148;
</DIV>
<DIV align="left">
<A name="121"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>PART IV</B>
</DIV>

<DIV align="left">
<A name="122"></A>
</DIV>

<DIV align="left" style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Item&nbsp;15.</B></TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Exhibits, Financial Statement Schedules.</B></DIV></TD>
</TR>
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">See Exhibit&nbsp;Index at page 41 of this report on Form 10-K.
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">
<DIV align="left">
<A name="123"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURES</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>CENTRAL FEDERAL CORPORATION</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark S. Allio</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Mark S. Allio</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman, President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Date: March&nbsp;27, 2009</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed
below by the following persons on behalf of the registrant and in the capacities and on the dates
indicated.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Name</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Title</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Date</TD>
</TR>


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Mark S. Allio
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark S. Allio<br>
(principal executive officer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President
and Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Therese Ann Liutkus
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Therese Ann Liutkus, CPA<br>
(principal accounting
and financial officer)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer and Chief Financial Officer&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David C. Vernon
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
David C. Vernon
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman Emeritus&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jeffrey W. Aldrich
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jeffrey W. Aldrich
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Thomas P. Ash
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Thomas P. Ash
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ William R. Downing
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
William R. Downing
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Gerry W. Grace
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gerry W. Grace
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jerry F. Whitmer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Jerry F. Whitmer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">March&nbsp;27, 2009</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left">
<A name="124"></A>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><b>EXHIBIT INDEX</b>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD colspan="2" nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>

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


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Certificate of Incorporation of the registrant (incorporated by reference to Exhibit&nbsp;3.1 to
the registrant&#146;s Registration Statement on Form&nbsp;SB-2 No.&nbsp;333-64089, filed with the Commission
on September&nbsp;23, 1998)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">3.2
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Amendment to Certificate of Incorporation of the registrant (incorporated by reference to
Exhibit&nbsp;3.2 to the registrant&#146;s Registration Statement on Form&nbsp;S-2 No.&nbsp;333-129315, filed with
the Commission on October&nbsp;28, 2005)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">3.3
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Second Amended and Restated Bylaws of the registrant (incorporated by reference to Exhibit
3.3 to the registrant&#146;s Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2007, filed with the
Commission on March&nbsp;27, 2008)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Form of Stock Certificate of Central Federal Corporation (incorporated by reference to
Exhibit&nbsp;4.0 to the registrant&#146;s Registration Statement on Form&nbsp;SB-2 No.&nbsp;333-64089, filed with
the Commission on September&nbsp;23, 1998)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Certificate of Designations of Fixed Rate Cumulative Perpetual Preferred Stock, Series&nbsp;A, of
Central Federal Corporation (incorporated by reference to Exhibit&nbsp;3.1 to the registrant&#146;s
Current Report on Form&nbsp;8-K, filed with the Commission on December&nbsp;5, 2008)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Warrant, dated December&nbsp;5, 2008, to purchase shares of common stock of the Registrant
(incorporated by reference to Exhibit&nbsp;4.1 to the registrant&#146;s Current Report on Form&nbsp;8-K,
filed with the Commission on December&nbsp;5, 2008)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.1
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Salary Continuation Agreement between CFBank and David C. Vernon (incorporated by reference
to Exhibit&nbsp;10.1 to the registrant&#146;s Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2004,
filed with the Commission on March&nbsp;30, 2005)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.2
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Employment Agreement between the registrant and David C. Vernon (incorporated by reference
to Exhibit&nbsp;10.1 to the registrant&#146;s Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2003,
filed with the Commission on March&nbsp;30, 2004)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.3
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Employment Agreement between CFBank and David C. Vernon (incorporated by reference to
Exhibit&nbsp;10.2 to the registrant&#146;s Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2003, filed
with the Commission on March&nbsp;30, 2004)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.4
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Amendment to Employment Agreement between the registrant and David C. Vernon (incorporated
by reference to Exhibit&nbsp;10.3 to the registrant&#146;s Form&nbsp;10-K for the fiscal year ended December
31, 2004, filed with the Commission on March&nbsp;30, 2005)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.5
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Amendment to Employment Agreement between CFBank and David C. Vernon (incorporated by
reference to Exhibit&nbsp;10.4 to the registrant&#146;s Form&nbsp;10-K for the fiscal year ended December&nbsp;31,
2004, filed with the Commission on March&nbsp;30, 2005)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.6
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Second Amendment to Employment Agreement between the registrant and David C. Vernon
(incorporated by reference to Exhibit&nbsp;10.5 to the registrant&#146;s Form&nbsp;10-K for the fiscal year
ended December&nbsp;31, 2004, filed with the Commission on March&nbsp;30, 2005)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.7
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Second Amendment to Employment Agreement between CFBank and David C. Vernon (incorporated by
reference to Exhibit&nbsp;10.6 to the registrant&#146;s Form&nbsp;10-K for the fiscal year ended December&nbsp;31,
2004, filed with the Commission on March&nbsp;30, 2005)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.8
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Third Amendment to Employment Agreement between Central Federal Corporation and David C.
Vernon (incorporated by reference to Exhibit&nbsp;10.1 to the registrant&#146;s Form&nbsp;8-K filed with the
Commission on January&nbsp;8, 2007)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.9
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Third Amendment to Employment Agreement between CFBank and David C. Vernon (incorporated by
reference to Exhibit&nbsp;10.2 to the registrant&#146;s Form&nbsp;8-K filed with the Commission on January&nbsp;8,
2007)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.10
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">1999 Stock-Based Incentive Plan (as Amended and Restated) (incorporated by reference to
Appendix&nbsp;A to the registrant&#146;s Definitive Proxy Statement filed with the Commission on March
21, 2000)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.11
</DIV></TD>
    <TD align="left" valign="top">*</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Third Amended and Restated Central Federal Corporation 2003 Equity Compensation Plan
(incorporated by reference to Appendix&nbsp;A to the registrant&#146;s Definitive Proxy Statement filed
with the Commission on March&nbsp;29, 2007)</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">10.12
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Letter Agreement, dated December&nbsp;5, 2008, including Securities Purchase Agreement &#151; Standard
Terms, between the Registrant and the United States Department of the Treasury (incorporated
by reference to Exhibit&nbsp;10.1 to the registrant&#146;s Current Report on Form&nbsp;8-K, filed with the Commission on December&nbsp;5,
2008)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#tocpage">Table of Contents</A></H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" colspan="2" style="border-bottom: 1px solid #000000">Exhibit No.</TD>

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


<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">11.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Statement Re: Computation of Per Share Earnings</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">13.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Annual Report to Security Holders for the Fiscal Year Ended December&nbsp;31, 2008</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">21.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Subsidiaries of the Registrant</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Consent of Independent Registered Public Accounting Firm</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">31.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Rule&nbsp;13a-14(a) Certifications of the Chief Executive Officer</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">31.2
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Rule&nbsp;13a-14(a) Certifications of the Chief Financial Officer</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px" align="right">32.1
</DIV></TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV align="justify">Section&nbsp;1350 Certifications of the Chief Executive Officer and Chief Financial Officer</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 3pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="text-align: justify">Management contract or compensation plan or arrangement identified pursuant to Item&nbsp;15 of
Form&nbsp;10-K.</DIV></TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-11.1
<SEQUENCE>2
<FILENAME>c83111exv11w1.htm
<DESCRIPTION>EXHIBIT 11.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 11.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;11.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Computation of Per Share Earnings</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The information regarding Computation of Per Share Earnings is incorporated by reference to the
Company&#146;s 2008 Annual Report to Shareholders distributed to shareholders and furnished to the
Commission under Rules&nbsp;14a-3(b) and (c)&nbsp;of the Exchange Act; the computation appears under the
caption &#147;Note 21 &#151; Earnings Per Common Share&#148; at page 53 therein.
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio --><!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>3
<FILENAME>c83111exv13w1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 13.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;13.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311100.gif" alt="(CENTRAL FEDERAL CORPORATION LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>TABLE OF CONTENTS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="left" valign="top">3</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>MESSAGE TO SHAREHOLDERS</B></DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS</B></DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">4</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Selected Financial and Other Data</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">6</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forward-Looking Statements</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">6</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">General</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">8</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial Condition</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">10</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comparison of Results of Operations for 2008 and 2007</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">13</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comparison of Results of Operations for 2007 and 2006</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">17</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Quantitative and Qualitative Disclosures about Market Risk</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">18</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liquidity and Capital Resources</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">18</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of Inflation</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">19</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Critical Accounting Policies</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">19</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Market Prices and Dividends Declared</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>FINANCIAL STATEMENTS</B></DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">20</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Management&#146;s Report on Internal Control Over Financial Reporting</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">21</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Report of Independent Registered Public Accounting Firm
on Consolidated Financial Statements</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">22</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consolidated Financial Statements</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">29</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes to Consolidated Financial Statements</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">56</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>BOARD OF DIRECTORS AND OFFICERS</B></DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">56</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CFBANK OFFICE LOCATIONS</B></DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>CORPORATE DATA</B></DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">56</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Report</DIV></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD align="left" valign="top">56</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Annual Meeting</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD align="left" valign="top">56</TD>
    <TD>&nbsp;</TD>
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholder Services</DIV></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311101.gif" alt="(CENTRAL FEDERAL CORPORATION LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 1</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 2</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="c83111c8311101.gif" alt="(CENTRAL FEDERAL CORPORATION LOGO)">
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>MESSAGE TO SHAREHOLDERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dear Fellow Shareholders,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A year ago, I reported to you on the positive progress of Central Federal Corporation despite
economic and interest rate challenges in 2007. We continued our journey of growth and profitability
during 2008, working through the credit crisis and the substantial downturn in the economy. During
the year, we witnessed the near collapse of our financial system and the government&#146;s takeover of
Freddie Mac and Fannie Mae, which were unprecedented steps taken to support the financial industry.
The government also provided federal support through direct investments in banking and other
industries, such as auto and insurance companies. These programs and actions will likely have
unintended consequences as we move forward. We will likely experience higher costs of doing
business, such as increased federal deposit insurance premiums and costs to comply with new
regulations that will inevitably be issued, not to mention the potential onslaught of inflation
once the economy begins to recover. We will deal with these consequences diligently as we have
dealt with banking industry contractions and other challenges in the past years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Through all of these challenges, we remain completely focused on the execution of our business
plan. We understand that the only actions and decision-making we can control are our own. We will
focus on being stewards of your capital and employing that capital in profitable growth and
business opportunities. As a shareholder, I desire what you desire: a fair rate of return on our
investment. I am committed to this goal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our banking model continues to focus on the small business owner and the consumer. Over the past
six years, we have transitioned from a single-product residential lender to a more expansive,
profitable full-service bank. We hired experienced business bankers with decades of experience. We
recruited and developed a group of young bankers to learn from our experienced colleagues. These
individuals, working together as a team, are able to provide a level of talent, knowledge and
service that we believe is unique in our communities. We structure lending products specifically to
meet the needs of individual business and consumer clients, and we execute with a sense of urgency.
This relationship-based banking model has been accepted with great enthusiasm, and our clients are
a significant source of referrals. I believe small business owners and customers in the marketplace
will continue to seek our services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In the summer of 2008, we began to rebuild our mortgage team. While many banks have exited or
significantly curtailed this business activity, I believed that the time was perfect to recruit
talented mortgage professionals and expand our mortgage business. As with the commercial banking
business, the mortgage business is, first and foremost, a relationship business. Our residential
bankers are knowledgeable in a diversified product base and offer customized mortgage solutions for
individual consumers. We do not engage in the products, practices or processes that leave consumers
with the wrong product or financial solution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Now a few words about the results of our collective efforts for 2008. Although our total assets
decreased, we did have a considerable amount of activity. We originated $34&nbsp;million in new
commercial, commercial real estate and multi-family mortgage loans during the year, and net growth
in these loan types was approximately $8&nbsp;million due to payoffs. Deposits increased 7% and included
nearly 20% growth in noninterest bearing deposits. Total shareholders&#146; equity increased
approximately 21% during the year primarily due to $7.2&nbsp;million in TARP funds received on December
5, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company was profitable in 2008. Net interest income grew 13%, or nearly $1&nbsp;million, as a result
of a 5% increase to our net interest margin. We increased our provision for loan losses to reflect
current economic conditions, the net charges-offs we incurred in the consumer loan portfolio, and
what we believe to be the most realistic reflection of our credit quality. Our noninterest income
increased over 30% and our noninterest expense decreased 3% for 2008. Our efficiency ratio improved
as a result of increasing the top line while managing expenses. We will continue to focus on those
expenses we can control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In summary, despite the near collapse of our financial system, the historic downturn in the
economy, the significant decline in interest rates and the nebulous regulatory system, I remain
optimistic that we will continue our growth with the many banking opportunities available in the
communities we serve. Our goal of creating value for our shareholders, our customers and our
Company provides a singular mission on which we remain focused.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We look forward to the coming year and the opportunity to serve and to grow profitably.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311102.gif" alt="-s- Mark S. Allio">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 1pt">Mark S. Allio<BR>
Chairman, President and CEO
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311101.gif" alt="(CENTRAL FEDERAL CORPORATION LOGO)">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 3</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><Font style="white-space: nowrap"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</B></font>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SELECTED FINANCIAL AND OTHER DATA</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The information in the following tables should be read in conjunction with our consolidated
financial statements, the related notes and Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations contained in this report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SELECTED FINANCIAL CONDITION DATA:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">AT DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">279,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">236,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">173,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">171,005</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,675</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,326</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,419</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,888</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans, net <SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,695</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,026</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108,149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">978</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonperforming assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreclosed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,749</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,588</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,624</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,249</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,081</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,507</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SUMMARY OF OPERATIONS:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">FOR THE YEAR ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,968</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">646</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net interest income after provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,349</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noninterest income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net gain (loss)&nbsp;on sale of securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">828</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total noninterest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">823</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">537</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impairment loss on goodwill and intangibles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noninterest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,849</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,667</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,534</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(377</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(872</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,290</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,662</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net income (loss)&nbsp;available to common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,290</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1,662</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(See footnotes on next page.)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 4</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>|</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>SELECTED FINANCIAL RATIOS AND OTHER DATA:</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="18" style="border-bottom: 1px solid #000000">AT OR FOR THE YEAR ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2004</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Performance Ratios: </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2) (10)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on average assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.26</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.01</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.02</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2.02</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.23</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Return on average equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.68</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.06</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(.12</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17.71</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8.60</TD>
    <TD nowrap>%)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average yield on interest-earning assets <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.03</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average rate paid on interest-bearing liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.93</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average interest rate spread <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.84</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.12</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest margin, fully taxable equivalent <SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.39</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.27</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-earning assets to interest-bearing liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">110.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">111.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">115.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">109.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">109.82</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Efficiency ratio <SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">80.75</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">94.57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">90.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">151.30</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">139.96</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noninterest expense to average assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.08</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.43</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.74</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common stock dividend payout ratio</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">117.65</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/m</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/m</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/m</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/m</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital Ratios: </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity to total assets at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.91</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.79</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.29</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.41</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average equity to average assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.72</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.81</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">13.89</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.43</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">14.26</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangible capital ratio <SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Core capital ratio <SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.80</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-based capital ratio <SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.20</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Asset Quality Ratios: </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonperforming loans to total loans <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.26</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonperforming assets to total assets <SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.87</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.46</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.24</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to total loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.32</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Allowance for loan losses to nonperforming loans <SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">129.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">550.00</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">710.10</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">186.88</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">341.96</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net charge-offs (recoveries)&nbsp;to average loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.02</TD>
    <TD nowrap>%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Per Share Data:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic earnings (loss)&nbsp;per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(1.49</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.82</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings (loss)&nbsp;per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1.49</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(0.82</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends declared per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangible book value per common share at end of period</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.99</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Loans, net represents gross loans receivable net of the allowance for loan losses, loans in
process and deferred loan origination fees.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Asset quality ratios and capital ratios are end-of-period ratios. All other ratios are based
on average monthly balances during the indicated periods. </I></TD>
</TR>
<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Calculations of yield are presented
on a taxable equivalent basis using the federal income tax rate of 34%.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(4)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>The average interest rate spread represents the difference between the weighted average yield
on average interest-earning assets and the weighted average cost of average interest-bearing
liabilities.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(5)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>The net interest margin represents net interest income as a percent of average interest-earning
assets.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(6)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>The efficiency ratio equals noninterest expense divided by net interest income plus noninterest
income (excluding gains or losses on securities transactions).</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(7)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Nonperforming loans consist of nonaccrual loans and other loans 90&nbsp;days or more past due.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(8)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Nonperforming assets consist of nonperforming loans, other
repossessed assets and REO.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(9)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Regulatory capital ratios of CFBank.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(10)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Performance ratios for the year ended December&nbsp;31, 2005 were significantly affected by the
pre-tax $2.0&nbsp;million impairment loss on goodwill and intangibles.</I></TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Following are affected performance ratios for 2005 excluding this charge:</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Return on average assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><I>(0.86</I></TD>
    <TD nowrap><I>%)</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Return on average equity</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><I>(7.27</I></TD>
    <TD nowrap><I>%)</I></TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Efficiency ratio</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><I>117.60</I></TD>
    <TD nowrap><I>%</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Ratio of noninterest expense to average assets</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><I>4.20</I></TD>
    <TD nowrap><I>%</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><I>Reconciliation of GAAP net loss to loss excluding the impairment loss on goodwill and intangibles:</I>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>GAAP net loss</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><I>$</I></TD>
    <TD align="right"><I>(3,290</I></TD>
    <TD nowrap><I>)</I></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Impairment loss on goodwill and intangibles, net of tax</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><I>1,893</I></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Loss excluding impairment loss on goodwill and intangibles</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><I>$</I></TD>
    <TD align="right"><I>(1,397</I></TD>
    <TD nowrap><I>)</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>Diluted loss per common share</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><I>$</I></TD>
    <TD align="right"><I>(0.63</I></TD>
    <TD nowrap><I>)</I></TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>|</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 5</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>FORWARD-LOOKING STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Statements in this Annual Report that are not statements of historical fact are forward-looking
statements. Forward-looking statements include, but are not limited to: (1)&nbsp;projections of
revenues, income or loss, earnings or loss per common share, capital structure and other financial
items; (2)&nbsp;plans and objectives of the Company or its management or Board of Directors; (3)
statements regarding future events, actions or economic performance; and (4)&nbsp;statements of
assumptions underlying such statements. Words such as &#147;estimate,&#148; &#147;strategy,&#148; &#147;may,&#148; &#147;believe,&#148;
&#147;anticipate,&#148; &#147;expect,&#148; &#147;predict,&#148; &#147;will,&#148; &#147;intend,&#148; &#147;plan,&#148; &#147;targeted,&#148; and the negative of these
terms, or similar expressions, are intended to identify forward-looking statements, but are not the
exclusive means of identifying such statements. Various risks and uncertainties may cause actual
results to differ materially from those indicated by our forward-looking statements. The following
factors could cause such differences:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in general economic conditions and economic conditions in the markets we serve, any
of which may affect, among other things, our level of nonperforming assets, charge-offs, and
provision for loan loss expense;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in interest rates that may reduce net interest margin and impact funding sources;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in market rates and prices, including real estate values, which may adversely
impact the value of financial products including securities, loans and deposits;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in tax laws, rules and regulations;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>various monetary and fiscal policies and regulations, including those determined by the
Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC)&nbsp;and the Office of
Thrift Supervision (OTS);</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>competition with other local and regional commercial banks, savings banks, credit unions
and other non-bank financial institutions; </TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our ability to grow our core businesses;</TD>
</TR>

</TABLE>
</DIV>


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>technological factors which may affect our operations, pricing, products and services;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>unanticipated litigation, claims or assessments; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>management&#146;s ability to manage these and other risks.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Forward-looking statements are not guarantees of performance or results. A forward-looking
statement may include a statement of the assumptions or bases underlying the forward-looking
statement. The Company believes it has chosen these assumptions or bases in good faith and that
they are reasonable. We caution you however, that assumptions or bases almost always vary from
actual results, and the differences between assumptions or bases and actual results can be
material. The forward-looking statements included in this report speak only as of the date of the
report. We undertake no obligation to publicly release revisions to any forward-looking statements
to reflect events or circumstances after the date of such statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Other risks are detailed in our filings with the Securities and Exchange Commission, including our
Form 10-K filed for 2008, all of which are difficult to predict and many of which are beyond our
control.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>GENERAL</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Central Federal Corporation (the Company) is a savings and loan holding company incorporated in
Delaware in 1998. Substantially all of our business is the operation of our principal subsidiary,
CFBank, a federally chartered savings association formed in Ohio in 1892.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank is a community-oriented financial institution offering a variety of financial services to
meet the needs of the communities we serve. Our business model emphasizes personalized service,
clients&#146; access to decision makers, solution-driven lending and quick execution, efficient use of
technology and the convenience of remote deposit, telephone banking, corporate cash management and
online internet banking. We attract deposits from the general public and use the deposits, together
with borrowings and other funds, primarily to originate commercial and commercial real estate
loans, single-family and multi-family residential mortgage loans and home equity lines of credit.
The majority of our customers are consumers and small businesses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our principal market area for loans and deposits includes the following Ohio counties: Summit
County through our office in Fairlawn, Ohio; Franklin County through our office in Worthington,
Ohio; and Columbiana County through our offices in Calcutta and Wellsville, Ohio.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We originate commercial and residential real estate loans and business loans primarily throughout
Ohio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Our net income is dependent primarily on net interest income, which is the difference between the
interest income earned on loans and securities and the cost of funds, consisting of interest paid
on deposits and borrowed funds. Net interest income is affected by regulatory, economic and
competitive factors that influence interest rates, loan demand and deposit flows. Net income is
also affected by, among other things, loan fee income, provisions for loan losses, service charges,
gains on loan sales, operating expenses, and franchise and income taxes. Operating expenses
principally consist of employee compensation and benefits, occupancy, and other general and
administrative expenses. In general, results of operations are significantly affected by general
economic and competitive conditions, particularly changes in market interest rates, government
policies, and actions of regulatory authorities. Future changes in applicable laws, regulations or
government policies may also materially impact our performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 6</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>GENERAL (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As a result of the current economic recession, which has included failures of financial
institutions, investments in banks and other companies by the United States government, and
government-sponsored economic stimulus packages, one area of public and political focus is how and
the extent to which financial institutions are regulated by the government. The current regulatory
environment may result in new or revised regulations that could have a material adverse impact on
our performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The capital, credit and financial markets have experienced significant volatility and disruption
for more than a year. These conditions have had significant adverse effects on our national and
local economies, including declining real estate values; a widespread tightening in the
availability of credit; illiquidity in certain securities markets; increasing loan delinquencies,
foreclosures, personal and business bankruptcies and unemployment rates; declining consumer
confidence and spending; significant write-downs of asset values by financial institutions and
government-sponsored agencies; and a reduction of manufacturing and service business activity and
international trade. These conditions have also adversely affected the stock market generally, and
have contributed to significant declines in the trading prices of financial institution stocks. We
do not expect these difficult market conditions to improve over the short term, and a continuation
or worsening of these conditions could increase their adverse effects. Adverse effects of these
conditions could include increases in loan delinquencies and charge-offs; increases in our loan
loss reserves based on general economic factors; increases to our specific loan loss reserves due
to the impact of these conditions on specific borrowers or the collateral for their loans; declines
in the value of our securities portfolio; increases in our cost of funds due to continued
aggressive deposit pricing by local and national competitors with liquidity needs; attrition of our
core deposits due to this aggressive deposit pricing and/or consumer concerns about the safety of
their deposits; increases in regulatory and compliance costs; and declines in the trading price of
our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The U.S. Congress enacted the Emergency Economic Stabilization Act of 2008 in response to the
impact of the volatility and disruption in the credit and capital markets on the financial sector.
The U.S. Treasury Department and federal banking regulators are implementing a number of programs
under this legislation that are intended to address these conditions and the asset quality, capital
and liquidity issues they have caused for certain financial institutions and to improve the general
availability of credit for consumers and businesses. In addition, the U.S. Congress recently
enacted the American Recovery and Reinvestment Act of 2009 in an effort to save and create jobs,
stimulate the U.S. economy and promote long-term growth and stability. There can be no assurance
that these acts or the programs that are implemented under them will achieve their intended
purposes. If they fail to achieve some or all of those purposes it could result in a continuation
or worsening of current economic and market conditions, which could adversely affect our
performance and/or the trading price of our common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Homeowner Affordability and Stability Plan, announced by President Obama on February&nbsp;18, 2009,
includes refinance options for homeowners to help them avoid foreclosure and loan modification
options for borrowers to make mortgage payments more affordable. The Company is currently
evaluating the impact of this Plan on CFBank&#146;s current mortgage portfolio loans and loans serviced
for Freddie Mac.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We own stock in the Federal Home Loan Bank (FHLB)&nbsp;of Cincinnati to qualify for membership in the
FHLB System and to be eligible to borrow funds under FHLB of Cincinnati advance programs. The
aggregate cost of our investment in FHLB stock at December&nbsp;31, 2008 totaled $2.1&nbsp;million based on
its par value. There is no market for our FHLB stock other than redemption with the FHLB of
Cincinnati and there are restrictions on its transferability. Recent published reports indicate
that asset quality risks and the application of certain accounting rules may negatively affect the
capital levels of certain members of the FHLB System. If events occur that cause substantial doubt
about the ultimate recoverability of our investment in FHLB stock, we could incur an impairment
loss that would cause our earnings and shareholders&#146; equity to be reduced by the after-tax amount
of the impairment charge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;27, 2009, the FDIC proposed an interim rule imposing a 20 basis points (bp)&nbsp;emergency
special assessment on insured institutions on June&nbsp;30, 2009, to be collected on September&nbsp;30, 2009.
The interim rule also permits an additional emergency special assessment of not more than 10 bp to
be assessed after June&nbsp;30, 2009. Based on CFBank&#146;s deposit balances at December&nbsp;31, 2008, the 20 bp
special assessment to CFBank would amount to approximately $415,000, but the actual amount will
depend on the level of deposit balances at June&nbsp;30, 2009, the date of the assessment, and the
amount of the assessment in the final rule when it is adopted by the FDIC. The FDIC also issued a
final rule regarding the restoration plan for the Deposit Insurance Fund, assessing banks in the
best risk category a base assessment of from 12 bp to 16 bp on an annual basis, beginning April&nbsp;1,
2009. Information on the exact risk classification and assessment level that will be applicable to
CFBank is not available at this time, but FDIC premiums payable by CFBank will increase when the
final rule is implemented beginning April&nbsp;1, 2009. The increased premiums and special assessment
will have an adverse effect on the operating expenses and results of operations of CFBank and the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Other than discussed above and noted in the following narrative, we are not aware of any market or
institutional trends, other events, or uncertainties that are expected to have a material effect on
liquidity, capital resources or operations. We are not aware of any current recommendations by
regulators which would have a material effect if implemented, except as described above and in the
<I>&#147;Shareholders&#146; equity&#148; </I>section of this Annual Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management&#146;s discussion and analysis represents a review of our consolidated financial condition
and results of operations. This review should be read in conjunction with our consolidated
financial statements and related notes.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>|</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 7</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>FINANCIAL CONDITION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>General. </I></B>Assets totaled $277.8&nbsp;million at December&nbsp;31, 2008 and decreased $1.8&nbsp;million, or .6%,
from $279.6&nbsp;million at December&nbsp;31, 2007. The decrease was due to the use of cash flows from the
securities portfolio, which were not needed for loan growth, to repay borrowings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ASSET GROWTH</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311103.gif" alt="(BAR CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Loans. </I></B>Net loans totaled $233.9&nbsp;million at December&nbsp;31, 2008 and increased $3.4&nbsp;million, or 1.5%,
from $230.5&nbsp;million at December&nbsp;31, 2007. Commercial, commercial real estate and multi-family loans
totaled $182.1&nbsp;million at December&nbsp;31, 2008 and increased $7.9&nbsp;million, or 4.5%, from $174.2
million at December&nbsp;31, 2007. The increase in commercial, commercial real estate, and multi-family
loans was consistent with management&#146;s focus on growth in these types of loans. Originations of
commercial, commercial real estate and multi-family loans totaled $33.9&nbsp;million in 2008. Mortgage
loans totaled $28.9&nbsp;million at December&nbsp;31, 2008 and decreased $2.2&nbsp;million, or 7.1%, from $31.1
million at December&nbsp;31, 2007. The decrease in mortgage loans was due to principal repayments, a
decline in new loans originated for portfolio, and the sale of substantially all fixed-rate
single-family mortgage loan originations. See the discussion in the &#147;Quantitative and Qualitative
Disclosures about Market Risk&#148; section of this Annual Report. Consumer loans totaled $26.4&nbsp;million
at December&nbsp;31, 2008 and decreased $1.8&nbsp;million, or 6.4%, from $28.2&nbsp;million at December&nbsp;31, 2007.
The decrease was due to repayments of auto loans, partially offset by growth in home equity lines
of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>LOAN PORTFOLIO COMPOSITION</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311104.gif" alt="(PIE CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Securities available for sale. </I></B>Securities available for sale totaled $23.6&nbsp;million at December&nbsp;31,
2008 and decreased $4.8&nbsp;million, or 17.1%, from $28.4&nbsp;million at December&nbsp;31, 2007. The decline was
due to the use of proceeds from security sales, maturities and prepayments to repay borrowings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Premises and equipment. </I></B>Premises and equipment totaled $5.2&nbsp;million at December&nbsp;31, 2008 and
decreased $471,000 from $5.7&nbsp;million at December&nbsp;31, 2007. The decrease was due to current year
depreciation in excess of additions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Deposits. </I></B>Deposits totaled $207.6&nbsp;million at December&nbsp;31, 2008 and increased $13.3&nbsp;million, or
6.9%, from $194.3&nbsp;million at December&nbsp;31, 2007. The increase was due to a $17.1&nbsp;million increase in
certificate of deposit account balances and a $2.4&nbsp;million increase in noninterest bearing checking
account balances. Money market account and interest bearing checking account balances decreased
$3.4&nbsp;million and $3.0&nbsp;million, respectively, during 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>DEPOSIT GROWTH</B>
</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311105.gif" alt="(BAR CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank is a participant in the Certificate of Deposit Account Registry Service<SUP style="font-size: 85%; vertical-align: text-top"><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </SUP>(CDARS),
a network of banks that allows us to provide our customers with FDIC insurance coverage on
certificate of deposit balances up to $50&nbsp;million. Customer balances in the CDARS program increased
$28.6&nbsp;million, and totaled $43.4&nbsp;million at December&nbsp;31, 2008. Growth in CDARS account balances was
a result of customers seeking the safety of FDIC insurance in response to market uncertainty. CDARS
balances are considered brokered deposits by regulations. We expect to continue to use the CDARS
program as a source of funding depending on market conditions, demand by our customers, pricing and
liquidity considerations. Not considering CDARS deposits, brokered deposits totaled $23.8&nbsp;million
at December&nbsp;31, 2008 and decreased $13.6&nbsp;million, or 36.4%, from $37.4&nbsp;million at December&nbsp;31,
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank is a participant in the FDIC&#146;s Transaction Account Guarantee Program. Under that program,
through December&nbsp;31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the
FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program
is in addition to, and separate from, the coverage available under the FDIC&#146;s general deposit
insurance rules.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 8</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>FINANCIAL CONDITION (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>FHLB advances. </I></B>Advances from the FHLB totaled $29.1&nbsp;million at December&nbsp;31, 2008 and decreased
$20.4&nbsp;million, or 41.2%, from $49.5&nbsp;million at December&nbsp;31, 2007. Advances were repaid with funds
from the increase in deposits and cash flows from the securities portfolio.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Subordinated debentures. </I></B>Subordinated debentures totaled $5.2&nbsp;million at year-end 2008 and 2007.
These debentures were issued in 2003 in exchange for the proceeds of a $5.0&nbsp;million trust
preferred securities offering issued by a trust formed by the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Shareholders&#146; equity. </I></B>Shareholders&#146; equity totaled $33.1&nbsp;million at December&nbsp;31, 2008 and
increased $5.7&nbsp;million, or 20.8%, compared to $27.4&nbsp;million at December&nbsp;31, 2007. The increase was
due to the issuance of $7.2&nbsp;million of preferred stock to the U.S. Treasury Department under the
Capital Purchase Program and current year net income, partially offset by the repurchase of
365,000 shares of the Company&#146;s common stock, which totaled $1.6&nbsp;million, and cash dividends paid
to common shareholders, which totaled $843,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The preferred stock, issued on December&nbsp;5, 2008, initially pays cumulative dividends of 5%, which
increases to 9% after February&nbsp;14, 2013. In conjunction with the issuance of the preferred stock,
the Company also issued the U.S. Treasury Department a warrant to purchase 336,568 shares of
Company common stock at a per share exercise price of $3.22, which would represent an aggregate
investment, if exercised for cash, of approximately $1.1&nbsp;million in Company common stock. The
exercise price may be paid either by withholding a number of shares of common stock issuable upon
exercise of the warrant equal to the value of the aggregate exercise price of the warrant,
determined by reference to the market price of our common stock on the trading day on which the
warrant is exercised or, if agreed to by us and the warrant holder, by the payment of cash equal
to the aggregate exercise price. The Company&#146;s participation in this program was subject to
certain terms and conditions, including limits on the payment of dividends on the Company&#146;s common
stock to a quarterly cash dividend of $0.05 per share, limits on the Company&#146;s ability to
repurchase its common stock, and subjects the Company to certain of the executive compensation
limitations included in the Emergency Economic Stabilization Act of 2008. Refer to Form 8-K filed
on December&nbsp;5, 2008, and the documents incorporated therein by reference, for a complete
description of the terms and conditions of the Company&#146;s participation in the Capital Purchase
Program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The $7.2&nbsp;million in proceeds from the sale of the preferred stock are currently held in short-term
investments pending approval from regulators to contribute it as additional capital to CFBank, and
pending the Company&#146;s review of The American Recovery and Reinvestment Act of 2009. The Company
will be analyzing the provisions of the new statute and considering whether to continue its
participation in the Capital Purchase Program in light of the additional restrictions imposed
under the new legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">OTS regulations require savings institutions to maintain certain minimum levels of regulatory
capital. Additionally, the regulations establish a framework for the classification of savings
institutions into five categories: well-capitalized, adequately capitalized, undercapitalized,
significantly undercapitalized and critically undercapitalized. Generally, an institution is
considered well-capitalized if it has a core (Tier 1) capital ratio of at least 5.0% (based on
adjusted total assets); a core (Tier 1) risk-based capital ratio of a least 6.0%; and a total
risk-based capital ratio of at least 10.0%. CFBank had capital ratios above the well-capitalized
levels at year-end 2008 and 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CFBANK CAPITAL RATIOS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>Well-capitalized</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311106.gif" alt="(LINE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The current economic environment has resulted in discussion by regulators and others about a
possible need for higher capital requirements for financial institutions, including CFBank. No
final regulations have been issued in this regard, however, an increase in regulatory capital
requirements could have a material impact on the Company and CFBank.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 9</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>COMPARISON OF RESULTS OF OPERATIONS FOR 2008 AND 2007</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>General. </I></B>Net income totaled $723,000, or $.17 per diluted common share, and increased $740,000 for
the year ended December&nbsp;31, 2008 compared to a net loss of $17,000, or $.00 per diluted common
share, for 2007. The net loss for 2007 was primarily due to a $511,000, or $.11 per diluted common
share, after-tax cost of an arbitration loss and lease termination expense. Additional information
on the arbitration loss is included in Note 23 to our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Net interest income. </I></B>Net interest income is a significant component of net income, and consists of
the difference between interest income generated on interest-earning assets and interest expense
incurred on interest-bearing liabilities. Net interest income is primarily affected by the
volumes, interest rates and composition of interest-earning assets and interest-bearing
liabilities. The tables titled &#147;Average Balances, Interest Rates and Yields&#148; and &#147;Rate/Volume
Analysis of Net Interest Income&#148; provide important information on factors impacting net interest
income and should be read in conjunction with this discussion of net interest income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net interest margin increased to 3.35% during 2008, compared to 3.19% during 2007. The margin was
positively impacted by reductions in the Federal Funds rate, the prime rate and other market
interest rates, beginning in September&nbsp;2007 and continuing through December&nbsp;2008, which resulted
in larger decreases in funding costs than in asset yields. Due to the current historic low level
of market interest rates, management has extended the terms of some liabilities to fix their cost
at the current low rates and to protect net interest margin should interest rates rise. However,
future downward pressure on margins could occur should the expected downward repricing on existing
interest-earning assets be greater than the decrease in funding costs of interest-bearing
liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net interest income increased $974,000, or 12.6%, to $8.7&nbsp;million in 2008, compared to $7.7
million in 2007. The increase was due to a 19.0% decrease in interest expense offset by a 5.1%
decrease in interest income. The average cost of interest-bearing liabilities decreased to 3.38%
in 2008, from 4.50% in 2007, due to lower short-term interest rates in 2008. The decrease in
expense caused by the lower cost was partially offset by a $17.0&nbsp;million increase in the average
balance of interest&#150;bearing liabilities in 2008 due to deposit growth. Interest income decreased
5.1% primarily due to a decline in the average yield on interest earning assets to 6.41% in 2008,
from 7.23% in 2007. The decrease in income caused by the lower yield was partially offset by a
$17.6&nbsp;million increase in average interest-earning assets in 2008 due to growth in loan balances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NET INTEREST INCOME</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311107.gif" alt="(BAR CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest income decreased $886,000, or 5.1%, to $16.6&nbsp;million in 2008, compared to $17.5&nbsp;million in
2007. The decrease was due to lower income on loans and securities. Interest income on loans
decreased $654,000, or 4.1%, to $15.2&nbsp;million in 2008, compared to $15.8&nbsp;million in 2007, due to
lower yields on loans partially offset by an increase in average loan balances. The average yield
on loans decreased 98 bp to 6.56% in 2008, compared to 7.54% in 2007, due to lower market rates on
new originations and downward repricing on variable-rate loans. Average loan balances increased
$21.3&nbsp;million, or 10.2%, and totaled $231.5&nbsp;million in 2008, compared to $210.2&nbsp;million in 2007,
due to growth in commercial, commercial real estate and multi-family mortgage loans. Interest
income on securities decreased $191,000, or 12.6%, and totaled $1.3&nbsp;million in 2008, compared to
$1.5&nbsp;million in 2007, due to a decrease in the average balance of securities partially offset by an
increase in the yield on securities. The average balance of securities decreased $3.9&nbsp;million and
totaled $26.0&nbsp;million in 2008, compared to $29.9&nbsp;million in 2007, due to sales, maturities and
prepayments. The average yield on securities increased 11 bp to 5.20% in 2008, compared to 5.09% in
2007, due to prepayments on mortgage-backed securities owned at a discount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest expense decreased $1.9&nbsp;million, or 19.0%, to $7.9&nbsp;million in 2008, compared to $9.8
million in 2007. The decrease was due to a decline in the cost of both deposits and borrowings,
partially offset by an increase in average deposit balances. Interest expense on deposits decreased
$1.0&nbsp;million, or 14.0%, to $6.2&nbsp;million in 2008, compared to $7.2&nbsp;million in 2007, due to a
decrease in the cost of deposits, partially offset by an increase in average deposit balances. The
average cost of deposits decreased 103 bp, to 3.31% in 2008, compared to 4.34% in 2007, due to a
decline in short-term market interest rates during 2008. Average deposit balances increased $21.3
million, or 12.8%, to $187.5&nbsp;million in 2008, compared to $166.2&nbsp;million in 2007, due to growth in
certificate of deposit accounts. Interest expense on FHLB advances and other borrowings, including
subordinated debentures, decreased $852,000, or 33.1%, to $1.7&nbsp;million in 2008, compared to
$2.6&nbsp;million in 2007, due to a decrease in both the cost and average balance of borrowings. The
average cost of FHLB advances and other borrowings decreased 135 bp, to 3.67% in 2008, compared to
5.02% in 2007, due to lower short-term interest rates during 2008. The average balance of FHLB
advances and other borrowings decreased $4.3&nbsp;million, to $47.0&nbsp;million in 2008, compared to $51.3
million in 2007, due to the repayment of FHLB advances with funds from the increase in deposits
and cash flows from the securities portfolio.


</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 10 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>COMPARISON OF RESULTS OF OPERATIONS FOR 2008 AND 2007 (CONTINUED)</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Provision for loan losses. </I></B>CFBank continues to provide reserves for loan losses based on
management&#146;s estimate of probable incurred credit losses in the loan portfolio and the resultant
allowance for loan losses required. Management&#146;s estimate is based on a review of the loan
portfolio, including the nature and volume of the loan portfolio and segments of the portfolio;
industry and loan concentrations; historical loss experience; delinquency statistics and the level
of nonperforming loans; specific problem loans; the ability of borrowers to meet loan terms; an
evaluation of collateral securing loans and the market for various types of collateral; various
collection strategies; current economic conditions and trends; and other factors. Management also
uses an outside party to conduct an annual independent review of commercial, commercial real
estate and multi-family loans. Based on this review, the provision totaled $917,000 in 2008,
compared to $539,000 in 2007. The increase in 2008 was primarily due to an increase in
nonperforming loans and net loan charge-offs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Nonperforming loans, which are nonaccrual loans and loans past due 90&nbsp;days still accruing
interest, increased $1.9&nbsp;million and totaled $2.4&nbsp;million, or 1.02% of total loans, at December
31, 2008, compared to $488,000, or 0.21% of total loans, at December&nbsp;31, 2007. The increase in
nonperforming loans included: one commercial loan, totaling $646,000, and three multi-family loans
to one borrower, totaling $1.3&nbsp;million, which were past due and on nonaccrual status at December
31, 2008; and one commercial real estate loan totaling $347,000, which was 90&nbsp;days past maturity
and still accruing interest at December&nbsp;31, 2008, as the borrower continues to make monthly
payments on the loan. The amount of the allowance for loan losses specifically allocated to
nonperforming loans totaled $514,000 at December&nbsp;31, 2008. Management believes the remaining
nonperforming loan balances are adequately secured by the underlying collateral at this time,
however future additions may be necessary should economic conditions continue to worsen and real
estate values continue to decline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net charge-offs totaled $481,000, or 0.21% of average loans, in 2008, compared to net recoveries
of $36,000, or 0.02% of average loans, in 2007. Net charge-offs in 2008 related to home equity
lines of credit, single-family mortgages and auto loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Home equity lines of credit include both purchased loans and loans we originated for portfolio. In
2005 and 2006, we purchased home equity lines of credit collateralized by properties located throughout the
United States, including geographic areas that have experienced significant declines in housing
values, such as California, Virginia and Florida. The outstanding balance of the purchased home
equity lines of credit was $5.5&nbsp;million at December&nbsp;31, 2008, and $3.5&nbsp;million, or 64%, of the
balances are collateralized by properties in these states. The collateral values associated with
loans in these states have declined from 10% to 25% since these loans were originated in 2005 and
2006. As a result, balances on those loans exceeded collateral values by $938,000 at year-end
2008. None of the loans where loan balances exceeded collateral values were delinquent at December
31, 2008. We have experienced increased write-offs in the purchased portfolio as the state of the
housing market and general economy has worsened and in 2008, three loans, totaling $360,000, were
written off. We continue to monitor collateral values and borrower FICO scores and, when the
situation warrants, have frozen the lines of credit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management&#146;s loan review, assignment of risk ratings and classification of assets, includes the
identification of significant problem loans where accrual of interest continues because the loans
are under 90&nbsp;days delinquent and/or the loans are well secured, a complete documentation review
had been performed, and the loans are in the active process of being collected, but the loans
exhibit some type of weakness that could lead to nonaccrual status in the future. An asset that
is inadequately protected by the current net worth and paying capacity of the obligor or of the
collateral pledged, if any, is considered substandard. Substandard assets include those
characterized by the distinct possibility that some loss will be sustained if the deficiencies are
not corrected. At December&nbsp;31, 2008, in addition to the nonperforming loans discussed previously,
seven commercial loans and one commercial real estate loan, totaling $2.6&nbsp;million and $530,000,
respectively, were classified as substandard. At December&nbsp;31, 2007, four commercial loans and one
multi-family loan, totaling $2.1&nbsp;million and $1.3&nbsp;million, respectively, were classified as
substandard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We believe the allowance for loan losses is adequate to absorb probable incurred credit losses in
the loan portfolio at December&nbsp;31, 2008; however, future additions to the allowance may be
necessary based on factors such as deterioration in client business performance, slowing economic
conditions, and declines in real estate values. Management continues to diligently monitor credit
quality in the existing portfolio and analyze potential loan opportunities carefully in order to
manage credit risk. The Company could experience an increase in loan losses should the economic
conditions and factors which affect credit quality continue to worsen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The ratio of the allowance for loan losses to total loans was 1.32% at December&nbsp;31, 2008, compared
to 1.15% at December&nbsp;31, 2007.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 11</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>COMPARISON OF RESULTS OF OPERATIONS FOR 2008 AND 2007 (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>ALLOWANCE FOR LOAN LOSSES</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311108.gif" alt="(BAR CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Noninterest income. </I></B>Noninterest income totaled $948,000 and increased $220,000 in 2008, compared
to $728,000 in 2007. The increase was primarily due to a $257,000 increase in service charges on
deposit accounts for a third party payment processor. These accounts were active only during the
fourth quarter of 2008. Because the accounts are no longer active, the increased income associated
with these service charges will not continue. CFBank is currently investigating unusual return item
activity with regard to the accounts. No losses have been incurred to date, but the investigation
is on-going and the Company cannot at this time estimate whether any amounts may be at risk with
regard to the accounts. Noninterest income also included $54,000 in net gains on sales of
securities in 2008, and $74,000 lower net gains on sales of loans due to fewer mortgage loan
originations in the current year. Mortgage loans originated for sale totaled $27.0&nbsp;million in 2008,
compared to $37.3&nbsp;million in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Noninterest expense. </I></B>Noninterest expense decreased $248,000, or 3.1%, and totaled $7.7&nbsp;million in
2008, compared to $8.0&nbsp;million in 2007. The decrease in noninterest expense in 2008 was due to a
$543,000 decrease in salaries and employee benefits and $49,000 decrease in occupancy and equipment
expense. The decrease in these expense categories in 2008 was partially due to the fact that that
in 2007 they included $741,000 of the arbitration loss and lease termination expense. Salaries and
employee benefits in 2008 included approximately $98,000 additional expense related to the addition
of five mortgage originators and one mortgage management staff position. Occupancy and equipment
expense in 2008 included a $67,000 increase in real estate tax expense related to our Worthington
office and a $23,000 increase in rent expense primarily related to additional space in the Fairlawn
office, offset by a $61,000 decline in rent expense associated with the former mortgage location.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Advertising and promotion expenses decreased $158,000 due to management&#146;s decision to reduce these
activities in 2008. Data processing expenses increased $130,000 in 2008 and included costs
associated with increased check clearing activity related to the third party payment processor,
refer to the <I>&#147;Noninterest income&#148; </I>section of this Annual Report. Professional fees increased
$200,000 in 2008 due to legal fees associated with nonperforming loans and costs related to
selection of a new core processing system, which is tentatively planned for implementation in 2009
to improve operational efficiency and support the requirements of our business banking strategy.
Gains on sales of foreclosed assets, included in foreclosed assets, net, decreased $27,000 in 2008.
Depreciation increased $64,000 in 2008 due to expense related with the Worthington office building.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">FDIC insurance premiums, included in other noninterest expense, increased $65,000 and totaled
$86,000 in 2008, compared to $21,000 in 2007. FDIC premiums were reduced by a $103,000 one-time
assessment credit issued by the FDIC under the Federal Insurance Reform Act of 2005, which offset
$74,000 in premiums in 2007 and $29,000 in premiums in 2008, at which time it was fully utilized.
FDIC insurance premiums are also expected to increase in 2009 as a result of the FDIC&#146;s proposed
emergency special assessment, the FDIC&#146;s final rule implementing a revised risk-based assessment
system effective April&nbsp;1, 2009, and <Font style="white-space: nowrap">CFBank&#146;s</font> participation in the Transaction Account Guarantee
Program and Temporary Liquidity Guarantee Program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The ratio of noninterest expense to average assets improved to 2.79% in 2008, from 3.08% in 2007.
The efficiency ratio improved to 80.75% in 2008, compared to 94.57% in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NONINTEREST EXPENSE / AVERAGE ASSETS</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311109.gif" alt="(LINE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Income taxes. </I></B>Income taxes totaled $261,000 in 2008, compared to a tax benefit of $63,000
associated with the loss in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 12 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>COMPARISON OF RESULTS OF OPERATIONS FOR 2007 AND 2006</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>General. </I></B>Operations resulted in a net loss of $17,000, or $.00 per diluted common share, in 2007,
compared to a net loss of $37,000, or $.01 per diluted common share, in 2006. The net loss in 2007
was primarily due to the $511,000, or $.11 per diluted common share, after-tax cost of the
arbitration loss and lease termination expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Net interest income. </I></B>Net interest margin decreased to 3.19% during 2007, compared to 3.39% during
2006, as higher short-term market interest rates and a flat to inverted yield curve negatively
impacted the cost of funding. Reductions in the Federal Funds rate and an increase in the slope of
the yield curve positively impacted net interest margin in the fourth quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest income increased $3.8&nbsp;million, or 28.3%, to $17.5&nbsp;million in 2007, compared to $13.7
million in 2006, due to increased income on loans offset by a decline in income on securities and
other interest earning assets. Interest income on loans increased $4.0&nbsp;million, or 34.2%, in 2007
to $15.8&nbsp;million, compared to $11.8&nbsp;million in 2006, due to growth in average loan balances and
higher yields on loans. Average loan balances increased $46.0&nbsp;million, or 28.0%, and totaled $210.2
million in 2007, compared to $164.2&nbsp;million in 2006, due to growth in commercial, commercial real
estate and multi-family mortgage loans. The average yield on loans increased 35 bp to 7.54% in
2007, compared to 7.19% in 2006, due to new loans originated at higher market interest rates.
Interest income on securities decreased $89,000, or 5.5%, and totaled $1.5&nbsp;million in 2007,
compared to $1.6&nbsp;million in 2006, due to a decrease in the average balance and yield on securities.
The average balance of securities decreased $1.1&nbsp;million and totaled $29.9&nbsp;million in 2007,
compared to $31.0&nbsp;million in 2006. The average yield on securities decreased 7 bp to 5.09% in 2007,
compared to 5.16% in 2006. Interest income on other earning assets, which were primarily overnight
cash investments, decreased $64,000 and totaled $18,000 in 2007, compared to $82,000 in 2006. The
decrease was due to a decline in the average balance of these investments offset by an increase in
yield. The average balance of other earning assets decreased $1.3&nbsp;million and totaled $350,000 in
2007, compared to $1.6&nbsp;million in 2006, as excess cash was used to repay overnight borrowings
rather than invest. The yield on other earning assets increased 5bp to 5.14% in 2007, compared to
5.09% in 2006. The average balance of interest-earning assets increased $43.0&nbsp;million and the
average yield of interest-earning assets increased 39 bp during 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest expense increased $2.9&nbsp;million, or 42.2%, to $9.8&nbsp;million in 2007, compared to $6.9
million in 2006, due to an increase in the average balance and cost of both deposits and
borrowings. Interest expense on deposits increased $1.9&nbsp;million, or 36.7%, to $7.2&nbsp;million in 2007,
from $5.3&nbsp;million in 2006, due to increases in both the average balance and cost of deposits.
Average deposit balances increased $27.1&nbsp;million, or 19.6%, to $166.2&nbsp;million in 2007, from $139.1
million in 2006, primarily due to growth in certificate of deposit accounts and money market accounts. The average cost of
deposits increased 54 bp to 4.34% in 2007, from 3.80% in 2006, due to higher competitive market
deposit rates and a flat to inverted yield curve which existed during most of 2007. Interest
expense on FHLB advances and other borrowings, including subordinated debentures, increased
$968,000, or 60.2%, to $2.6&nbsp;million in 2007, from $1.6&nbsp;million in 2006. The increase in interest
expense was due to an increase in both the average balance and cost of borrowings. The average
balance of FHLB advances and other borrowings increased $18.1&nbsp;million to $51.3&nbsp;million in 2007,
from $33.2&nbsp;million in 2006, as FHLB advances were used to fund loan growth. The average cost of
FHLB advances and other borrowings increased 17 bp to 5.02% in 2007, from 4.85% in 2006, due to
higher short-term interest rates, primarily during the first three quarters of 2007, which
negatively affected both the cost of short-term FHLB advances and subordinated debentures. The
average balance of interest-bearing liabilities increased $45.3&nbsp;million and the average cost of
interest-bearing liabilities increased 50 bp in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Provision for loan losses. </I></B>The provision for loan losses is based on management&#146;s regular review of
the loan portfolio, as described in detail previously. Based on this review, the provision totaled
$539,000 in 2007, compared to $820,000 in 2006.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In 2007, the Bank provided a larger loan loss provision on loans with less than satisfactory risk
ratings based on review of current facts and judgment regarding changes in the risk
characterization of these loans. As the portfolio had become more seasoned, significant credit
problems had not appeared in loans with satisfactory risk ratings, which resulted in lower
allocations to the allowance on these loans, and a lower provision for loan losses in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Nonperforming loans totaled $488,000, or 0.21% of total loans, at December&nbsp;31, 2007, compared to
$297,000, or 0.16% of total loans, at December&nbsp;31, 2006. More than 97% of the nonaccrual loan
balances were secured by single-family homes. All but one loan, which totaled $147,000, was located
in our market area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Net recoveries totaled $36,000, or 0.02% of average loans, in 2007, compared to net charge-offs of
$206,000, or 0.13% of average loans, in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2007, four commercial loan relationships and one multi-family mortgage loan
relationship, totaling $2.1&nbsp;million and $1.3&nbsp;million, respectively, were classified as substandard.
At December&nbsp;31, 2006, two commercial loan relationships, which totaled $163,000, were classified as
substandard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The ratio of the allowance for loan losses to total loans was 1.15% at December&nbsp;31, 2007, and 1.13%
at December&nbsp;31, 2006.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 13</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>COMPARISON OF RESULTS OF OPERATIONS FOR 2007 AND 2006 (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Noninterest income. </I></B>Noninterest income totaled $728,000 in 2007, and decreased $95,000, or 11.5%,
from $823,000 in 2006. The decline in noninterest income during 2007 was primarily due to lower
mortgage loan production, which resulted in lower net gains on sales of loans. Mortgage loans
originated for sale totaled $37.3&nbsp;million in 2007, compared to $44.0&nbsp;million in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Noninterest expense. </I></B>Noninterest expense totaled $8.0&nbsp;million in 2007, and included a $774,000
pre-tax arbitration loss and lease termination expense. The $774,000 was comprised of salaries and
employee benefits expense of $641,000 related to the arbitration loss, and occupancy and equipment
expense of $100,000 and other expense of $33,000, both related to the lease termination. The
$33,000 other expense reflected the write-off of leasehold improvements at the previously rented
space.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Noninterest expense for the year ended December&nbsp;31, 2007, not including the arbitration loss and
lease termination expense, totaled $7.2&nbsp;million and increased $374,000, or 5.5%, from 2006. The
increase in noninterest expense in 2007 was due to costs associated with additional operational
resources necessary to further implement our strategic growth plan. Management leveraged growth
during calendar year 2006 and was able to grow assets by 36.4%, or $63.0&nbsp;million, with no increase
in noninterest expense during that year. Additional expenses were incurred during 2007 for the
opening of CFBank&#146;s office in Worthington, Ohio in the summer of 2007, replacing the office at
Easton Town Center in Columbus, Ohio. Ohio franchise tax increased $122,000 in 2007 due to
additional capital from the Company&#146;s 2006 stock offering. Noninterest expenses in 2007 were also
incurred for marketing, advertising and additional human resources necessary to support growth.
The ratio of noninterest expense to average assets improved to 3.08% in 2007, from 3.20% in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Income taxes. </I></B>The income tax benefit in 2007 totaled $63,000 as a result of the operating loss,
and was comparable to the tax benefit in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 14 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>AVERAGE BALANCES, INTEREST RATES AND YIELDS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following table presents, for the periods indicated, the total dollar amount of fully taxable
equivalent interest income from average interest-earning assets and the resultant yields, as well
as the interest expense on average interest-bearing liabilities, expressed in both dollars and
rates.
</DIV>


<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="34" style="border-bottom: 1px solid #000000">FOR THE YEARS ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">AVERAGE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">INTEREST</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">AVERAGE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">AVERAGE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">INTEREST</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">AVERAGE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">AVERAGE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">INTEREST</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">AVERAGE</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">OUTSTANDING</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">EARNED/</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">YIELD/</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">OUTSTANDING</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">EARNED/</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">YIELD/</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">OUTSTANDING</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">EARNED/</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">YIELD/</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">BALANCE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAID</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">BALANCE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAID</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">BALANCE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAID</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATE</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-earning assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities <SUP style="font-size: 85%; vertical-align: text-top">(1) (2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.20</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.09</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">30,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.16</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and loans held for sale <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,169</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.54</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,805</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.19</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.14</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.09</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.18</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.80</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260,067</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.41</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,488</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.23</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,528</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.84</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noninterest-earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">259,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">213,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-bearing liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">187,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.31</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">166,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.34</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">139,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,280</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.80</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB advances and other
borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.67</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.02</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.85</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-bearing liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">234,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.38</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,537</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.50</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,889</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Noninterest-bearing liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,802</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">250,517</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231,534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,059</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,476</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">259,586</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">213,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest-earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,951</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest income/
interest rate spread</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.03</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.73</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.84</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest margin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.39</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average interest-earning assets to
average interest-bearing liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">110.90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">111.47</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">115.83</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Average balance is computed using the carrying value of securities.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>&nbsp;</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Average yield is computed using the historical amortized cost
average balance for available for sale securities.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(2)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Average yields and interest earned are stated on a fully taxable
equivalent basis.</I></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><I>(3)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Balance is net of deferred loan origination fees, undisbursed proceeds of construction loans
and includes nonperforming loans.</I></TD>
</TR>

</TABLE>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 15</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>RATE/VOLUME ANALYSIS OF NET INTEREST INCOME</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following table presents the dollar amount of changes in interest income and interest expense
for major components of interest-earning assets and interest-bearing liabilities. It distinguishes
between the increase and decrease related to changes in balances and/or changes in interest rates.
For each category of interest-earning assets and interest-bearing liabilities, information is
provided on changes attributable to (i)&nbsp;changes in volume (i.e., changes in volume multiplied by
the prior rate) and (ii)&nbsp;changes in rate (i.e., changes in rate multiplied by prior volume). For
purposes of this table, changes attributable to both rate and volume which cannot be segregated
have been allocated proportionately to the change due to volume and the change due to rate.
</DIV>


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10">YEAR ENDED DECEMBER 31, 2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10">YEAR ENDED DECEMBER 31, 2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">COMPARED TO YEAR ENDED DECEMBER 31, 2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">COMPARED TO YEAR ENDED DECEMBER 31, 2006</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">INCREASE (DECREASE) DUE TO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">INCREASE (DECREASE) DUE TO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VOLUME</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">NET</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VOLUME</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">NET</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-earning assets:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(220</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(191</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(64</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(89</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans and loans held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,519</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(654</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,042</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-earning assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,188</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(886</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">595</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,869</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest-bearing liabilities:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,854</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">846</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,008</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB advances and other borrowings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(651</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(201</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">968</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total interest-bearing liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,505</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">645</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">882</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in net interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">317</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">657</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">974</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(287</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">963</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>




<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><I>(1)</I></TD>
    <TD>&nbsp;</TD>
    <TD><I>Securities amounts are presented on a fully taxable equivalent basis.</I></TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 16 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Market risk is the risk of loss from adverse changes in market prices and interest rates. We have
not engaged in and, accordingly, have no risk related to trading accounts, commodities, or foreign
exchange. Our hedging policy allows hedging activities, such as interest rate swaps, up to 10% of
total assets. Disclosures about our hedging activities are set forth in Note 18 to our
consolidated financial statements. The Company&#146;s market risk arises primarily from interest rate
risk inherent in our lending, investing, deposit gathering and borrowing activities. The
measurement of market risk associated with financial instruments is meaningful only when all
related and offsetting on- and off-balance-sheet transactions are aggregated and the resulting net
positions are identified. Disclosures about fair value are set forth in Note 4 to our consolidated
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management actively monitors and manages interest rate risk. The primary objective in managing
interest rate risk is to limit, within established guidelines, the adverse impact of changes in
interest rates on our net interest income and capital. We measure the effect of interest rate
changes on CFBank&#146;s net portfolio value (NPV), which is the difference between the estimated
market value of its assets and liabilities under different interest rate scenarios. Changes in NPV
are measured using instantaneous changes in interest rates, rather than linear changes in rates
over a period of time. At December&nbsp;31, 2008, CFBank&#146;s NPV ratios, using interest rate shocks
ranging from a 300 bp rise in rates to a 100 bp decline in rates are shown in the following table.
All values are within the acceptable range established by CFBank&#146;s Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NET PORTFOLIO VALUE (CFBANK ONLY)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">BASIS POINT CHANGE IN RATES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">NPV RATIO</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:16px; text-indent:-15px">&#043;300
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.04%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&#043;200
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.43%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top">&#043;100
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.72%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:23px; text-indent:-15px">&#043;50</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.78%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:38px; text-indent:-15px">0</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.89%</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:28px; text-indent:-15px">-50</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.89%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD align="center" valign="top"><DIV style="margin-left:23px; text-indent:-15px">-100</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">10.90%</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In evaluating CFBank&#146;s exposure to interest rate risk, certain shortcomings inherent in the method
of analysis presented in the foregoing table must be considered. For example, the table indicates
results based on changes in the level of interest rates, but not changes in the shape of the yield
curve. CFBank also has exposure to changes in the shape of the yield curve. Although certain assets
and liabilities may have similar maturities or periods to which they reprice, they may react in
different degrees to changes in market interest rates. The interest rates on certain types of
assets and liabilities may fluctuate in advance of changes in market interest rates, while interest
rates on other types may lag behind changes in market rates. In the event of a change in interest
rates, prepayments and early withdrawal levels would likely deviate significantly from those
assumed in calculating the table. The ability of many borrowers to service their debt may decrease
when interest rates rise. As a result, the actual effect of changing interest rates may differ
materially from that presented in the foregoing table.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We continue to originate substantially all fixed-rate single-family mortgage loans for sale rather
than retain long-term, low fixed-rate loans in portfolio. We continue to originate commercial,
commercial real estate and multi-family residential mortgage loans for our portfolio, which, in
many cases, have adjustable interest rates. Many of these loans have interest-rate floors, which
protect income to CFBank should rates continue to fall. Due to the current historic low level of
market interest rates in 2008, the terms of some liabilities were extended to fix their cost at
current low levels and to protect net interest margin should interest rates rise. During the
flat/inverted yield curve that existed during 2006 and much of 2007, we maintained a shorter
duration of liabilities and benefited from repricing as interest rates fell, which increased net
interest margin in 2008. In 2006, we issued $9.7&nbsp;million in callable brokered certificates of
deposit, which improved net interest margin when the call options were exercised in 2008 when
short-term interest rates fell.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 17</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>LIQUIDITY AND CAPITAL RESOURCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In general terms, liquidity is a measurement of ability to meet cash needs. The primary objective
in liquidity management is to maintain the ability to meet loan commitments and to repay deposits
and other liabilities in accordance with their terms without an adverse impact on current or future
earnings. Principal sources of funds are deposits; amortization and prepayments of loans;
maturities, sales and principal receipts of securities available for sale; borrowings; and
operations. While maturities and scheduled amortization of loans are predictable sources of funds,
deposit flows and loan prepayments are greatly influenced by general interest rates, economic
conditions and competition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank is required by regulation to maintain sufficient liquidity to ensure its safe and sound
operation. Thus, adequate liquidity may vary depending on CFBank&#146;s overall asset/liability
structure, market conditions, the activities of competitors and the requirements of its own deposit
and loan customers. Management believes that CFBank&#146;s liquidity is sufficient.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Liquidity management is both a daily and long-term responsibility of management. We adjust our
investments in liquid assets, primarily cash, short-term investments and other assets that are
widely traded in the secondary market, based on our ongoing assessment of expected loan demand,
expected deposit flows, yields available on interest-earning deposits and securities and the
objective of our asset/liability management program. In addition to liquid assets, we have other
sources of liquidity available including, but not limited to, access to advances from the
FHLB, a line of credit with a commercial bank, use of brokered deposits and the ability to obtain
deposits by offering above-market interest rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank relies on competitive interest rates, customer service, and relationships with customers to
retain deposits. To promote and stabilize liquidity in the banking and financial services sector,
the FDIC temporarily increased deposit insurance coverage from $100,000 to $250,000 per depositor
through December&nbsp;31, 2009. CFBank is a participant in the FDIC&#146;s Temporary Liquidity Guarantee
Program that provides unlimited deposit insurance coverage, through December&nbsp;31, 2009, for
noninterest-bearing transaction accounts. And, as discussed in the <I>&#147;Deposits&#148; </I>section of this
Annual Report, CFBank is also a participant in CDARS. Based on our historical experience with
deposit retention, current retention strategies and participation in programs offering additional
FDIC insurance protection, we believe that, although it is not possible to predict future terms and
conditions upon renewal, a significant portion of existing deposits will remain with CFBank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At December&nbsp;31, 2008, CFBank exceeded all of its regulatory capital requirements to be considered
well-capitalized. Tier 1 capital level was $25.2&nbsp;million, or 9.2% of adjusted total assets, which
exceeded the required level of $13.7&nbsp;million, or 5.0%. Tier 1 risk-based capital level was $25.2
million, or 10.5% of risk-weighted assets, which exceeded the required level of $14.4&nbsp;million, or
6.0%. Risk-based capital was $27.7&nbsp;million, or 11.6% of risk-weighted assets, which exceeded the
required level of $24.0&nbsp;million, or 10.0%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>IMPACT OF INFLATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The financial statements and related data presented herein have been prepared in accordance with
U.S. generally accepted accounting principles, which presently require us to measure financial
position and results of operations primarily in terms of historical dollars. Changes in the
relative value of money due to inflation are generally not considered. In our opinion, changes in
interest rates affect our financial condition to a far greater degree than changes in the inflation
rate. While interest rates are generally influenced by changes in the inflation rate, they do not
move concurrently. Rather, interest rate volatility is based on changes in the expected rate of
inflation, as well as changes in monetary and fiscal policy. A financial institution&#146;s ability to
be relatively unaffected by changes in interest rates is a good indicator of its ability to perform
in a volatile economic environment. In an effort to protect performance from the effects of
interest rate volatility, we review interest rate risk frequently and take the steps necessary to
minimize any detrimental effects on profitability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 18 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CRITICAL ACCOUNTING POLICIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We follow financial accounting and reporting policies that are in accordance with U. S. generally
accepted accounting principles and conform to general practices within the banking industry. These
policies are presented in Note 1 to our consolidated financial statements. Some of these accounting
policies are considered to be critical accounting policies, which are those policies that require
management&#146;s most difficult, subjective or complex judgments, often as a result of the need to make
estimates about the effect of matters that are inherently uncertain. Application of assumptions
different than those used by management could result in material changes in our financial position
or results of operations. We believe that the judgments, estimates and assumptions used in the
preparation of the consolidated financial statements are appropriate given the factual
circumstances at the time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We have identified accounting policies that are critical accounting policies, and an understanding
of these policies is necessary to understand our financial statements. One critical accounting
policy relates to determining the adequacy of the allowance for loan losses. CFBank&#146;s Allowance for
Loan Losses Policy provides a thorough, disciplined and consistently applied process that
incorporates management&#146;s current judgments about the credit quality of the loan portfolio into
determination of the allowance for loan losses in accordance with U.S. generally accepted
accounting principles and supervisory guidance. Management estimates the appropriate allowance
balance by evaluating past loan loss experience, the nature and volume of the portfolio,
information about specific borrower situations, estimated value of collateral, economic conditions,
and other factors. We believe that an adequate allowance for loan losses has been established.
Additional information regarding this policy is included in the previous sections captioned
<I>&#147;Provision for Loan Losses&#148; </I>and in Notes 1 and 3 to our consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Another critical accounting policy relates to valuation of the deferred tax asset for net
operating losses. At year-end 2008, the Company had net operating loss carryforwards of
approximately $2.9&nbsp;million which expire at various dates from 2024 to 2028. No valuation allowance
has been recorded against the deferred tax asset for net operating losses because the benefit is
more likely than not to be realized. Additional information is included in Notes 1 and 12 to our
consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Another critical accounting policy relates to fair value of financial instruments. Fair values of
financial instruments are estimated using relevant market information and other assumptions. Fair
value estimates involve uncertainties and matters of significant judgment regarding interest rates,
credit risk, prepayments, and other factors, especially in the absence of broad markets for
particular items. Changes in assumptions or in market conditions could significantly affect the
estimates. Additional information is included in Notes 1 and 4 to our consolidated financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>MARKET PRICES AND DIVIDENDS DECLARED</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The common stock of Central Federal Corporation trades on the Nasdaq<SUP style="font-size: 85%; vertical-align: text-top"><SUP style="font-size: 85%; vertical-align: text-top">&#174;</SUP> </SUP>Capital Market
under the symbol &#147;CFBK.&#148; As of December&nbsp;31, 2008, there were 4,101,537 shares of common stock
outstanding and 533 shareholders, excluding persons or entities holding stock in nominee or street
name through various brokerage firms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following table shows the quarterly reported high and low trade prices of the common stock and
cash dividends per common share declared during 2008 and 2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">HIGH</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">LOW</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">DIVIDENDS</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Third quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fourth quarter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 19</I>
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>FINANCIAL STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The management of Central Federal Corporation is responsible for establishing and maintaining
adequate internal control over financial reporting as defined in Rules&nbsp;13a-15(f) and 15d-15(f)
under the Securities and Exchange Act of 1934, as amended. The Company&#146;s internal control over
financial reporting is designed to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance
with U.S. generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s internal control over financial reporting includes those policies and procedures
that: (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Company; (ii)&nbsp;provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with U.S. generally accepted accounting principles, and that receipts and
expenditures of the Company are being made only in accordance with authorizations of management and
directors of the Company; and (iii)&nbsp;provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of the Company&#146;s assets that could have a
material effect on the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. Based on our assessment
and those criteria, management concluded that the Company maintained effective internal control
over financial reporting as of December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management assessed the effectiveness of the Company&#146;s internal control over financial reporting as
of December&nbsp;31, 2008. In making this assessment, management used the criteria set forth by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO)&nbsp;in Internal
Control-Integrated Framework.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This annual report does not contain an attestation report of the Company&#146;s registered public
accounting firm regarding internal control over financial reporting. Management&#146;s report was not
subject to attestation by the Company&#146;s registered public accounting firm pursuant to temporary
rules of the Securities and Exchange Commission that permit the Company to provide only
management&#146;s report in this annual report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311110.gif" alt="-s- Mark S. Allio">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Mark S. Allio<BR>
Chairman of the Board, President and Chief Executive Officer
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311111.gif" alt="-s- Therese Ann Liutkus">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 0pt">Therese Ann Liutkus, CPA<BR>
Treasurer and Chief Financial Officer
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">March&nbsp;11, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 20 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ON CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311112.gif" alt="(CROWE HORWATH LOGO)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Board of Directors and Shareholders<BR>
Central Federal Corporation<BR>
Fairlawn, Ohio

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We have audited the accompanying consolidated balance sheets of Central Federal Corporation as of
December&nbsp;31, 2008 and 2007 and the related consolidated statements of operations, comprehensive
income (loss), changes in shareholders&#146; equity and cash flows for each of the three years in the
period ended December&nbsp;31, 2008. These financial statements are the responsibility of the Company&#146;s
management. Our responsibility is to express an opinion on these financial statements based on our
audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the consolidated financial statements are free of material
misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its
internal control over financial reporting. Our audit included consideration of internal control
over financial reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company&#146;s internal control over financial reporting. Accordingly, we express no such opinion. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
consolidated financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In our opinion, the consolidated financial statements referred to above present fairly, in all
material respects, the financial position of Central Federal Corporation as of December&nbsp;31, 2008
and 2007 and the results of its operations and its cash flows for each of the three years in the
period ended December&nbsp;31, 2008, in conformity with U.S. generally accepted accounting principles.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><IMG src="c83111c8311113.gif" alt="(CROWE HORWATH LLP)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 70%"><Font style="white-space: nowrap">Crowe Horwath LLP</font></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Columbus, Ohio<BR>
March&nbsp;11, 2009

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 21</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED BALANCE SHEETS</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,894</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans, net of allowance of $3,119 and $2,684</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Home Loan Bank stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,963</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loan servicing rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreclosed assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Premises and equipment, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest receivable and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,891</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,671</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">279,582</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Noninterest bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,557</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest bearing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">207,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194,308</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal Home Loan Bank advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances by borrowers for taxes and insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued interest payable and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">244,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">252,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Preferred stock, Series&nbsp;A, $.01 par value, $7,225 aggregate
liquidation value; 1,000,000 shares authorized; 2008 &#151; 7,225
shares issued, 2007 &#151; none issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock, $.01 par value; 6,000,000 shares authorized;
2008 &#151; 4,660,070 shares issued, 2007 &#151; 4,628,320 shares issued</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Common stock warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional paid-in capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,348</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,411</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Treasury stock, at cost; 2008 &#151; 558,533 shares, 2007 &#151; 193,533 shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,245</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,613</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Total shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">277,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">279,582</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(See accompanying notes.)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 22 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF OPERATIONS</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">YEARS ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest and dividend income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, including fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,193</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,847</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11,805</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,520</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Home Loan Bank stock dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal funds sold and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,637</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Interest expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,280</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Home Loan Bank advances and other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,935</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net interest income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,765</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Provision for loan losses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net interest income after provision for loan losses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,785</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,189</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,945</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Noninterest income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Service charges on deposit accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net gains on sales of loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loan servicing fees, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net gains (losses)&nbsp;on sales of securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Earnings on bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">728</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Noninterest expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Salaries and employee benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Occupancy and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Data processing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">686</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Franchise taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Professional fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Director fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Postage, printing and supplies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Advertising and promotion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Telephone</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loan expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreclosed assets, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">431</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,749</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,997</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,849</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income (loss)&nbsp;before income taxes</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income tax expense (benefit)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Preferred stock dividends and accretion
of unearned discount on preferred stock</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net income (loss)&nbsp;available to common shareholders</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings (loss)&nbsp;per common share:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Basic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Diluted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(See accompanying notes.)</I>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 23</I>
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">YEARS ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in net unrealized gain (loss)&nbsp;on securities
available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(85</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Reclassification adjustment for (gains)&nbsp;and
losses later recognized in net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net unrealized gain (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(83</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53</TD>
    <TD nowrap>)</TD>
</TR>

<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(90</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(See accompanying notes.)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 24</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#146; EQUITY</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom" style="font-size: 10pt">
    <TD width="30%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">ACCUMULATED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">UNEARNED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">COMMON</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">OTHER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">STOCK BASED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">TOTAL</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD align="left">(DOLLARS IN THOUSANDS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">PREFERRED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">COMMON</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">ADDITIONAL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">RETAINED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">COMPREHENSIVE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">INCENTIVE PLAN</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">TREASURY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">SHAREHOLDERS&#146;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">WARRANTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAID-IN CAPITAL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">EARNINGS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">INCOME (LOSS)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">SHARES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">EQUITY</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at January&nbsp;1, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(289</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(783</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">16,081</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reclassification of unearned stock
based incentive plan shares upon
adoption of FAS 123R, Share Based
Payment on January&nbsp;1, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(289</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive loss:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total comprehensive loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(90</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of common stock in
public offering, net of offering costs
of $1,542 (2,300,000 shares)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Release of 14,556 stock based
incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax benefits from dividends on unvested
stock based incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared on common
stock ($.36 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,635</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,635</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(783</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(continued on next page.)</I>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 25</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS&#146; EQUITY (CONTINUED)</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 6pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom" style="font-size: 10pt">
    <TD width="19%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">ACCUMULATED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">UNEARNED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">COMMON</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">OTHER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">STOCK BASED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">TOTAL</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD align="left">(DOLLARS IN THOUSANDS</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">PREFERRED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">COMMON</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">ADDITIONAL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">RETAINED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">COMPREHENSIVE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">INCENTIVE PLAN</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">TREASURY</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">SHAREHOLDERS&#146;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">WARRANTS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PAID-IN CAPITAL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">EARNINGS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">INCOME (LOSS)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">SHARES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">STOCK</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">EQUITY</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at January&nbsp;1, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,204</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(783</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Release of 17,633 stock based
incentive
plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax benefits from dividends on
unvested
stock based incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax effect from vesting of stock
based
incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of 125,000 treasury shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(830</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(830</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared on common
stock ($.28 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,215</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,215</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">187</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,613</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Comprehensive income:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">886</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of 7,225 shares preferred
stock
and 336,568 common stock warrants,
net of offering costs of $22</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accretion of unearned discount on
preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issuance of 31,750 stock based
incentive
plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Release of 23,417 stock based
incentive
plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax benefits from dividends on
unvested
stock based incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax effect from vesting of stock
based
incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(45</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of 365,000 treasury shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,632</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,632</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Preferred stock dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared on common
stock ($.20 per share)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(843</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(843</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">217</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3,245</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">33,075</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(See accompanying notes.)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 26</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">YEARS ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments to reconcile net income (loss)&nbsp;to
net cash from operating activities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Valuation (gain)&nbsp;loss on mortgage servicing rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Amortization, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(55</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(121</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(102</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net realized (gain)&nbsp;loss on sales of securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(54</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Originations of loans held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(26,973</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,282</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44,033</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Proceeds from sale of loans held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,306</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,778</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net gain on sale of loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(159</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(233</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(326</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Loss (gain)&nbsp;on disposal of premises and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gain on sale of foreclosed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">FHLB stock dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(157</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stock based incentive plan and stock option expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">149</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Change in deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net change in:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Bank owned life insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(123</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(123</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(115</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accrued interest receivable and other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(262</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(876</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(406</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Accrued interest payable and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(457</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,761</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:75px; text-indent:-15px">Net cash from operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,908</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,235</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Maturities, prepayments and calls</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Purchases</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,917</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,867</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,025</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loan originations and payments, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,401</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(41,371</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(48,644</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans purchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,146</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,976</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from redemption of FHLB stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of FHLB stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(65</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions to premises and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(212</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,278</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,678</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from the sale of premises and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from the sale of foreclosed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">231</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Net cash from investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">804</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(46,313</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(61,463</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(continued on next page.)</I>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 27</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">YEARS ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,669</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">39,981</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in short-term borrowings from the
FHLB and other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,525</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from FHLB advances and other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repayments on FHLB advances and other debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,270</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in advances by borrowers for
taxes and insurance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,402</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,429</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from issuance of preferred stock
and common stock warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from issuance of common stock in
public offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of treasury shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,632</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(830</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net cash from financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,659</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,509</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,431</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,972</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ending cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental cash flow information:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,741</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income taxes paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental noncash disclosures:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transfers from loans to repossessed assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">286</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">218</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(See accompanying notes.)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 28 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 1 &#151; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Nature of Operations and Principles of Consolidation: </I></B>The consolidated financial statements include Central Federal Corporation, its
wholly-owned subsidiaries, CFBank and Ghent Road, Inc., together referred to as &#147;the Company&#148;.
Ghent Road, Inc. was formed in 2006 and owns property. Intercompany transactions and balances are
eliminated in consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company provides financial services through its offices in Fairlawn, Worthington, Wellsville
and Calcutta, Ohio. Its primary deposit products are checking, savings, and term certificate
accounts, and its primary lending products are commercial and residential mortgages, commercial,
and installment loans. Substantially all loans are secured by specific items of collateral
including business assets, consumer assets, and commercial and residential real estate. Commercial
loans are expected to be repaid from cash flow from operations of businesses. There are no
significant concentrations of loans to any one industry or customer. However, the customers&#146;
ability to repay their loans is dependent on the real estate and general economic conditions in the
areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Use of Estimates: </I></B>To prepare financial statements in conformity with U.S. generally accepted
accounting principles, management makes estimates and assumptions based on available information.
These estimates and assumptions affect the amounts reported in the financial statements and the
disclosures provided, and actual results could differ. The allowance for loan losses and fair
values of financial instruments are particularly subject to change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Cash Flows: </I></B>Cash and cash equivalents include cash, deposits with other financial institutions with
original maturities under 90&nbsp;days, and federal funds sold. Net cash flows are reported for customer
loan and deposit transactions, interest-bearing deposits in other financial institutions and
borrowings with original maturities under 90&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Securities: </I></B>Debt securities are classified as held to maturity and carried at amortized cost when
management has the positive intent and ability to hold them to maturity. Debt securities are
classified as available for sale when they might be sold before maturity. Equity securities with
readily determinable fair values are classified as available for sale. Securities available for
sale are carried at fair value, with unrealized holding gains and losses reported in other
comprehensive income, net of tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest income includes amortization of purchase premium or discount. Premiums and discounts on
securities are amortized on the level-yield method without anticipating prepayments, except for
mortgage-backed securities where prepayments are anticipated. Gains and losses on
sales are recorded on the trade date and determined using the specific identification method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Declines in the fair value of securities below their cost that are other than temporary are
reflected as realized losses. In estimating other-than-temporary losses, management considers the
length of time and extent that fair value has been less than cost, the financial condition and near
term prospects of the issuer, and the Company&#146;s ability and intent to hold the security for a
period sufficient to allow for any anticipated recovery in fair value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Loans Held for Sale: </I></B>Mortgage loans originated and intended for sale in the secondary market are
carried at the lower of aggregate cost or market, as determined by outstanding commitments from
investors. Net unrealized losses, if any, are recorded as a valuation allowance and charged to
earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mortgage loans held for sale are generally sold with servicing rights released. Gains and losses on
sales of mortgage loans are based on the difference between the selling price and the carrying
value of the related loan sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Loans: </I></B>Loans that management has the intent and ability to hold for the foreseeable future or until
maturity or payoff are reported at the principal balance outstanding, purchase premiums and
discounts, deferred loan fees and costs, and an allowance for loan losses. Interest income is
accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination
costs, are deferred and recognized in interest income using the level-yield method without
anticipating prepayments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Interest income on mortgage and commercial loans is discontinued at the time the loan is four
payments delinquent unless the loan is well-secured and in process of collection. Consumer and
credit card loans are typically charged-off no later than
four payments past due. Past due status is based on the contractual terms of the loan. In all
cases, loans are placed on nonaccrual or charged-off at an earlier date if collection of principal
or interest is considered doubtful.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">All interest accrued but not received for loans placed on nonaccrual is reversed against interest
income. Interest received on such loans is accounted for on the cash-basis or cost-recovery method,
until qualifying for return to accrual. Loans are returned to accrual status when all the principal
and interest amounts contractually due are brought current and future payments are reasonably
assured.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>page 29</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 1 &#151; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Concentration of Credit Risk: </I></B>Most of the Company&#146;s primary business activity is with customers
located within the Ohio counties of Columbiana, Franklin and Summit. Therefore, the Company&#146;s exposure to
credit risk is significantly affected by changes in the economies within these counties. Although
these counties are the Company&#146;s primary market area for loans, the Company originates residential
and commercial real estate loans throughout the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Certain Purchased Loans: </I></B>The Company purchases individual loans and groups of loans. These
purchased loans are recorded at the amount paid, such that there is no carryover of the seller&#146;s
allowance for loan losses. After acquisition, incurred losses are recognized by an increase in the
allowance for loan losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Allowance for Loan Losses: </I></B>The allowance for loan losses is a valuation allowance for probable
incurred credit losses. Loan losses are charged against the allowance when management believes the
uncollectibility of a loan balance is confirmed. Subsequent recoveries, if any, are credited to the
allowance. Management estimates the allowance balance required using past loan loss experience, the
nature and volume of the portfolio, information about specific borrower situations and estimated
collateral values, economic conditions, and other factors. Allocations of the allowance may be made
for specific loans, but the entire allowance is available for any loan that, in management&#146;s
judgment, should be charged off.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The allowance consists of specific and general components. The specific component relates to loans
that are individually classified as impaired. The general component covers loans not classified as
impaired and is based on historical loss experience adjusted for current factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A loan is impaired when full payment under the loan terms is not expected. Commercial, multi-family
residential and commercial real estate loans over $500 are individually evaluated for impairment.
If a loan is impaired, a portion of the allowance is allocated so that the loan is reported, net,
at the present value of estimated future cash flows using the loan&#146;s existing rate or at the fair
value of collateral if repayment is expected solely from the collateral. Large groups of smaller
balance loans, such as consumer and single-family residential real estate loans, are collectively
evaluated for impairment, and accordingly, they are not separately identified for impairment
disclosures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Servicing Rights: </I></B>Servicing rights are recognized separately when they are acquired through sales
of loans. For sales of mortgage loans prior to January&nbsp;1, 2007, a portion of the cost of the loan
was allocated to the servicing right based on relative fair values. The Company adopted Statement
of Financial Accounting Standards (FAS)&nbsp;No.&nbsp;156, <I>Accounting for Servicing of Financial Assets-an
amendment of FASB Statement No.&nbsp;140 </I>(FAS No.&nbsp;156) on January&nbsp;1, 2007, and for sales of mortgage
loans with servicing rights retained beginning in 2007, servicing rights are initially recorded at fair value with the income statement effect
recorded in gains on sales of loans. Fair value is based on market prices for comparable mortgage
servicing contracts, when available, or alternatively, is based on a valuation model that
calculates the present value of estimated future net servicing income. The valuation model
incorporates assumptions that market participants would use in estimating future net servicing
income, such as the cost to service, the discount rate, the custodial earnings rate, an inflation
rate, ancillary income, prepayment speeds and default rates and losses. The Company compares the
valuation model inputs and results to published industry data in order to validate the model
results and assumptions. All classes of servicing assets are subsequently measured using the
amortization method which requires servicing rights to be amortized into noninterest income in
proportion to, and over the period of, the estimated future net servicing income of the underlying
loans. No new loan servicing rights were recorded in 2008 or 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Servicing assets are evaluated for impairment based upon the fair value of the rights as compared
to carrying amount. Impairment is determined by stratifying rights into groupings based on
predominant risk characteristics, such as interest rate, loan type and investor type. Impairment is recognized through a valuation allowance for an individual grouping, to the extent
that fair value is less than the carrying amount. If the Company later determines that all or a
portion of the impairment no longer exists for a particular grouping, a reduction of the allowance
may be recorded as an increase to income. Changes in valuation allowances are reported with loan
servicing fees, net on the income statement. The fair values of servicing rights are subject to
significant fluctuations as a result of changes in estimated and actual prepayment speeds and
default rates and losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Servicing fee income, which is reported on the income statement as loan servicing fees, net is
recorded for fees earned for servicing loans. The fees are based on a contractual percentage of the
outstanding principal; or a fixed amount per loan and are recorded as income when earned. The
amortization of mortgage servicing rights is netted against loan servicing fee income. Loan
servicing fees, net totaled $34, $49 and $59 for the years ended December&nbsp;31, 2008, 2007 and 2006,
respectively. Late fees and ancillary fees related to loan servicing are not material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Transfers of Financial Assets: </I></B>Transfers of financial assets are accounted for as sales when
control over the assets has been surrendered. Control over transferred assets is deemed to be
surrendered when the assets have been isolated from the Company, the transferee obtains the right
(free of conditions that constrain it from taking advantage of that right) to pledge or exchange
the transferred assets, and the Company does not maintain effective control over the transferred
assets through an agreement to repurchase them before their maturity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 30 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 1 &#151; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Foreclosed Assets: </I></B>Assets acquired through or instead of loan foreclosure are initially recorded at
fair value less costs to sell when acquired, establishing a new cost basis. If fair value declines
subsequent to foreclosure, a valuation allowance is recorded through expense. Operating costs after
acquisition are expensed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Premises and Equipment: </I></B>Land is carried at cost. Premises and equipment are stated at cost less
accumulated depreciation. Buildings and related components are depreciated using the straight-line
method with useful lives ranging from 3 to 40&nbsp;years. Furniture, fixtures and equipment are
depreciated using the straight-line method with useful lives ranging from 2 to 25&nbsp;years. Leasehold
improvements are amortized over the lives of the respective leases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Federal Home Loan Bank (FHLB)&nbsp;stock: </I></B>CFBank is a member of the FHLB system. Members are required to
own a certain amount of stock based on the level of borrowings and other factors, and may invest in
additional amounts. FHLB stock is carried at cost, classified as a restricted security, and
periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock
dividends are reported as income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Bank Owned Life Insurance: </I></B>CFBank purchased life insurance policies on certain directors and
employees. In accordance with Emerging Issues Task Force (EITF)&nbsp;Issue No.&nbsp;06-5, <I>Accounting for
Purchases of Life Insurance &#151; Determining the Amount That Could Be Realized in Accordance with FASB
Technical Bulletin No.&nbsp;85-4, </I>bank owned life insurance is recorded at the amount that can be
realized under the insurance contract at the balance sheet date, which is the cash surrender value
adjusted for other charges or other amounts due that are probable at settlement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Long-term Assets: </I></B>Premises and equipment, other intangible assets, and other long-term assets are
reviewed for impairment when events indicate their carrying amount may not be recoverable from
future undiscounted cash flows. If impaired, the assets are recorded at fair value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Loan Commitments and Related Financial
Instruments: </I></B>Financial instruments include off-balance-sheet credit instruments, such as
commitments to make loans and commercial letters of credit issued to meet customer financing needs.
The face amount for these items represents the exposure to loss, before considering customer
collateral or ability to repay. Such financial instruments are recorded when they are funded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Derivatives: </I></B>Derivative financial instruments are recognized as assets or liabilities at fair
value. The Company&#146;s derivatives consist mainly of interest rate swap agreements, which are used as
part of its asset liability management to help manage interest rate risk. The Company does not use
derivatives for trading purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company&#146;s derivative transactions are considered instruments with no hedging designation
(&#147;stand-alone derivatives&#148;). Changes in the fair value of the derivatives are reported currently in
earnings, as noninterest income.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Mortgage Banking Derivatives: </I></B>The Company enters into interest rate lock commitments on mortgage
loans to be sold into the secondary market. These derivatives are not designated as hedges and are
carried at fair value. The net gain or loss on mortgage banking derivatives is included in gain on
sale of loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Stock-Based Compensation: </I></B>Compensation cost is recognized for stock options and restricted stock
awards issued to employees, based on the fair value of these awards at the date of grant. A
Black-Scholes model is utilized to estimate the fair value of stock options, while the market price
of the Company&#146;s common stock at the date of grant is used for restricted stock awards.
Compensation cost is recognized over the required service period, generally defined as the vesting
period. For awards with graded vesting, compensation cost is recognized on a straight-line basis
over the required service period for each separately vesting portion of the award.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Income Taxes: </I></B>Income tax expense is the total of the current year income tax due or refundable and
the change in deferred tax assets and liabilities. Deferred tax assets and liabilities are the
expected future tax amounts for the temporary
differences between carrying amounts and tax bases of assets and liabilities, computed using
enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the amount
expected to be realized. Deferred tax assets are recognized for net operating losses that expire
primarily in 2024 and 2025, because the benefit is more likely than not to be realized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company adopted the Financial Accounting Standards Board (FASB)&nbsp;Interpretation 48, <I>Accounting
for Uncertainty in Income Taxes </I>(FIN 48), as of January&nbsp;1, 2007. A tax position is recognized as a
benefit only if it is &#147;more likely than not&#148; that the tax position would be sustained in a tax
examination, with a tax examination being presumed to occur. The amount recognized is the largest
amount of tax benefit that is greater than 50% likely of being realized on examination. For tax
positions not meeting the &#147;more likely than not&#148; test, no tax benefit is recorded. The adoption had
no affect on the Company&#146;s financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company recognizes interest related to income tax matters as interest expense and penalties
related to income tax matters as other expense.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Benefit Plans: </I></B>Employee 401(k) and profit sharing plan expense is the amount of matching
contributions. Supplemental retirement plan expense allocates the benefits over years of service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Earnings Per Common Share: </I></B>Basic earnings per common share is net income available to common shareholders divided by the weighted average number of common shares outstanding during the period.
Stock based incentive plan shares are considered outstanding as they are earned over the vesting
period. Diluted earnings per common share includes the dilutive effect of stock based incentive
plan shares and additional potential common shares issuable under stock options and stock warrants.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <I>page 31</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 1 &#151; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Comprehensive Income (Loss): </I></B>Comprehensive income (loss)&nbsp;consists of net income (loss)&nbsp;and other
comprehensive income (loss). Other comprehensive income (loss)&nbsp;includes unrealized gains and losses
on securities available for sale, which are also recognized as a separate component of equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Loss Contingencies: </I></B>Loss contingencies, including claims and legal actions arising in the ordinary
course of business, are recorded as liabilities when the likelihood of loss is probable and an
amount or range of loss can be reasonably estimated. Legal fees with regard to loss contingencies
associated with loans are expensed when they are not considered collectible from borrowers. Legal
fees associated with other loss contingencies are expensed as incurred. Management does not believe
there now are such matters that will have a material effect on the financial statements. See Note
23 &#151; Arbitration Loss, Note 24 &#151; Dispute Resolution and Note 25 &#151; Loss Contingency.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Restrictions on Cash: </I></B>Cash on hand or on deposit with the Federal Reserve Bank was required to meet
regulatory reserve and clearing requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Equity: </I></B>Treasury stock is carried at cost. The carrying value of preferred stock and common stock
warrants is based on allocation of issuance proceeds, net of issuance costs, in proportion to their
relative fair values. Preferred stock is carried net of the unearned discount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Dividend Restriction: </I></B>Banking regulations require maintaining certain capital levels and may limit
the dividends paid by CFBank to the holding company or by the holding company to shareholders. On
December&nbsp;5, 2008, the Company issued 7,225 shares of preferred stock to the United States Treasury
Department under the Capital Purchase Program. While that preferred stock remains outstanding,
dividends on the Company&#146;s common stock are limited to a quarterly cash dividend of a maximum of
$.05 per share. See Note 15 &#151; Preferred Stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Fair Value of Financial Instruments: </I></B>Fair values of financial instruments are estimated using
relevant market information and other assumptions, as more fully disclosed in Note 4 &#151; Fair Value.
Fair value estimates involve uncertainties and matters of significant judgment regarding interest
rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for
particular items. Changes in assumptions or in market conditions could significantly affect the
estimates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Operating Segments: </I></B>While the chief decision-makers monitor the revenue streams of the Company&#146;s
various products and services, operations are managed and financial performance is evaluated on a
Company-wide basis. Operating results are not reviewed by senior management to make resource
allocation or performance decisions. Accordingly, all of the financial service operations are
considered by management to be aggregated in one reportable operating segment. From 2005 thru 2007,
internal financial information was primarily reported and aggregated in two lines of business,
banking and mortgage banking. Beginning in 2008, mortgage banking activities are considered to be
part of banking activities due to mortgage banking activities&#146; insignificant contribution to the
Company&#146;s overall performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Reclassifications: </I></B>Some items in the prior year financial statements were reclassified to conform
to the current presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Adoption of New Accounting Standards:</I></B>
In September&nbsp;2006, the FASB issued FAS No.&nbsp;157, <I>Fair Value Measurements </I>(FAS 157). FAS 157 defines
fair value, establishes a framework for measuring fair value and expands disclosures about fair
value measurements. FAS 157 also establishes a fair value hierarchy about the assumptions used to
measure fair value and clarifies assumptions about risk and the effect of a restriction on the sale
or use of an asset. The standard was effective for fiscal years beginning after November&nbsp;15, 2007.
In February&nbsp;2008, the FASB issued Staff Position (FSP)&nbsp;157-2,
<I>Effective Date of FASB Statement No.&nbsp;157. </I>This FSP delays the effective date of FAS 157 for all
nonfinancial assets and nonfinancial liabilities, except those that are recognized or disclosed at
fair value on a recurring basis (at least annually), to fiscal years beginning after November&nbsp;15,
2008 and interim periods within those fiscal years. The impact of adoption was not material. In
October&nbsp;2008, the FASB issued FSP 157-3, <I>Determining the Fair Value of a Financial Asset when the
Market for That Asset Is Not Active. </I>This FSP clarifies the application of FAS 157 in a market that
is not active. The impact of adoption was not material.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In February&nbsp;2007, the FASB issued FAS No.&nbsp;159, <I>The Fair Value Option for Financial Assets and
Financial Liabilities </I>(FAS 159). The FAS provides companies with an option to report selected
financial assets and liabilities at fair value and establishes presentation and disclosure
requirements designed to facilitate comparisons between companies that choose different measurement
attributes for similar types of assets and liabilities. FAS 159 was effective for the Company on
January&nbsp;1, 2008. The Company did not elect the fair value option for any financial assets or
financial liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 32 </I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 1 &#151; SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In September&nbsp;2006, the FASB EITF finalized Issue No.&nbsp;06-4,
<I>Accounting for Deferred Compensation and Postretirement Benefit Aspects of Endorsement Split-Dollar
Life Insurance Arrangements. </I>This Issue requires that a liability be
recorded during the service period when a split-dollar life insurance agreement continues after
participants&#146; employment or retirement. The required accrued liability is based on either the
post-employment benefit cost for the continuing life insurance or based on the future death
benefit, depending on the contractual terms of the underlying agreement. This Issue was effective
for the Company on January&nbsp;1, 2008. The impact of adoption was not material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On November&nbsp;5, 2007, the Securities and Exchange Commission (the Commission) issued Staff
Accounting Bulletin (SAB)&nbsp;No.&nbsp;109, <I>Written Loan Commitments Recorded at Fair Value through Earnings</I>
(SAB 109). Previously, SAB No.&nbsp;105, <I>Application of Accounting Principles to Loan Commitments </I>(SAB
105), stated that in measuring the fair value of a derivative loan commitment, a company should not
incorporate the expected net future cash flows related to the associated servicing of the loan. SAB
109 supersedes SAB 105 and indicates that the expected net future cash flows related to the
associated servicing of the loan should be included in measuring fair value for all written loan
commitments that are accounted for at fair value through earnings. SAB 105 also indicated that
internally-developed intangible assets should not be recorded as part of the fair value of a
derivative loan commitment, and SAB 109 retains that view. SAB 109 was effective for derivative
loan commitments issued or modified in fiscal quarters beginning after December&nbsp;15, 2007. The
impact of adoption was not material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2007, the Commission issued SAB No.&nbsp;110 which expresses their views regarding the use
of a &#147;simplified&#148; method, as discussed in SAB No.&nbsp;107, in developing an estimate of expected term
of &#147;plain vanilla&#148; share options in accordance with FAS No.&nbsp;123(R), <I>Share-Based Payment. </I>The
Commission concluded that a company could, under certain circumstances, continue to use the
simplified method for share option grants after December&nbsp;31, 2007. The Company does not use the
simplified method for share options and, therefore, SAB No.&nbsp;110 had no impact on the Company&#146;s
consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Effect of Newly Issued But Not Yet Effective Accounting Standards:</I></B>
In December&nbsp;2007, the FASB issued FAS No.&nbsp;141 (revised 2007), <I>Business Combinations </I>(FAS 141(R)),
which establishes principles and requirements for how an acquirer recognizes and measures in its
financial statements the identifiable assets acquired, the liabilities assumed, and any
noncontrolling interest in an acquiree, including the recognition and measurement of goodwill
acquired in a business combination. FAS 141(R) is effective for fiscal years beginning on or after
December&nbsp;15, 2008. Earlier adoption is prohibited. The adoption of this FAS is not expected to have
a material effect on the Company&#146;s consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2007, the FASB issued FAS No.&nbsp;160, <I>Noncontrolling Interests in Consolidated Financial
Statements, an amendment of ARB No.&nbsp;51 </I>(FAS 160), which will change the accounting and reporting
for minority interests, which will be recharacterized as noncontrolling interests and classified as
a component of equity within the consolidated balance sheets. FAS 160 is effective as of the
beginning of the first fiscal year beginning on or after December&nbsp;15, 2008. Earlier adoption is
prohibited. The adoption of this FAS is not expected to have a material effect on the Company&#146;s
consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In March&nbsp;2008, the FASB issued FAS No.&nbsp;161, <I>Disclosures about Derivative Instruments and Hedging
Activities, an amendment of FASB Statement No.&nbsp;133 </I>(FAS 161). FAS 161 amends and expands the
disclosure requirements of FAS 133, <I>Accounting for Derivative Instruments and Hedging Activities,</I>
for derivative instruments and hedging activities. FAS 161 requires qualitative disclosure about
objectives and strategies for using derivative and hedging instruments, quantitative disclosures
about fair value amounts of the instruments and gains and losses on such instruments, as well as
disclosures about credit-risk features in derivative agreements. FAS 161 is effective for financial
statements issued for fiscal years and interim periods beginning after November&nbsp;15, 2008, with
early application encouraged. The adoption of this FAS is not expected to have a material effect on
the Company&#146;s consolidated financial statements.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL
FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>|</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page</I> <I>33</I>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 2 &#151; SECURITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of available for sale securities and the related gross unrealized gains and losses
recognized in accumulated other comprehensive income (loss)&nbsp;were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">GROSS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">GROSS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">FAIR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">UNREALIZED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">UNREALIZED</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">GAINS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">LOSSES</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(13</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(13</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal agency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,993</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">State and municipal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,009</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(65</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Sales of available for sale securities were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The tax benefit (provision)&nbsp;related to these net realized gains and losses was $18, $0, and ($2),
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 34</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 2 &#151; SECURITIES (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At year-end 2008, there were no debt securities contractually due at a single maturity date. The
fair value of mortgage-backed securities, which are not due at a single maturity date, totaled
$23,550 at December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Fair value of securities pledged was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pledged as collateral for:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">FHLB advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Public deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,058</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,571</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Customer repurchase agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,685</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,235</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">25,894</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At year-end 2008 and 2007, there were no holdings of securities of any one issuer, other than
federal agencies, in an amount greater than 10% of shareholders&#146; equity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Securities with unrealized losses at year-end 2008 and 2007, aggregated by investment category and
length of time that individual securities have been in a continuous unrealized loss position, were
as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">LESS THAN 12 MONTHS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">12 MONTHS OR MORE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">TOTAL</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION OF SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FAIR VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">UNREALIZED LOSS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FAIR VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">UNREALIZED LOSS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FAIR VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">UNREALIZED LOSS</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(13</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total temporarily impaired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">733</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,746</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(13</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">LESS THAN 12 MONTHS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">12 MONTHS OR MORE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">TOTAL</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">DESCRIPTION OF SECURITIES</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FAIR VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">UNREALIZED LOSS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FAIR VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">UNREALIZED LOSS</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FAIR VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">UNREALIZED LOSS</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal agency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage-backed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,811</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total temporarily impaired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(65</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(65</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Unrealized losses on the above federal agency and mortgage-backed securities have not been
recognized in income because the issuers of the bonds are all federal sponsored agencies and the
decline in fair value is temporary and largely due to changes in market interest rates. The fair
value is expected to recover as the bonds approach their maturity date and/or market rates decline.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL
FEDERAL CORPORATION 2008 ANNUAL REPORT &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page</I> <I>35</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 3 &#151; LOANS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Loans at year-end were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">40,945</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,334</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Real estate:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Single-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,884</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,082</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Multi-family residential</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Commercial</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,652</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95,088</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Consumer</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,248</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Subtotal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,541</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Net deferred loan fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(364</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(382</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:60px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,119</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,684</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">233,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">230,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Real
estate loans include $3,052 and $6,184 construction loans at year-end 2008 and 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Activity in the allowance for loan losses was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">820</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans charged-off</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(497</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(302</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recoveries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ending balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,119</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Individually impaired loans were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Period-end loans with no allocated allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Period-end loans with allocated allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,257</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amount of the allowance for loan losses allocated</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average of individually impaired loans
during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,647</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income recognized during
impairment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash-basis interest income recognized</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Nonaccrual loans and loans past due over 90&nbsp;days still on accrual were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loans past due over 90&nbsp;days still on accrual</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonaccrual loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,064</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Nonaccrual loans and loans past due over 90&nbsp;days still on accrual include both smaller balance
single-family mortgage and consumer loans that are collectively evaluated for impairment and
individually classified impaired loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 36</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 4 &#151; FAIR VALUE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">FAS 157 establishes a fair value hierarchy which requires an entity to maximize the use of
observable inputs and minimize the use of unobservable inputs when measuring fair value. The
standard describes three levels of inputs that may be used to measure fair value:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Level 1: </I></B>Quoted prices (unadjusted)&nbsp;for identical assets or liabilities in active markets that the
entity has the ability to access as of the measurement date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Level 2: </I></B>Significant other observable inputs other than Level 1 prices such as quoted prices for
similar assets or liabilities; quoted prices in markets that are not active; or other inputs that
are observable or can be corroborated by observable market data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Level 3: </I></B>Significant unobservable inputs that reflect a reporting entity&#146;s own assumptions about
the assumptions that market participants would use in pricing an asset or liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of securities available for sale is determined using pricing models that vary based
on asset class and include available trade, bid, and other market information or matrix pricing,
which is a mathematical technique widely used to in the industry to value debt securities without
relying exclusively on quoted prices for the specific securities but rather by relying on the
securities&#146; relationship to other benchmark quoted securities (Level 2 inputs).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of derivatives is based on the present value of future cash flows using the
prevailing interest rate curve. Our derivative instruments consist of interest-rate swaps.
Significant fair value inputs can generally be verified and do not typically involve significant
judgments by management. (Level 2 inputs).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of servicing rights is based on a valuation model that calculates the present value
of estimated net servicing income. The valuation model incorporates assumptions that market
participants would use in estimating future net servicing income. The Company is able to compare
the valuation model inputs and results to widely available published industry data for
reasonableness (Level 2 inputs).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of impaired loans with specific allocations of the allowance for loan losses is
generally based on real estate appraisals. These appraisals may utilize a single valuation approach
or a combination of approaches including comparable sales and the income approach. Adjustments are
routinely made in the appraisal process by the appraisers to adjust for differences between the
comparable sales and income data available. Such adjustments are typically significant and result
in a Level 3 classification of the inputs for determining fair value (Level 3 inputs).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Assets and Liabilities Measured on a Recurring Basis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Assets and liabilities measured at fair value on a recurring basis are summarized below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fair Value Measurements
at<BR> December 31, 2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Using Significant Other<BR> Observable Inputs</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 2)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest-rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">929</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Assets Measured on a Non-Recurring Basis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Assets and liabilities measured at fair value on a non-recurring basis are summarized below:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">Fair Value Measurements at December 31, 2008 Using</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Significant Other</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Significant</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Observable Inputs</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Unobservable Inputs</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 2)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">(Level 3)</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loan servicing rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impaired loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,743</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 37</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 4 &#151; FAIR VALUE (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following represent impairment charges recognized during 2008:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Servicing rights, which are carried at lower of cost or fair value, were written down to fair value
of $52, resulting in a valuation allowance of $8. A charge of $3 was included in earnings for the
period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Impaired loans, which are measured for impairment using the fair value of the collateral for
collateral dependent loans, had a carrying amount of $2,257, with a valuation allowance of $514,
resulting in an additional provision for loan losses of $514 for 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Fair Value of Financial Instruments</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carrying amount and estimated fair values of financial instruments at year-end were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">CARRYING</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">FAIR</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">CARRYING</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">FAIR</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">AMOUNT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VALUE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">AMOUNT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VALUE</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,894</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,894</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Securities available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,550</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,398</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">457</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loans, net</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">239,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">230,605</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">FHLB stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,963</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">n/a</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued interest receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financial liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deposits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(207,647</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(210,052</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(194,308</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(192,422</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">FHLB advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,050</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,531</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,450</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,600</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Subordinated debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,155</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,155</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued interest payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(301</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest-rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The methods and assumptions used to estimate fair value are described as follows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Carrying amount is the estimated fair value for cash and cash equivalents, short-term borrowings,
accrued interest receivable and payable, demand deposits, short-term debt, and variable rate loans
or deposits that reprice frequently and fully. Fair value of loans held for sale is based on
binding quotes from 3rd party investors. For fixed rate loans and for variable rate loans with
infrequent repricing or repricing limits, fair value is based on discounted cash flows using
current market rates applied to the estimated life and credit risk (entry price). The fair value
for fixed rate deposits with stated maturities was calculated by discounting contractual cash flows
using current market rates for instruments with similar maturities. Fair value of debt is based on
current rates for similar financing. It was not practicable to determine the fair value of FHLB
stock due to restrictions placed on its transferability. The fair value of off-balance-sheet items
is not considered material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 38</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 5 &#151; LOAN SERVICING</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Mortgage loans serviced for others are not reported as assets. The principal balances of these
loans at year-end were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mortgage loans serviced for Freddie Mac</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">22,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,340</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Custodial escrow balances maintained in connection with serviced loans were $322 and $402 at
year-end 2008 and 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Activity for mortgage servicing rights and the related valuation allowance follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Servicing rights, net of valuation
allowance:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortized to expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">End of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">201</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Valuation allowance:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions expensed</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reductions credited to expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">End of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of capitalized mortgage servicing rights was $137 and $255 at year-end 2008 and
2007. Fair value at year-end 2008 was determined using a 9% discount rate and prepayments speeds
ranging from 187% to 660% depending on the stratification of the specific right. Fair value at
year-end 2007 was determined using a 10% discount rate and prepayment speeds ranging from 190% to
960%, depending on the stratification of the specific right.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The weighted average amortization period is 3.0&nbsp;years.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 39</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 6 &#151; PREMISES AND EQUIPMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Year-end premises and equipment were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Land and land improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,995</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Buildings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Furniture, fixtures and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,904</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Leasehold improvements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">434</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: accumulated depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,758</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,167</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,246</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company leases certain office properties. Rent expense was $239, $365, and $348 for 2008, 2007
and 2006. Rent commitments under noncancelable operating leases, before considering renewal options
that generally are present, were as follows.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">171</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">154</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">846</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company is a one-third owner of a limited liability company that owns and manages the office
building at 2923 Smith Road, Fairlawn, Ohio 44333, where the Company&#146;s headquarters and CFBank&#146;s
Fairlawn office are located. The Company entered into a 10&nbsp;year lease with the limited liability
company in March&nbsp;2004 that calls for monthly payments of $11, increasing 2% annually for the life
of the lease through March&nbsp;2014. During 2008, the lease was amended for additional office space.
The amended lease agreement calls for additional monthly payments of $3 through June&nbsp;30, 2009, at
which time the monthly payment is expected to be renegotiated for the remaining life of the lease.
Total rent expense under this operating lease, as amended, and common area maintenance costs, was
$239, $187 and $183 in 2008, 2007 and 2006. The rental commitments above relate to this amended
lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The former President of Reserve Mortgage Services, Inc. (Reserve), which was acquired by the
Company in 2004, was a 100% owner of a company that owned and managed the office building at 1730
Akron-Peninsula Road, Akron, Ohio 44313 where CFBank&#146;s mortgage services office was located. Lease
agreements were for 5&nbsp;year terms expiring at various times from May&nbsp;2007 through December&nbsp;2009, and
called for monthly rental payments of $7, increasing 3% annually for the lives of the respective
leases. In 2007, CFBank&#146;s mortgage services operations were moved to the Fairlawn office and a $100
lease termination expense was paid in settlement of the remaining future lease obligations. Total
rent expense was $148, including the $100 lease termination expense in 2007, and $80 in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 40</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 7 &#151; DEPOSITS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Time deposits of $100 or more were $45,560 and $51,204 at year-end 2008 and 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Scheduled maturities of time deposits for the next five years were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">83,758</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,885</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">848</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">499</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Time deposits included $67,238 and $52,189 in brokered deposits at year-end 2008 and 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 8 &#151; FEDERAL HOME LOAN BANK ADVANCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">At year end, advances from the FHLB were as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maturity January&nbsp;2009 at .54% floating rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maturity January&nbsp;2008 at 4.00% floating rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,250</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maturities February&nbsp;2009 thru July&nbsp;2011, fixed at rates from
2.48% to 5.60%, averaging 3.98%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maturities March&nbsp;2008 thru March&nbsp;2010, fixed at rates from
2.90% to 5.60%, averaging 4.89%</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,200</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">49,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Each advance is payable at its maturity date, with a prepayment penalty for fixed rate advances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The advances were collateralized as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">First mortgage loans under a blanket lien arrangement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,649</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Second mortgages</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Multi-family mortgage loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,227</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Home equity lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,918</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial real estate loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,818</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,401</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">138,765</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130,059</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Based on this collateral and CFBank&#146;s holdings of FHLB stock, CFBank is eligible to borrow up to a
total of $62,346 at year-end 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Payment information: Required payments over the next five years are:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">17,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 41</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 9 &#151; OTHER BORROWINGS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank has a line of credit with a commercial bank totaling $5,000. At year-end 2008 and 2007,
there was no outstanding balance on the line of credit. Interest on the line accrues daily and is
variable based on the bank&#146;s federal funds rate.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Commercial bank line of credit</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average daily balance during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average interest rate during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.67</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Maximum month-end balance during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">373</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 10 &#151; SUBORDINATED DEBENTURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2003, Central Federal Capital Trust I, a trust formed by the Company, closed a pooled
private offering of 5,000 trust preferred securities with a liquidation amount of $1 per security.
The Company issued $5,155 of subordinated debentures to the trust in exchange for ownership of all
of the common security of the trust and the proceeds of the preferred securities sold by the trust.
In accordance with FIN 46R, the trust is not consolidated with the Company&#146;s financial statements,
but rather the subordinated debentures are shown as a liability. The Company&#146;s investment in the
common stock of the trust was $155 and is included in other assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company may redeem the subordinated debentures, in whole or in part, in a principal amount with
integral multiples of $1, on or after December&nbsp;30, 2008 at 100% of the principal amount, plus
accrued and unpaid interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The subordinated debentures mature on December&nbsp;30, 2033. The subordinated debentures are also
redeemable in whole or in part from time to time, upon the occurrence of specific events defined
within the trust indenture. The Company has the option to defer interest payments on the
subordinated debentures from time to time for a period not to exceed five consecutive years. There
are no required payments on the subordinated debentures over the next five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The trust preferred securities and subordinated debentures have a variable rate of interest, reset
quarterly, equal to the three month London Interbank Offered Rate (LIBOR)&nbsp;plus 2.85%. The total
rate in effect was 4.32% at year-end 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 42</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 11 &#151; BENEFIT PLANS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Multi-employer pension plan: </I></B>The Company participates in a multi-employer contributory trusteed
pension plan. The retirement benefits to be provided by the plan were frozen as of June&nbsp;30, 2003
and future employee participation in the plan was stopped. The plan was maintained for all eligible
employees and the benefits were funded as accrued. The cost of funding was charged directly to
operations. The unfunded liability at June&nbsp;30, 2008 totaled $365. The Company&#146;s contribution for
the plan years ending June&nbsp;30, 2009, June&nbsp;30, 2008 and June&nbsp;30, 2007, totaled $204, $124 and $127,
respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>4</I></B><B><I>01(k)</I></B><B><I> Plan: </I></B>A 401(k) plan allows employee contributions up to the maximum amount allowable under
federal tax regulations, which are matched in an amount equal to 25% of the first 8% of the
compensation contributed. Expense for 2008 and 2007 was $38 and $41, respectively. Prior to 2007
the Company match was on a discretionary basis and there was no match in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Salary Continuation Agreement: </I></B>In 2004, CFBank initiated a nonqualified salary continuation
agreement for the Chairman Emeritus. Benefits provided under the plan are
unfunded, and payments are made by CFBank. Under the plan, CFBank pays him, or his beneficiary, a
benefit of $25 annually for 20&nbsp;years, beginning 6&nbsp;months after his retirement date, which was
February&nbsp;28, 2008. The expense related to this plan totaled $24, $92 and $73 in 2008, 2007 and
2006, respectively. The accrual is included in accrued interest payable and other liabilities in
the consolidated balance sheets and totaled $275 at year-end 2008 and $271 at year-end 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Life Insurance Benefits: </I></B>CFBank entered into agreements with certain employees, former employees
and directors to provide life insurance benefits which are funded through life insurance policies
purchased and owned by CFBank. The expense related to these benefits totaled $16, $22 and $16 in
2008, 2007 and 2006, respectively. The accrual is included in accrued interest payable and other
liabilities in the consolidated balance sheets and totaled $166 at year-end 2008 and $150 at
year-end 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 12 &#151; INCOME TAXES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Income tax expense (benefit)&nbsp;was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current federal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(53</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(2</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred federal</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">314</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(44</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Effective tax rates differ from federal statutory rate of 34% applied to loss before income taxes
due to the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Federal statutory rate times financial
statement income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(27</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank owned life insurance income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(42</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(44</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effective tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">26.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">78.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">54.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><I>(continued on next page.)</I>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 43</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 12 &#151; INCOME TAXES (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Year-end deferred tax assets and liabilities were due to the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax assets:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Allowance for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">912</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred loan fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Post-retirement death benefits</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax mark-to-market adjustments on securities and loans held for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued stock awards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net operating loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,714</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred tax liabilities:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">FHLB stock dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mortgage servicing rights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized gain on securities available for sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">744</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">719</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net deferred tax asset</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,598</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,995</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Federal income tax laws provided additional bad debt deductions through 1987, totaling $2,250.
Accounting standards do not require a deferred tax liability to be recorded on this amount, which
otherwise would total $765 at year-end 2008. If CFBank were liquidated or otherwise ceases to be a
bank or if tax laws were to change, this amount would be expensed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">No valuation allowance has been recorded against the deferred tax asset for net operating losses
because the benefit is more likely than not to be realized. At year-end 2008, the Company had net
operating loss carryforwards of approximately $2.9&nbsp;million which expire at various dates from 2024
to 2028.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The adoption of FIN 48 at January&nbsp;1, 2007 had no impact on the Company&#146;s financial statements. At
December&nbsp;31, 2007 and 2008, the Company had no unrecognized tax benefits recorded. The Company does
not expect the amount of unrecognized tax benefits to significantly change within the next twelve
months.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company is subject to U.S. federal income tax and is no longer subject to federal examination
for years prior to 2005. The tax years 2005-2007 remain open to federal examination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 13 &#151; RELATED PARTY TRANSACTIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Loans to principal officers, directors, and their affiliates during 2008 were as follows.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,680</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">New loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,739</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Repayments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,632</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ending balance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,787</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Deposits from principal officers, directors, and their affiliates at year-end 2008 and 2007 were
$1,255 and $1,583.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 44</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 14 &#151; STOCK-BASED COMPENSATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company has two stock-based compensation plans (the Plans) as described below. Total
compensation cost that has been charged against income for those plans was $149, $167, and $166
for 2008, 2007 and 2006, respectively. The total income tax benefit for those same years was $44,
$52, and $56, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Plans, which are shareholder-approved, provide for stock option grants and restricted stock
awards to directors, officers and employees. The 1999 Stock-Based Incentive Plan provided 193,887
shares for stock option grants and 77,554 shares for restricted stock awards. The 2003 Equity
Compensation Plan, as amended and restated, provided an aggregate of 500,000 shares for stock
option grants and restricted stock awards, of which up to 150,000 shares can be awarded in the
form of restricted stock awards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Stock Options</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Plans permit the grant of share options to directors, officers and employees for up to 693,887
shares of common stock. The Company believes that such awards better align the interests of its
employees with those of its shareholders. Option awards are granted with an exercise
price equal to the market price of the Company&#146;s common stock at the date of grant, generally have
vesting periods ranging from 2 to 5&nbsp;years, and are exercisable for 10&nbsp;years from the date of
grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of each option award is estimated on the date of grant using a closed form option
valuation (Black-Scholes) model that uses the assumptions noted in the table below. Expected
volatilities are based on historical volatilities of the Company&#146;s common stock. The Company uses
historical data to estimate option exercise and post-vesting termination behavior. (Employee and
management options are tracked separately.) The expected term of options granted is based on
historical data and represents the period of time that options granted are expected to be
outstanding, which takes into account that the options are not transferable. The risk-free
interest rate for the expected term of the option is based on the U.S. Treasury yield curve in
effect at the time of the grant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of options granted was determined using the following weighted-average assumptions
as of grant date. There were no options granted in 2006.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.64</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.61</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected term (years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected stock price volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">24</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">22</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividend yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.66</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A summary of stock option activity in the Plans for 2008 was as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">WEIGHTED</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">WEIGHTED AVERAGE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">AVERAGE EXERCISE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">REMAINING CONTRACTUAL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">INTRINSIC</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">SHARES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PRICE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">TERM (YEARS)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VALUE</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited or expired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(23,825</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Outstanding at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exercisable at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">264,655</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">11.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 45</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
14 &#151; STOCK-BASED COMPENSATION (CONTINUED)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Information related to the stock option Plans during each year follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intrinsic value of options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash received from option exercises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tax benefit realized from option exercises</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average fair value
of options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2008, there was $43 of total unrecognized compensation cost related to nonvested
stock options granted under the Plans. The cost is expected to be recognized over a
weighted-average period of 1.6&nbsp;years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Restricted Stock Awards</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Plans permit the grant of restricted stock awards to directors, officers and employees.
Compensation expense is recognized over the vesting period of the shares based on the fair value of
the stock at issue date. The fair value of the stock was determined using the closing share price
on the date of grant and shares have vesting periods ranging from 1 to 5&nbsp;years. There were 39,575
shares available to be issued under the Plans at year-end 2008. There were 32,875 shares issued in
2008, 18,250 shares issued in 2007 and no shares issued in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A summary of changes in the Company&#146;s nonvested shares for the year follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="56%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Weighted Average</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Shares</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">Grant-Date Fair Value</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonvested at January&nbsp;1, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,525</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8.79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Vested</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,692</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.03</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Nonvested at December&nbsp;31, 2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,583</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5.72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As of December&nbsp;31, 2008, there was $93 of total unrecognized compensation cost related to nonvested
shares granted under the Plans. The cost is expected to be recognized over a weighted-average
period of 1.0&nbsp;year. The total fair value of shares vested during the years ended December&nbsp;31, 2008,
2007 and 2006 was $66, $106 and $123, respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 46</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 15 &#151; PREFERRED STOCK</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On December&nbsp;5, 2008, in connection with the Troubled Asset Relief Program (TARP)&nbsp;Capital Purchase
Program, established as part of the Emergency Economic Stabilization Act of 2008, the Company
issued to the U.S. Treasury Department (U.S. Treasury) 7,225 shares of Central Federal Corporation
Fixed Rate Cumulative Perpetual Preferred Stock, Series&nbsp;A (Preferred Stock) for $7,225. The
Preferred Stock initially pays quarterly dividends at a five percent annual rate, which increases
to nine percent after February&nbsp;14, 2013, on a liquidation preference of $1,000 per share. The
Preferred Stock is redeemable, at $1,000 per share plus accrued dividends after February&nbsp;15, 2011,
with approval of the OTS. Prior to February&nbsp;15, 2011, with the approval of the OTS, the Preferred
Stock is only redeemable with the proceeds from a qualified equity offering.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Preferred Stock has preference over the Company&#146;s common stock with respect to the payment of
dividends and distribution of the Company&#146;s assets in the event of a liquidation or dissolution.
Except in certain circumstances, the holders of Preferred Stock have no voting rights. If any
quarterly dividend payable on the Preferred Stock is in arrears for six or more quarterly dividend
periods (whether consecutive or not), the holders will be entitled to vote for the election of two
additional directors. These voting rights terminate when the Company has paid the dividends in
full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As required under the TARP Capital Purchase Program in connection with the sale of the Preferred
Stock to the U.S. Treasury, dividend payments on, and repurchases of, the Company&#146;s outstanding
preferred and common stock
are subject to certain restrictions. For as long as any Preferred Stock is outstanding, no
dividends may be declared or paid on the Company&#146;s outstanding common stock until all accrued and
unpaid dividends on Preferred Stock are fully paid. In addition, the U.S. Treasury&#146;s consent is
required on any increase in quarterly dividends declared on shares of common stock in excess of
$.05 per share before December&nbsp;5, 2011, the third anniversary of the issuance of the Preferred
Stock, unless the Preferred Stock is redeemed by the Company or transferred in whole by the U.S.
Treasury. Further, the U.S. Treasury&#146;s consent is required for any repurchase of any equity
securities or trust preferred securities, except for repurchases of Preferred Stock or repurchases
of common shares in connection with benefit plans consistent with past practice, before December&nbsp;5,
2011, the third anniversary of the issuance of the Preferred Stock, unless redeemed by the Company
or transferred in whole by the U.S. Treasury.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The $7.2&nbsp;million in proceeds from the sale of the Preferred Stock are currently held in short-term
investments pending approval from regulators to contribute it as additional capital to CFBank, and
pending the Company&#146;s review of The American Recovery and Reinvestment Act of 2009, which was
signed by President Obama on February&nbsp;17, 2009. The Company will be analyzing the provisions of the
new statute and considering whether to continue its participation in the Capital Purchase Program
in light of the additional restrictions imposed under the new legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Following is information on preferred stock and the unearned discount on preferred stock at
December&nbsp;31, 2008. The unearned discount is being accreted over 5&nbsp;years using the level-yield
method.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="77%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Series&nbsp;A Preferred Stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,225</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unearned discount on preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(236</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 16 &#151; COMMON STOCK WARRANTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In connection with the issuance of the Preferred Stock, the Company also issued to the U.S.
Treasury a warrant to purchase 336,568 shares of the Company&#146;s common stock at an exercise price of
$3.22 per share, which would represent an aggregate investment, if exercised for cash, of
approximately $1.1&nbsp;million in Company common stock. The exercise price may be paid either by
withholding a number of shares of common stock issuable upon exercise of the warrant equal to the
value of the aggregate exercise price of the warrant, determined by reference to the market price
of the Company&#146;s common stock on the trading day on which the warrant is exercised or, if agreed to
by the Company and the warrant holder, by the payment of cash equal to the aggregate exercise
price. The warrants may be exercised any time before December&nbsp;5, 2018.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 47</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 17 &#151; REGULATORY CAPITAL MATTERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank is subject to regulatory capital requirements administered by federal banking agencies.
Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations,
involve quantitative measures of assets, liabilities, and certain off-balance-sheet items
calculated under regulatory accounting practices. Capital amounts and classifications are also
subject to qualitative judgments by regulators. Failure to meet capital requirements can initiate
regulatory action. Management believes as of December&nbsp;31, 2008, CFBank meets all capital adequacy
requirements to which it is subject.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Prompt corrective action regulations provide five classifications: well capitalized, adequately
capitalized, undercapitalized, significantly undercapitalized, and critically undercapitalized,
although these terms are not used to represent overall financial condition. If adequately
capitalized, regulatory approval is required to accept brokered deposits. If undercapitalized,
capital distributions are limited, as is asset growth and expansion, and capital restoration plans
are required. At year-end 2008 and 2007, the most recent regulatory notifications categorized
CFBank as well capitalized under the regulatory framework for prompt corrective action. There are
no conditions or events since that notification that management believes have changed the
institution&#146;s category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Actual and required capital amounts and ratios are presented below at year end.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6">TO BE WELL CAPITALIZED UNDER</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">ACTUAL</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">FOR CAPITAL ADEQUACY PURPOSES</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">PROMPT CORRECTIVE ACTION REGULATIONS</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">AMOUNT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATIO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">AMOUNT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATIO</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">AMOUNT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">RATIO</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Capital to risk
weighted assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">27,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19,163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,954</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tier 1 (Core) Capital to
risk weighted assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tier 1 (Core) Capital to
adjusted total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,735</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangible Capital to
adjusted total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,168</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Capital to risk
weighted assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">26,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">18,962</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,702</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tier 1 (Core) Capital to
risk weighted assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,481</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tier 1 (Core) Capital to
adjusted total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangible Capital to
adjusted total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Qualified Thrift Lender test requires at least 65% of assets be maintained in housing-related
finance and other specified areas. If this test is not met, limits are placed on growth, branching,
new investments, FHLB advances and dividends, or CFBank must convert to a commercial bank charter.
Management believes that this test is met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank converted from a mutual to a stock institution, and a &#147;liquidation account&#148; was established
at $14,300, which was net worth reported in the conversion prospectus. The liquidation account
represents a calculated amount for the purposes described below, and it does not represent actual
funds included in the consolidated financial statements of the Company. Eligible depositors who
have maintained their accounts, less annual reductions to the extent they have reduced their
deposits, would receive a distribution from this account if CFBank liquidated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dividends may not reduce CFBank&#146;s shareholder&#146;s equity below the required liquidation account
balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>Dividend Restrictions: </I></B>The holding company&#146;s principal source of funds for dividend payments is
dividends received from CFBank. Banking regulations limit the amount of dividends that may be paid
without prior approval of regulatory agencies. Under these regulations, the amount of dividends
that may be paid in any calendar year is limited to the current year&#146;s net profits, combined with
the retained net profits of the preceding two years, subject to the capital requirements described
above. During 2009, CFBank could, without prior approval, declare dividends of approximately $1,702
plus any 2009 net profits retained to the date of the dividend declaration. See Note 15 &#151; Preferred
Stock for a description of restrictions on the payment of dividends on the Company&#146;s common stock.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 48</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 18 &#151; INTEREST-RATE SWAPS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company utilizes interest-rate swap agreements as part of its asset liability management
strategy to help manage its interest rate risk position. The notional amount of the interest-rate
swaps does not represent amounts exchanged by the parties. The amount exchanged is determined by
reference to the notional amount and the other terms of the individual interest-rate swap
agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Company has a program whereby it lends to its borrowers at a fixed rate with the loan agreement
containing a two-way yield maintenance provision. If the borrower prepays the loan, the yield
maintenance provision will result in a prepayment penalty or benefit depending on the interest rate
environment at the time of prepayment. This provision represents an embedded derivative which is
required to be bifurcated from the host loan contract in accordance with FAS No.&nbsp;133, <I>Accounting
for Derivatives and Hedging Activities. </I>As the result of bifurcating the embedded derivative, the
Company records the transaction with the borrower as a floating rate loan and a pay floating /
receive fixed interest-rate swap. To offset the risk of the interest-rate swap with the borrower,
the Company enters interest-rate swaps with outside counterparties that mirror the terms of the
interest-rate swap between the Company and the borrower. Both interest-rate swaps are carried as
freestanding derivatives with their changes in fair value reported in current earnings. The change
in the fair value of the interest-rate swaps with borrowers was an increase of $773 and $124 in
2008 and 2007, respectively, which was offset by an equal decrease in value in each year on the
interest-rate swaps with outside parties, with the result that there was no impact on income in
either year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Summary information about the interest-rate swaps between the Company and its borrowers is as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notional amount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average receive rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average pay rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.04</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average maturity (years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of interest-rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">929</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Summary information about the interest-rate swaps between the Company and outside parties is as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notional amount</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average pay rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average receive rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.19</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.04</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average maturity (years)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of interest-rate swaps</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(929</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(156</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The fair value of the interest-rate swaps at December&nbsp;31, 2008 and 2007 is reflected in other
assets and other liabilities.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 49</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 19 &#151; LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Some financial instruments, such as loan
commitments, credit lines, letters of credit and
overdraft protection, are issued to meet customer
financing needs. These are agreements to provide
credit or to support the credit of others, as long
as conditions established in the contract are met,
and usually have expiration dates. Commitments may
expire without being used. Off-balance-sheet risk
to credit loss exists up to the face amount of
these instruments, although material losses are not
anticipated. The same credit policies are used to
make such commitments as are used for loans,
including obtaining collateral at exercise of the
commitment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The contractual amounts of financial instruments with off-balance-sheet risk at year end were as
follows.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FIXED RATE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VARIABLE RATE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">FIXED RATE</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">VARIABLE RATE</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commitments to make loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,687</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unused lines of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,939</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,468</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Standby letters of credit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Commitments to make loans are generally made for periods of 60&nbsp;days or less, except for
construction loan commitments, which are typically for a period of one year, and loans under a
specific drawdown schedule, which are based on the individual contracts. The fixed rate loan
commitments have interest rates ranging from 3.20% to 8.25% and maturities ranging from 12&nbsp;months
to 30&nbsp;years at December&nbsp;31, 2008. The fixed rate loan commitments have interest rates ranging from
5.63% to 7.75% and maturities ranging from 5&nbsp;years to 30&nbsp;years at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 50</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 20 &#151; PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Condensed financial information of Central Federal Corporation follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONDENSED BALANCE SHEETS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="66%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000">DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,125</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in banking subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,767</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investment in and advances to
other subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,065</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">873</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">823</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Subordinated debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,155</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued expenses and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,075</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,379</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total liabilities and shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,514</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">32,780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONDENSED STATEMENTS OF OPERATIONS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">YEARS ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">426</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">416</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Loss before income tax and
undistributed subsidiaries&#146; operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(700</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(754</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(719</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax benefit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect of subsidiaries&#146; operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,162</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">490</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 51</I>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">



<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE 20 &#151; PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (CONTINUED)</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CONDENSED STATEMENTS OF CASH FLOWS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000">YEARS ENDED DECEMBER 31,</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjustments:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Effect of subsidiaries&#146; operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,162</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(490</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(450</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in other assets and other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(175</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net cash from operating activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(459</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(416</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(662</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in banking subsidiary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,000</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Investments in subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(525</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(158</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net cash from investing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(525</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,158</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash flows from financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from issuance of preferred
stock and common stock warrants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds from common stock issued
in public offering</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,558</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Purchase of treasury stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,632</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(830</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(860</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,402</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,429</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Net cash from financing activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,711</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,232</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net change in cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,173</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,309</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,298</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,989</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ending cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">10,365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,125</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">9,298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 52</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>




<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
21 &#151; EARNINGS PER COMMON SHARE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The factors used in the earnings (loss)&nbsp;per common share computation follow.
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" style="border-bottom: 1px solid #000000">(DOLLARS IN THOUSANDS EXCEPT PER SHARE DATA)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">723</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Preferred stock dividends and accretion of unearned discount on preferred stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;available to common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,467,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,452,119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px DOUBLE #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px DOUBLE #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px DOUBLE #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Basic
earnings (loss) per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net income (loss)&nbsp;available to common shareholders</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">694</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted
average common shares outstanding for basic earnings (loss) per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,200,504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,467,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,452,119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add: Dilutive effects of assumed exercises of stock options and stock based incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add: Dilutive effects of assumed exercises of warrants to purchase common stock</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">381</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average shares and dilutive potential common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,202,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,467,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,452,119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Diluted earnings (loss)&nbsp;per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(0.01</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following potential average common shares were anti-dilutive and not considered in computing
diluted earnings (loss)&nbsp;per common share because, in 2006, the Company had a loss from continuing
operations. In 2007 and 2008, the exercise price of the options was greater than the average stock
price for the periods or the fair value of the stock based incentive plan shares at the date of
grant was greater than the average stock price for the periods.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="58%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">2006</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">292,730</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">277,655</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock based incentive plan shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,904</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,221</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,401</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 53</I>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
22 &#151; SEGMENT INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">From 2005 through 2007, internal financial information was primarily reported and aggregated in two
lines of business, banking and mortgage banking. Beginning in 2008, mortgage banking activities
were considered to be part of banking activities due to mortgage banking activities&#146; insignificant
contribution to the Company&#146;s overall performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The reportable segments for 2007 and 2006 were determined by the products and services offered,
primarily distinguished between banking and mortgage banking operations. Loans, securities,
deposits and servicing fees provided the revenues in the banking operation, and single-family
residential mortgage loan sales provided the revenues in mortgage banking. All operations are
domestic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accounting policies for segments were the same as those described in the summary of significant
accounting policies. Segment performance was evaluated using net income. Income taxes were
allocated and transactions among segments were made at fair value. Parent and Other included
activities that were not directly attributed to the reportable segments, and was comprised of the
Parent Company and elimination entries between all segments. Information reported internally for
performance assessment follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="44%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">BANKING</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">MORTGAGE BANKING</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">PARENT AND OTHER</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000">CONSOLIDATED TOTAL</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(426</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,728</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(539</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(539</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain (loss)&nbsp;on sales of loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(79</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">312</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">473</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(604</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(619</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,965</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,084</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(329</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,378</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,379</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(726</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(733</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(246</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(249</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(480</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(484</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>December&nbsp;31, 2007</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">276,947</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,898</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">279,582</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net interest income (expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(416</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,765</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for loan losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(820</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(820</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gain (loss)&nbsp;on sales of loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(90</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">471</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation and amortization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(399</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(506</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,480</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(565</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(298</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,343</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income (loss)&nbsp;before income tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(684</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (benefit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(57</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(232</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Net income (loss)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">527</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(112</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(452</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(37</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>December&nbsp;31, 2006</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Segment assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">232,074</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,518</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">236,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 54</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
23 &#151; ARBITRATION LOSS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Richard J. O&#146;Donnell, the former President of Reserve, filed for arbitration against CFBank for
breach of his employment agreement and in September&nbsp;2007 was awarded $662 plus 5,000 options to
purchase Company stock. CFBank paid the award and the Company granted the options. CFBank was
reimbursed by its insurance provider for $36 in legal fees that were part of the award. The
arbitration loss of $641 (net of the insurance proceeds), which included $15 in payroll taxes
related to the award, was included in salaries and employee benefits expense in the consolidated
statement of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
24 &#151; DISPUTE RESOLUTION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In June&nbsp;2008, CFBank and Kaleidico LLC resolved their dispute related to a residential mortgage
lead generation and management system. CFBank was granted a perpetual license to the system and all
upgrades.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>NOTE
25 &#151; LOSS CONTINGENCY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank is currently investigating unusual return item activity involving deposit accounts for a
third party payment processor. Activity in the deposit accounts began in October&nbsp;2008 and was
suspended by CFBank early in December&nbsp;2008. No losses have been incurred to date, but the
investigation is on-going and the Company cannot at this time estimate whether any amounts may be
at risk with regard to the accounts. Accordingly, no amount has been accrued at December&nbsp;31, 2008
for this matter.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><I>We mourn the passing in 2008 of Columbus Development Board member </I><B><I>John Mead.</I></B><BR>
<I>He was an original member of the Development Board, and we will greatly miss the<BR>
advice and counsel he provided.</I>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 10pt">CENTRAL FEDERAL CORPORATION 2008 ANNUAL REPORT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>page 55</I>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>BOARD OF DIRECTORS AND OFFICERS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 7pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="22%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="18%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left"><B>CENTRAL FEDERAL</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left"><B>CORPORATION AND</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>CENTRAL FEDERAL</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>CFBANK COLUMBUS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>CFBANK</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left"><B>CFBANK BOARD OF</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>CORPORATION</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>CFBANK EXECUTIVE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DEVELOPMENT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>COLUMBIANA COUNTY</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DIRECTORS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>OFFICERS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>OFFICERS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>BOARD</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DEVELOPMENT BOARD</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Mark S. Allio</B><br>
<I>Chairman, President &#038;<br>
Chief Executive Officer<br>
Central Federal Corporation<br>
Chairman &#038; Chief Executive<br>
Officer, CFBank</I><br><br>
<B>David C. Vernon</B><br>
<I>Director, President and Chief<br>
Executive Officer, National<br>
Bancshares Corporation<br>
and First National Bank</I><br><br>
<B>Jeffrey W. Aldrich</B><br>
<I>Former President<br>
Sterling China Co. </I><br><br>
<B>Thomas P. Ash</B><br>
<I>Director of Governmental<br>
Relations<br>
Buckeye Association of<br>
School Administrators</I><br><br>
<B>William R. Downing</B><br>
<I>President<br>
R.H. Downing Inc. </I><br><br>
<B>Gerry W. Grace</B><br>
<I>Former President<br>
Grace Services, Inc. </I><br><br>
<B>Jerry F. Whitmer, Esq. </B><br>
<I>Of Counsel<br>
Brouse McDowell</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Mark S. Allio</B><br>
<I>Chairman, President &#038;<br>
Chief Executive Officer</I><br><br>
<B>Eloise L. Mackus, Esq. </B><br>
<I>Executive Vice President, <br>
General Counsel &#038; Secretary</I><br><br>
<B>Therese A. Liutkus, CPA</B><br>
<I>Treasurer &#038; Chief<br>
Financial Officer</I><br><br>
<B>Laura L. Martin</B><br>
<I>Assistant Secretary</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Mark S. Allio</B><br>
<I>Chairman &#038; Chief<br>
Executive Officer</I><br><br>
<B>Raymond E. Heh</B><br>
<I>President &#038; Chief<br>
Operating Officer</I><br><br>
<B>R. Parker MacDonell</B><br>
<I>President,Columbus Region</I><br><br>
<B>Eloise L. Mackus, Esq. </B><br>
<I>Executive Vice President, <br>
General Counsel &#038; Secretary</I><br><br>
<B>Therese A. Liutkus, CPA</B><br>
<I>Treasurer &#038; Chief<br>
Financial Officer</I><br><br>
<B>William R. Reed</B><br>
<I>Senior Credit Officer</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Lou J. Briggs</B><br>
<I>Former President Pro Tem<br>
Worthington City Council</I><br><br>
<B>James J. Chester</B><br>
<I>Partner, Chester Willcox<br>
and Saxbe, LLP</I><br><br>
<B>R. Parker MacDonell</B><br>
<I>President, Columbus Region<br>
CFBank</I><br><br>
<B>Douglas S. Morgan</B><br>
<I>Attorney, Calfee, Halter &#038;<br>
Griswold LLP</I><br><br>
<B>Louis A. Nobile, Jr. </B><br>
<I>Former President<br>
Bank One, Lima NA</I><br><br>
<B>Joseph Robertson, IV</B><br>
<I>Managing Director<br>
RBC Capital Markets</I><br><br>
<B>Brenda K. Stier-Anstine</B><br>
<I>President, Marketing Works</I><br><br>
<B>Roland Tokarski</B><br>
<I>President, Quandel Group</I><br><br>
<B>Steven J. Yakubov</B><br>
<I>Interventional Cardiologist<br>
Riverside Methodist Hospital</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Nicholas T. Amato</B><br>
<I>Attorney<br>
Amato Law Office</I><br><br>
<B>Vicki M. Holden</B><br>
<I>Executive Director<br>
CrossRoads</I><br><br>
<B>D. Terrence O&#146;Hara</B><br>
<I>President<br>
W.C. Bunting</I><br><br>
<B>James J. Sabatini II</B><br>
<I>Trustee<br>
St. Clair Township<br>
Co-Owner<br>
Sabatini Shoes</I><br><br>
<B>Diana M. Spencer</B><br>
<I>Vice President, <br>
Columbiana Region<br>
CFBank</I><br><br>
<B>Joseph J. Surace</B><br>
<I>Mayor</I><br>
<I>Village of Wellsville</I><br><br>
<B>Penny J. Traina</B><br>
<I>Commissioner<br>
Columbiana County</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CFBANK OFFICE LOCATIONS</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="25%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>CALCUTTA, OH</B><br><br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>FAIRLAWN, OH</B><br><br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WELLSVILLE, OH</B><br><br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>WORTHINGTON, OH</B><br><br></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>49028 Foulks Drive</I><br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>2923 Smith Road</I><br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>601 Main Street</I><br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>7000 North High Street</I><br></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>Calcutta, Ohio 43920</I><br>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Fairlawn, Ohio 44333</I><br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Wellsville, Ohio 43968</I><br>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Worthington, Ohio 43085</I><br></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>330-385-4323</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>330-666-7979</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>330-532-1517</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>614-334-7979</I></TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>CORPORATE DATA</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="49%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>ANNUAL
REPORT</B><br><br>
A copy of the Annual Report on Form&nbsp;10-K filed with the
Securities and Exchange Commission will be available March&nbsp;27,
2009 without charge upon written request to: <br><br>
Therese A. Liutkus, CPA<br>
Treasurer and Chief Financial Officer<br>
Central Federal Corporation<br>
2923 Smith Road<br>
Fairlawn, Ohio 44333<br>
Phone: 330-576-1209<br>
Fax: 330-576-1339<br>
Email: TerriLiutkus@cfbankmail.com</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>ANNUAL MEETING</B><br><br>
The Annual Meeting of Shareholders of Central Federal
Corporation will be held at 10AM on Thursday, May&nbsp;21,
2009 at the Fairlawn Country Club, 200 North Wheaton
Road, Fairlawn, Ohio.<br><br>
<B>SHAREHOLDER SERVICES</B><br><br>
Registrar and Transfer Company serves as transfer agent
for Central Federal Corporation shares. Communications
regarding change of address, transfer of shares or lost
certificates should be sent to:<br><br>
Registrar &#038; Transfer Company<br>
10 Commerce Drive<br>
Cranford, New Jersey 07016<br>
Phone: 800-368-5948
</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>page 56</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;|&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<IMG src="c83111c8311101.gif" alt="(CENTRAL FEDERAL LOGO)">
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-21.1
<SEQUENCE>4
<FILENAME>c83111exv21w1.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 21.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;21.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Subsidiaries of the Registrant</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">CFBank<BR>
Ghent Road, Inc.<BR>
Central Federal Capital Trust I

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>5
<FILENAME>c83111exv23w1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 23.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;23.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Consent of Independent Registered Public Accounting Firm</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">We hereby consent to the incorporation by reference in the Registration Statements on Form S-8
(333-84817, 333-105515, 333-114025, 333-115943, 333-125661 and 333-152984), and Form S-3
(333-110218, 333-124323 and 333-156564) of Central Federal Corporation (formerly Grand Central
Financial Corp.) of our report dated March&nbsp;11, 2009, related to the consolidated financial
statements of Central Federal Corporation included in this annual report on Form 10-K for the year
ended December&nbsp;31, 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 50%">Crowe Horwath LLP
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Columbus, Ohio<BR>
March&nbsp;27, 2009

</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>6
<FILENAME>c83111exv31w1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;31.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Rule&nbsp;13a-14(a) Certifications
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Mark S. Allio, certify, that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">I have reviewed this report on Form 10-K
of Central Federal Corporation;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the small business issuer as of, and for, the
periods presented in this report;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">The small business issuer&#146;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f)) for the registrant
and have:</Div></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being
prepared;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. generally accepted accounting
principles;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">Evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">Disclosed in this report any change in the registrant&#146;s
internal control over financial reporting that occurred during the registrant&#146;s
fourth fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control over financial reporting;
and</Div></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">The registrant&#146;s other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing equivalent functions):</Div></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant&#146;s ability to record,
process, summarize and report financial information; and</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD align="justify"><Div align="justify">Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s internal
control over financial reporting.</Div></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;27, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark S. Allio
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark S. Allio
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>7
<FILENAME>c83111exv31w2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 31.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;31.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Rule&nbsp;13a-14(a) Certifications
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">I, Therese Ann Liutkus, certify, that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this report on Form 10-K of Central Federal Corporation;</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">Based on my knowledge, this report does not contain any untrue statement of a material
fact or omit to state a material fact necessary to make the statements made, in light of
the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;</DIv></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial condition,
results of operations and cash flows of the small business issuer as of, and for, the
periods presented in this report;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">The small business issuer&#146;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in
Exchange Act Rules&nbsp;13a-15(f) and 15d-15(f)) for the registrant
and have:</Div></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">Designed such disclosure controls and procedures, or caused
such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being
prepared;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">Designed such internal control over financial reporting, or
caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with U.S. generally accepted accounting
principles;</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">Evaluated the effectiveness of the registrant&#146;s disclosure
controls and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">Disclosed in this report any change in the registrant&#146;s
internal control over financial reporting that occurred during the registrant&#146;s
fourth fiscal quarter that has materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control over financial reporting;
and</Div></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">The registrant&#146;s other certifying officer and I have disclosed, based on our most
recent evaluation of internal control over financial reporting, to the registrant&#146;s
auditors and the audit committee of the registrant&#146;s board of directors (or persons
performing equivalent functions):</Div></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">All significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant&#146;s ability to record,
process, summarize and report financial information; and</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="12%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s internal
control over financial reporting.</Div></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: March&nbsp;27, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Therese Ann Liutkus
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Therese Ann Liutkus, CPA
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>8
<FILENAME>c83111exv32w1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
<TITLE>Exhibit 32.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif; margin-left: .25in; width: 7.20in">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;32.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Section&nbsp;1350 Certifications
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">In connection with the Annual Report of Central Federal Corporation (the &#147;Company&#148;) on Form 10-K
for the fiscal year ended December&nbsp;31, 2008 as filed with the Securities and Exchange Commission
(the &#147;Report&#148;), the undersigned, Mark S. Allio, Chairman of the Board, President and Chief
Executive Officer of the Company and Therese Ann Liutkus, Treasurer and Chief Financial Officer of
the Company, certify, pursuant to 18 U.S.C. &#167;1350, as added by Section&nbsp;906 of the Sarbanes-Oxley
Act of 2002, that:
</DIV>

<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">The Report fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</Div></TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><Div align="justify">The information contained in the Report fairly presents, in all material
respects, the financial condition and results of operations of the Company as of and for
the period covered by the Report.</div></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark S. Allio
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark S. Allio<BR>
Chairman of the Board, President<BR>
and Chief Executive Officer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Therese Ann Liutkus
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Therese Ann Liutkus, CPA<BR>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Treasurer and Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body --></TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Date: March&nbsp;27, 2009
</DIV>



<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>9
<FILENAME>c83111c8311100.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311100.gif
M1TE&.#EA/@&.`>8``+G"VHF:PJRFI!Q`C:2>FTEEHIN4D?GY^>KL\_W\_&-Z
MKUISJQM`C>SKZKFTL=S9V.3BX)&*B)>1CK*MJL&]NN'D[L;.X<O2X_7U^2I,
ME&J`L[.]U_?V]?[]_*JUTJ>AGE)LI]/0SI")A]O8ULC%PM7:Z,7!OM72T#Q:
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MAO[^__O[_/O\_?CX^B]/ED-@H'*'M]?;Z(^(A??W^AQ!CO___R'Y!```````
M+``````^`8X!``?_@'^":FQJ;1`Y6%@4(1QJ<8:"DI.4E9:29DB99I>=ES$2
MH0)09H9JG68)<9R>EV8<`J$2#ZRMMJAF9K&A#VF3N4A(<3<A)#@PCFIJN;?-
MSL^W:89M;;70U\YQ/Q0O9V=H:-]3$RK*V*V9;6I(YY0/(B(1!!RY9A/>^/EG
M`LS7KP01(IRAU:Y9+H`BT!#$9(8*CB=ROH%C\J$%EP[6"FHLJ.S$BPD)-HK\
MXR;7@R?@PH'[EO#%CS@C_]0C%J*?Q@?>Y'%8LP;)A(#?].W3A.T?T`=O8EKB
M:0:@MP>"ZJG9\0'<!RPY$A$X(Z<'EXQ*P_[J9T@'&A$<Q)XK!2%BRJ#P_P**
M^'!JI)D8`KPY6.-&Y(.`\J`(2O,S0K@S@`/R`]N,`\"`#_JJG93F<02H,G/M
MZ&9`1;U<7$B<$5%SLFF9/TX(6M-FQ!,'C$]W<M.$B;>$!'9P<0+A14`T$7;$
MU"5QK^2;@`D(_D,8J`0<T*.?L`G-,>#(LIE;QERJ#0$T!CA4^XRD38T)7[.+
MA8"&@"1JZF*KI^2&`G##`D+*5`/%@+<G.Z211B9Q#+A),$BPP8H9ZJP#B2:Y
MY!40;,"P@L0ZN2BS#(,9!H,A$G\%I-Q@A9WQ@BN9*+B,AYRD$0PP&%H'63V:
M:")-,%'12!Z",%Y8369L;+<:$CB@(0<$G;211?\N`ZX"X2`'"K,B$AW$]YD9
M26'BXH$+*MBA5*6`^9D*9Q#@AAL\$O5'(0>^P<J&%]9(W48<>'&?!#<LV`82
M6#CPP)X#MK%##1108$((-XS7P`.,[J`&!"08"L,79MPPPG>*/3!"`U$P^L`.
MAYB`10A4J)'%`SA(R@4$C([0:7++-2?0B98$TT`()A3:P@\_UO/%"+GB$$,3
MV]5#!0RI4I`#!%Q$%8.G7U#1`@4X0+!G`X124$,3BS(:0U/78?+$&1/(]]F`
M7-P0A1,+1IDN/7`BP<$-36PX5KI1'*#F)LLX<0,'$.Y)Q;\09H*$"NU%]6&[
M:C1QPQ`_RE2>ATW\D*C_4F2J),"^N30Q7BY#4"!!2B*<84`-2^*`6`0ZY##R
M;0+<4$-"*]-,P@DK.P"#!/C@<,,$<JPD!Q95E7Q"B(&1"-0+UM3#A0D&'/:-
M`2:PFTL#`@@TVA0]/"$7+6V$\-U9HTG@P!"Y=/,-!'F%8T`3.43M#1H?.'`?
MTT+*U(0W.9B[8A,D"/#""P*0T$0]%)"CP@0O$!`"!!/T$`4%'S3>PP^?L3%$
MX(-_8$(3$/8PP0YXO?#!"5_%H,,3IN,`A>@_"X"&!!/4OL,.D7\&@0,$O/"$
M#B-8[9,.')A`@`0OZ`#!G.>$$/0W)JAY"1=5&7E8T"+48(9H`4T15V(MWY=8
M_P0W`_:$!/%$,$4+!LA1,CY21W`TK$H+9``$^.=_0Q832)W3:#U81P/L]!N:
MW6<@:JC!640`AZ"YCVYM2$,W2O:".81#!#W`0LU&P\"[529<S%%!1+[5"0,U
MX`,)>0)$P).G/VQE`EXPP`?&`8,S(,^&3R"#'"0P@@0@(0$_6"'KO"<!B/WA
M!2+0@1=,1RXGA``.LR.``2+P`?_\('X"&<$((L"T3,#`@A(XWC=ZT(8WI`$.
M7OB`R9[`A(A@3B0YP`<<M">?/VCP#',P0!3:H`(HBL``#>!>!-XW/B^897P!
M*1]0SJ(8LZC$`#HHVFCDA[01,:<PATG,&2@``WCD$?]4/X@:.!K`/SX`QV0.
M4-MO/G46-*Q/#8Y1"0S,\(*5O.\LHKF/"`0P`>^M[`4?A,Q@0B`"";S1%6]0
M0UXDT(`.(*$!$H"#``[@PF]0H!HC8-761E`-#E1%`H=30U4`*4`#B.`)S5(;
M!=30`1CL``+>Z,$!]N2\;R2``P]H#Q2@P`$N_.4%=.`C.!Q`BBR0("(D,*,W
M)+"#"S5A7.42"0G"$30Z6@(8!H##-V(@(#[AHP83E4L.H/"T]*'A!#=08T`F
M<(-_X2P@<(!##T+@``>,3#&@:X,)6$))^ET2*$+9)`'2AP-@X.`W-5#!%%H)
M$DTX8&4*H<!O'*`&`2'L&Q__<(-O`B*'BM3@(Z,!1PPT<0/T!028>=N>B5IX
M"3H@H89R$$YF;A".FE1EFI/`B0AFR0DS?&%<L&G!&9C0@#?]H&0P.*((T#,8
M->@`#@303RYZ$`Y!J$`>45G#/P?TU"=(%@F4-0`AO*$"A<4@'LW:2`W">H8<
M2.\72(@"%,-!@AK8MG]S.`,6!"D`-G1`#3=8&0(E%`$'U.@$@$%#`#$2`D9&
M``8!FV!/112K$ME0%J'00<D$X@#;UD`'0-&!8(,R5LU(`"@CR)I`)N#='*S$
M"[0$3!&5`064A(,`Z[@0>,\:S,M(HH9>V(%\UN#87;8+"56!S5;ZEM<S>,$)
M1#%#_QQ,@(8GV(-<RQ!$>;:"A2.>H09UJ91_2"BQVJ#!LIB5B6:Y:(8H=&.6
M.5*!%T106!NR0V(-^$9:-@*#E:`!"QD>BV82<L';2.0,#@AI<8$!!<`,A#@3
M"A-R`\*$;VE"@2O#'(0$$)?Y4;=^)ON!F,>,$ZAR,!^%"\H9HE`/;_[F!(^!
M!S[>-YKX!H0"%\K%RY1+(Q(`!JT@-`,$2O:`NBR%.#U8T!K,8#<!J&&HJFDP
M`>J1F1.XT@Q5N>:"/#H!#X]@02(\`Q7:90:4H-@]*OZGH"/"YAQ1`27?*F:[
MZ'J&Y6AD!^$(R`<@08D8["`!'8``4+&+W1Z0('W&R47ZGO\LNRB;80U3UHDD
M5IN^PK+B'HCQ<M)^.BM*O`'7B!&!%X@=B@GX62!H:,)@N*!>$;3@,0XF=RCL
M?)G/G'>0)F@1$@3+W[1R`!Q%Q<5W*&"--&!AET@`2*0E@9/%M,@,>FW*&8K:
M+ASLTL.]8#@>Z?&+K9PZLZJ^*@=\(0G'P.$$;+#A)-QP@Y+9NB!M,.>;#2T(
ME!`@!C_XC1S:4"LE&R<8!Z3%/5::"V@#9F.2X7=`OL6*JF2[DM5=&B7,T``X
M`,8S34-"#G0NUTIM=:\?D$MI,*$,"0)F>1C]#3\RH\%^@]!-5?F`N8CC`))'
MQ6[E4K@[SF!A9N2BN4S`M&[[P5G_-'2Z&QFWK#?0-HDWU/+CJ>9B&G9@FP9D
M21!#0(EGBKGREM=:)&E0>C''JHDL.``HV5MJ;AL@C+N$8)YJG1!?!.%D6M@M
M(!(8=1LLK9A)0&`*@`'RGBZ;:VU;4E8FFKH3;!.0FJ@A`3&H@7A`Q)(SF&`9
M:HCC49[*%3Q+F`HD:,">Z(TD`[7-E52H1@)JZ79A9J8%\*C!>'[1A@:HH`=E
M\E">QX4%<"U<$#@A!X[05VU`69-F-[NV(&I02R:`<237$"C1`A!B"#_@#9;5
M'AFR8DQ#+"+0-YK@3`_@/FBC<I+`<BXW$G\%%',@!P+0`STP5+]A`%!P?@(`
M,*&$!DP@_P"!E#.S]P>U9P8A`%5>(`",L#(",`E?T&SJHS-Q<T'3M6W(1RN8
M@`0F$`]SD2A4L!5R0``-X$WOXP44`"P\LTJ=%%,OH`)(<``3(`)R\`2SM%41
M@"3UL%I!X3@GP&4>E#?)E`!YX04680UM$`4?P`0Y,`5G(('!T`8`1@MZUV`B
M0`%+@AH\DV]*)0<P)A,CP!6EA7@/:`8'9P"CQB#L!@Z"$`4FXT//]D\]81^@
MF`Y.D!>39@8D*`@F^'DB808[($H:-3?@``],,!T0P#-6,0'VA08ZX`2BH1>?
M`3^T$`5N43+*A3/>L!@:5D.]*!&V=`9'<QC*40_89B)-4RDCD_]"J\,2!'``
M0!A6K91;4O,`4.!T)C,!;6-#;*8V9X`DBV8&!S`V9#,:4.0-+Y!P<_,`=/`'
M/8&+52$'P',#7,`%#=`"W[0#.N!@+1`%41`"/.,`[+(5)V!W?Z!7<H`#%O,`
M6_$$`.,3)A,"0Q`%)Q`UZ$%+3Y8C/V`G`J`"-[`#^&>!?Z`&/$,"%CD$^<0T
M2/`#$C`'-5DQ3S4%LX0$-C1KX?!R!>$+42``#V1+$2`'!A`"*P(#&54R-#,7
M]5(D$Z()RE`S#Y`@^->/-1!M`A`QU)`#$<%:@V,DVEAF@9$AA2$'3/,+ZQ!*
M\#,W3Q`%FI``%)`/\2!%J]0P6Y$2AR'_`3"@#NP7AY,@*.-",URQ%;/R:`(!
M!PLA"&W0!#JP5`PT&GA48>+7!/>@0RDA`*#3%"=E#3@A0Q$!C4]@+1<RE7.#
M1W#P`5^P#K6T$!D2C,]C03J045&1D\#1`B.`!ETD:".S$@Z6`\O0!C:6(\&%
M%B.1!@36`3=``5($#F%4`U\P@?)2`U6$/`(0`]1@!B-04PX0`F39!N[I`#_P
M?&KP`R90.P[0`+M34R0008-`"#=0G&&$`U^0`^X)`3O@GB:`CE?FGG@&6\O`
M!2$@``8@`08@`#"0!7$0,#]@H6$4`E"``^[94-00`XR#H1\@?870!A3@G@TP
M"55R`.^&H3JP_R@0:@8F4*)-HPP<4`,@*@&O`0'*`!^E0SCJ60U4Z`#+TV!,
M$P*50P`MX`2KP"`_=*0"\"=*^J*.HC"9<`#&0S@0@`0O.@A.U#L?\`,+JFF9
M\`4DT#M/@`5[I`X)X`!DE"--4%/4-!]\VJ=^^J>G@1,OT(.`6JB&>JB(FJCS
M(:B$JJB.^JB0&JF2^I$FTJB3>JF8FJF:NA&,>AR;^JF@&JJBVJFB6JJF>JJ/
M^@,.0'#,@ZJN^JJPJA2EH""O%:NV>JNX:A!7DJN\VJN^^JO`&JS".JS$6JS&
M>JS(FJS*NJS,VJS.^JS0&JW2.JW46JW6>JW8FJW:NJW<VJW>^JW@&O^NXCJN
MY%JNYGJNZ)JNZKJN[-JN[OJN\!JO\CJO]%JO]GJO^)JO^KJO_-JO_OJO`!NP
M`CNP!%NP!GNP")NP"KNP#-NP#ONP$!NQ$CNQ%%NQ%GNQ&)NQ&KNQ'-NQ'ONQ
M(!NR(CNR)%NR)GNR*)NR*KNR+-NR+ONR,!NS,CNS-%NS-GNS.)NS.KNS/-NS
M/ONS0!NT0CNT1%NT1GNT2)NT2KNT3-NT3ONT4!NU4CNU5%NU5GNU6)NU6KNU
M7-NU7ONU8!NV8CNV9%NV9GNV:)NV:KNV;-NV;ONV<!NW<CNW=%NW=GNW>)NW
M>KNW?-NW?ONW@!NX@CNXA%NXAGNXB)NXBKO_N(S;N([[N*;J)G4$N<^0!DM0
M`91[BQK@`9E;$+E0`C20`F8P()WK#VJP``-0`$Q2NM!@!C-``WY``U70JJS;
M"6H``@/@!WYP!$%6N[<``'Z0NWZ@`+3KNV2'`&+``,(K`Q%CO*[0!CP0O,+K
M!T4PN:Q;#Q:0`<JKN\$+!-9;NBT*`MS+O0,``M_;N=1@!.,[OC3@!,Y[42L`
MN^L;O'ZP!,7+ND4@`PPPO_3KO>?;N&N0!ABP`/O+OW[```MPOY1K!ER@O@8\
MOK/[OC)!!`^\OBOPOXJ;"0'0!=-;P3R`P8F;`"X`NQW\P`I@!Z7+)&9@!T$P
M`/M;P@9\!38`OKEP_P<.7,'\R[F=:P9LT`<@\,(XO+X#8`0+#`P7(`7;N[U!
M?,`,H+H*/+BE4`<>4`9+S+^Y:P5@\,2`6P\8X`,'7,7S.P"YZ[^,JPQ[<`5@
MC,,:H,5_V\5?G,8/+`:C>[CUD`5`D`=PO,0(`,)V6PI[H`'RF\<XO`%\#+>Y
M(+E5$+W2"\."/+X+<'E_FR%JX`)EP,B-S+]6P'.!RR`>(`9B_,:7_,!B/`-]
M^QE@(`2X2[ZAC,/[ZP%LW+:ED`4`L``DO,IIO,:%/+;,,"!.L`(%8,MYO+]=
MD,5]7`T'``1B0+_`G,<#8`&:3+=F4`5&0,7*:\G+7,$#$`2YK+578@9]L/\!
M26`%0'S-C:P`S[RVFV`&17`$M"R]Y!S*8K`%9VL&=-#-=6`!7GS`+JS,[QS,
M?K`!\WPE%6`$&=#/Y)R[1!#0;6`#1B`%XUO`!KW*^PL"7RNY&6(&8+`"1%``
M7:"[GQS1RRS&5H`!K]RT!M(&"```&TT#U@S2MIR[&]"[3RL@N5#/GU$')0`$
M"\#!7ZS$+OW.RIL$)2VT];`GAK`"1@`"XOS1/]W4?I`'0QVT9H``%G`$*0`"
M!>W46KV^>2#3$IN/W;RKGP'683UW97TE65`!%@`$`:``>=#1N@O$$+W5/PT"
M7AVQ=.`E11TFE)8+"F(@9XT+Y*$&=E`%>[`";+W_`%9`OY_,U'3]V.:\S?":
M"R51SXM&UKE0!T6P!Q;@`0'@`PJP``60!R@@!F(@`QF0VAE0!J8M`U*0!P4`
M`@J0!`'@`AM@`4JP!"50`;Q=`DN@!!8``$=`!!H``GF`!QPLO`7<P2W]V#^=
M`G?]KV*2"T4@!`%0W%*0U?P,S"\,T4GLW.#=R`S``$#0O`+KS26P`3R@`060
MU<R=NX[]TG&]SW$=WO:=Q@/0!7LLV>4ZNE>"`4H0!E==T./-O=6\ON-LT-Y]
MWPS.R@R``JNKKY]1`4(0SM,[UPV>X1I>P4E@KR71S6HP`RD@`_P\WLV]X2C.
MX`,`!/9*'FU@`4F`!QB>_^(T7N/CBP)%T.)FX`06T-#N;.-`#N0,0`3\O:V?
M@0`>H`"P^\+P'>1.CN(,<`%%KJVY4`$\L-A/GN4VCL`^U*Y7L@?BJ^5B7N,#
M8+]33JUQL@)A/N9LON$,0+SO>@>S3+XGWN9V[M(9L,?J*A47H`%8#M\S?N>"
M#M(%'`#1/:ZE@``IL+UU/NB._LX@,'_F6@]WH`4=W>B/GNG`/`!74`*4-NEJ
M```H`,J:7NH1O;\,```T9ZY%D`3);>JP[M)!T`9LT-^9#0!YL,^8'NN\7L%`
MK`$'4!+]K08LH`>!WNO(WLBY"P)U<.;+6@\S@,:DGNS4#L9`#`)W$-73:@A!
M`/_7U?[MC;P`"("N%9`$N7OLX)[N\ZN\&E`%-X;HKOO#\:WN]&[@^JP!6>SL
MRFH&%V`%35[O`#^_76`$AT[EF6$&0C"^NQ[PIO["5E#>VOZL=:S(#%_QW-OI
MJPZN-3P&/&WQ%:\!"%#P5)[97KSP'I_IYVX%`9#M$?^L;-`&=Z``)P_P\"T%
M*V`(^FZL4E$',F_R,R_HTYL$)/WI&E_#^?SSX*Z\#)`!%WRNN6`'8X#TZCX`
M-)`$6R#RW9H+/.#M4E_M,N`!&%`2GHKH&X#N78_R'KT`54`-Z)H+*W#VR#Z]
M4F`!GX&N:J`$V@WWL<X`>,`#5="N6Y#*>A_K55\";)__KARB`#X_^$ZN`$I@
MWFVO!CQ`WXR?Z1JP!>F\Y[GPNO5=^6*NQ/N;`0%0O;N:KM7``LGL^6R^W%VP
M`$"PWSDOK0P2`(NO^O:=NU>0!`!P!Q\3^]&*!!90^[9/U]O;!2#@`@<`R?*J
M!@5@]L.OXG$M!5JP]AA"K[D0`,^OX<+[T;E;`$"`^=T\K]2=]]E_^^,K!3X@
M!!6`]9.M!AI0_AI>!@L0````^RT_Z4HP^,Y_[DX-"`-^?@,9("DK;69K?XV.
MCY"1DI.4?V:79FIFE9R=GI^@H8]V((.FIZBIJJNLK:ZOL+&G#((#MK:F#+*[
MLX,H&AM;BIJ8HL:<EVTVBL?-_\[/R&8`NKS5UM>O`[2UJ8)6!1H!02X>0@#G
MZ``>'BY!`4D@>-3SO:V"?KI28RX`,P=F;])@&K@)VK-,`#1<,LBPH3$S54IA
MFTCQ&JU3-*0H,!)$R`4;8#`Q\S3P0)$2*SP$(9)$P0(0>6+&+`!B@8(D1G@<
MV6#!!H:!#H,^,E,A#PI-0I,J=63&0Y>*4*.^TB5&`1$@%Q"()$;P$\%D:C2U
M"7N@"HNS9Y%@4C,6D]IB2QN^\>&G"XN"<?,:5"-1JE^*N"[*6,"C`EZ]B!-[
M&KN!T(`5AQ5+[K2"T-_+UP1UR>/"L!E%D2>+5IR@`@U<"D*/'BV0S0)\F&/;
MJR4(F/_6@0)5K]X=]!*"*[G*Z.:=.%.1+O=D*T>EJTP2#T7:C"1./6\F!*62
M#ZA0??2E`-26BZ];@$>)-F\S=5^?U`P+/>$M`V`OV<R!#.-E4[.BX8):^@`*
MQ08;7&B0W"E$+!1@7&94EE]L`^!Q1!^*_+?@A<\@D<`"!YI22!U(8*C4&QH\
M*)4VMBRP0@(#K>&&B#!^\L8E?8#`#7-^+#%<C,<<%Y^)UNPWA@5U\&AD*)_-
MT!<K0.QX)"A"``D5?RL@H08;3V99B1D6%&!9*RDXJ24ETJ4@96:#*###F&P.
M=8D:2`AA!2P#%(!!FZ*848049U8C2`'+B(DGAFM(UT>)LM#_8,&@H$C39RP,
MT,)``9#!Q>B1N:EA@1BY3.6'%I>21,2CV0PB0QA@A,IF6!6,,2<O`VB@*C(+
M_$@J*@-TH8$-%L[ZY!T>H`!;-5+X2HD99=RZBBXH`#"=L2)>HE:7PUY3A(+0
M-K*$-LJJX@,&83&2;;1M*)%'5#Q@FRT/W:9RA05=C;O>5VUL4``NU5ZS@+K0
M&MBN-KI>*V^`;UYB`P]\_E4&BP,78&N?#-"@!1C/#MS=9W=80(0,A%SDUQ:"
MCHD)'NTR@(<2(5MLW1IFI(<`$%(\+!4#0+R1[248>'SK`N"JH3)U+']600!>
MXB.S5""DG*7!^'3X(+=$.&'ISPP&__T5"RL$``(-7^J,6<1]W&S&!=WRT`=2
M5"/V51U[>)!"`<B=.<`28D=)*@U`L%5QVDI=<L<20J10AJ1?G@G$S4@$0*H5
M*X3U9&X$A;565YE,_M6;FK!QR1J<LRSYY2)5H80+"G#:[BFI*6WD)6;V64:E
M/A_Y%087N$#$&"X5D(<8,ER1P>]B!"]%'C4IH,$81/``!`![L,#B)6E$'[U(
M9FQA@1`\I*``""A8<<O1MW91A>H\9I)$GS)<P!7!E\RXN1E]S+`!#QJ`(`-R
MA`^";Z>61>JA+A[+0!F"1T`9&#`#<Z('MP0!P-.E`C+&RH0"SL0X8EQH(&QP
M0MN,`(+!.?_-@2!411#(%R,WF&%)^5'4^A:$LQ5LK'\?#*$,3Z&0")X02%T0
MPMZ(TYHXM($-8-@`".(VPR)F`P7<\=4E$/6@$6J./F^J0Q@6<!HC6K%4&X@@
M$L[WH`#<86JK(0@&`."#*W#KBFADA2X2Q"\\76)4^5D`"]!&';:HH0@N&&(:
M]^B*`>RKC6VZA!;R@X<JC,5FU6G#$HS@H1CR,8VZR(`=`,FF2SAH.5VP`0E[
M<XDL6.!<CPSE*P!`29&IH03+$80+&$8<.+E`6(X4I2Q]0$=&70=\4%$`:':3
MFV`Q$)>R?&0!2JFE2]B!:[)!P1XVV9!>%BZ8T$1%`6HY*$R@();_%-D`-46#
M"3N8,9K@1-T.!S5!8%I#5NPQ@^+"&<X!&(&8;"*"__PR`!H@`(H8X!@[H2D(
M_S`30Q;XVA%B-R\U@&>?T!0#&"_EA`R8<Q=2.`!!+V8&5&(3H45,PKC,\)H3
M^0$`;(&B^?*%T2OF:C[9,NA?]H6A/9"TI%94@!,VNH*G1(4&$%Q0H>X%4T@V
M;EQJP$!VH)($J5VP7,_LZ0P54(=_PN@2['HH*[21"*<R2`U9.)=4E2HE&FC2
MJABZA!+VAPT0H`>L?;N$!Y+*U9*Y8*%*1*$U'F,D-8"RK:=+$3Q#U2"*,$`&
M12J?"RZ*U_S\"0R]DI<9G""LB1P!K6I#_X"7"%M8"`TB#SK:ZZ4^XP%=4!85
M5KC+ZLPPR)=6=CRV*(,%)FJQEGF3K;!8P#C9AP`:;/6T)[*"$J[$MT:LTQH;
MT&PZM?!9W%:D%ADP3&\=X009%-=4SWN2&1!@4^/F)P\5F&UKP?-</2P"LL5I
M@P^>:]VY:@!DPH66&?;@7%XTJ9AMV()MRRN;+A`!L<N%1%B(4%P9:+*8$J1O
M;,H``"2,);^1J``O:M@F&Q!1P%`90!*JL$T$6X*1LG"!=F&DA@E"^+AY`(#4
M*HQ@,\R@NJY@`+S2$,@-G.:V$`X,#5)P+:!8&!*?D6LW!'$7\'+3"1,D[X?]
M4``E;-C"EYA!+/^2MHA`2N,60Z:3'V2P(KC>.!(VLH<?@A`J)TA!R)6]!RWP
M((0[7%D4E0'?`%!J2P#`-LKW*,`1*.9CB[&!IZTH`5\Q4`8P]W2!1#["^*Q\
MYDFHX0BON--FS7`$&!<6!*2L<]K<\ZI59("U3G9"LJ(\"!KXX%ILB(.DJ98)
M1,<P#Y@>%!R-JT`_*```/RDT0RY1A4JG0@%8FE45@$/?#"B@,\-(M:SSQ#I6
MO--72&A=6\4\`"LL(`@7F&2\A@T-B"`S%8_UE1HN@)^V1JHJ'G`"&TA,[6JK
M@8FHR*FJBJU4/"Q@`[>15GK+W2BBV+9#%Q@U;SXS5A/%YXP>2H77`C[_B$@)
M`@\:<($%$(!(>A=GB1UB@(Z4J(8$:,#1?B*$%61`/`7<9`Q&"'GR>!#RD/L@
M"1KP.`A6;A,-I"``1P"`$A#P/$([7"B8`,!\3[%,)5[B`A@O.(ZXA0<0:(`(
M0?#`"I1@@T%C8GH`@1[D0$=U&]]<,7500(=6!*TTM.&N0:+&P1>0`@\@`$YL
M./+5\:2&:<S""G2+8!LLX&="^!K><)*<YB2W=J`ZX5P'HD$85FC+S_`)F%!.
MDQ`T^:*^+_<2;A;S(`+FN$6;`0A218$/A'`;S>G;\=$R`P9XK3_8%"#?-B_?
M);SLM!OQQP/H)0B+0?]X1"^+!QA0>_EX$!\`_PHB#SSXXKQI/[#%;EH5`Y""
M!4)TJ3;L:1:Y\L$6U$+]SQ-?NF98M2H8T`4%G-V"JS(##WZ9!R'$^OKTO@08
M@`,^*Q"A`FJ8O<CB:P4KZ&$%PK<^^BO)NA@"6@I!4&.I5QWT8@,+8`&@,8#[
MAV!*T&U300,\4`1\%WI7T@87H`%/(3`+V'=(8`2(UT`*D&]/U095H`57X%FN
MIG\;R"AQL`1&(PN"(`9$8$@UMQL$@01L<`=!4`#7-BSHM8(W=R7H!@L7P7V$
M<0%9P'S>X3<6$`0+8`4-E`I$0&Y`>&,_]V:K@"*FX&Q!8`%]`#H'`3HF%%\`
M0`0@`(7)\2/>(`Q5>/]S9I`'=0=E5N`#&U`!69`)B?40TM(6=E`!`(`P6+@*
M(]2&#C<V05=Z!V(%(,`#2L`"!Z$&?6`#`/`VKX)Q4E`$A)A^=A6(%&$%4K``
M1Y=T*S`#-J`5;5`!%;`$*<$#++$`!7!\$38`/*`)\I>)5]8R:Z4<M&$9-V(+
M\^083?,7#!!1PV>+&V4&=9`PL@%PSR1YO.@8=;<*'E",QB@OO(=;J*:"U6@D
M50!V>,4`*U"+VXAD@Q5F?B`%=ZB-XX@A<;`%ME98J+>.2*8&XW=:`Z!+ZBB/
M%[(%QC4`(JB/)58K]N@#^0B0`&(&#G9:#)`!ZD.-!NE&2*!C/14I*>!Y#SG_
M:6/3!0.G5!D0$@5YD<2!"0IPB*&4`E0(DK-2.1;@@(65`5^(DFG3!J-"DFDD
M"(,(DS^C!A60`=&X1PQP!8J&DZUE!D)`DY#D!\'UD4*Y&G:@C(4E`T:UE,57
M`2CF;<$EE<77!O586'X4E%BI7F9P!Z5@E%=$`VSVE38T-J2'5ZFCE&B9&&H0
M)3UI1;30!3,0!^+XEJ%2<?(TET84*0H0?WJ9+7?047A%`R`SF.I5!*:#5V&B
MF#:T!_+`50`S:)"I*D&S`CQ)F9^B>Y<9(VYQ23#%+5:@%9\Y*VP!`.]84@.@
M!6YYFGT3%G+"59/2!K#)5V\B!/A!EB$T`,$5/;=I_TMLL0)K65(%X$.O&9P-
M\29(4`&-55*ZL`1YJ)QX4@4&$H7L5"=J0`?4R5=]0`2GX9<.-`/)V9T.D1L;
M@!]D!4X$Z9#F"2!J(%GB^2\S<&#O.2B*T`9`T(/AQ$;WN5EML`?GLYZR)`,]
M]Y_5I`EW(`3>&$P,$`#EB:`&,77T2#(7,9]/`Y42JBH#`@9"(`^\"23E-U,;
MNEEO`09`,$3S$*+TA`\9<'_"5Z(1!`8>H`!<PZ)_41Y+L$LRFI9Q@`!&(`88
M"AA^H'GDR141VJ-)`76;8&)&0#(=,Z3+<@I=4``N<"W1PS*68`9YJ:1:E`4S
M$`9Z1*!^T4`@H`460&?NZ4:E;D0056`!+@`/%BIT0B<SX:$=$8,""T`$86`!
L3C=M;&J%HC<#`&`[&K``>7`%4&AP]6`+-(`'*``""I`"27<!B1FHCA`(`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>c83111c8311101.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311101.gif
M1TE&.#EA+P$=`.8``/W\_.GK\MW;V<&]NLC$PI")AY>0C;*MJM31SAU#C[6P
MK=O9UZ:AG>'>W+VYMI"*AO?V]?[]_=72T#15F:JDH>+@WKJULLS(QMG6T]'-
MR_#O[92-BL[+R>/AX,?#P>KHYN3BX"E,E/+Q\$AEHYZ8E*VHI:6?G.7DXI*,
MB6V#M;K$VW:)N>CFY?GX]\3`O:RGI9:ER/7T\^WLZOKZ^J.>FLK1XZ*<F>/E
M[R1(DIR6DK*\UIN4D>SJZ>_M[/;U]*":E_KZ^*NEH?CW]MK>ZUISJZ^JI_O[
M^M?4TL7.X?7V^?S\^ZBCH)F3C_'O[96.B_CX^867P6-\L>OIY]#5Y>?EX];;
MZ9Z7E//R\?#Q]OCX^OKY^+^[N+>RKZ"NSKRWM'Z2OM_B[;NVL[2NJK"KJ/[^
M_)&+AZNFHX^)AC]>GK.NJZ&;ET]JIO_^_O[__O[]_OW^_O[______OW^_?[^
M__W]_?7U]-/9Y[2OK._O];RWL_[^_9"*AY&*B)&*A_[^_O___R'Y!```````
M+``````O`1T```?_@'^"@X2%A1%T`2MOAHV.CY"1DI.4E9:7F)F:FYR=GI-T
M3REH$9^FIZBIJJNLK:Q^L+!31`D)>*ZXN;J[O+VN;A%*4U`AM0DJOLG*R\S-
MF;!_L7Y8-S=X>&!(,"/&QBF%L6Q^<7YMTK!SI[&>XM*"<&WIAGYL<<_GN-)M
MA.VQ;7']QCG+-`=?*C\`W&#9AJ.;PX<P"NF)%6.!"PM;,LA0,M'/*7-Z//E!
MT&?/'@Z"_,30T*2ERR8:KM!YYJ'/F3X27/DI4*"/B9F#_-")X`="A0L$CO`8
M2L?C0$Q-9S15Y2;+BH8/LQJ;D`1<A`8,^)0<NX?$@HGJ@(DDR1-E-`L]__O(
MG5O`!`2:?7HBT-ESCXF002-4H("B3($]>7>X,.+T:24_1KB4$=#X$ZPJW+1J
M7E/%34I82@8X*6.R).*\3JB4$MFBP18+GR3TY./6CX4]?,0>SNWW;B8/>WKF
M=(78KU/0'@J;X5"A`X8!!OJDN:('L.-&Y(P(T@.!01\.E3VY`;-&L]807V[0
M\1P-U@72)C>8.>`]=Q\&`#[Q"$(Z2&P^9=`VB`5]\&::279I0D!P?`S72FY\
MF#"('G1(@!L!$'0T40<[,-'!4-<YXH<$"J2DAP`#B&#=)VZD8)Y#.(SP10"P
M`'!<!"+`5\8.//BA1P0(;%``'P5\((XYL`34F/\^YU205Q_^M2<..;#\D^0Y
ML,`!BP0`"B@(@;F]$$$$;(BC!QM(T@-'>\=!HR4]"PXI098`81D+.071$TXX
M4\8R!X02IB0#8A=@&<$;"S0@QY7^V%E.H["0$X>60:&IYY+2S)%.I-*T(PX)
M!FSWXYA.];,//2F1TX8X?[`QQYJ%3)%5""L@84T`5=AQ0Q9^N/&&'EBD`)A0
M=]B'0A.%>%'&$BP`4%U3W`%1G1S5T<,&(G30`8$1%([9P1YE0%DF+&_X(0<B
M2@CQHX^0">&&'T3%PF6`;OT!)A\OS-,4O%I`0&T$PP+LAQ8MP%*3G$1UU.]0
M`&L(2P1RM&`$M-5M&Z__C^4"&I0+9>1@!!N/2#,1`/MF6VW"%`H%,!T=K0,O
MN]4*\JZYV<(\ZAL"^U%N!*!N!\NZ)E8W$5&")(Q(RM`4XF(W:.@PPQLUO]'&
MO@_7,$((0+&AQ`:\C1$>#U*DK$<++M@0;A\[<!&#'T*8X+8"&BC@1`%ET'`$
M`$7\8%(!3KA]P19NFR#"%M$Q(0$=+NB]AP$$<!"X`/-Z:6^!^,X3`0M%1%<&
M"@P@D%\T/@R0`]V*`2>GN2`4P01BG",`2P6!2R"`&N&.,4,#010F'Q4TN!V&
M'QH+`H$)>V2`EHA"'6&!`@Y4,%%U1TC0`@MA<''"%0B<A<'R'K1`U)IPT`&"
M_P-B>(&!=JTV@,`5,6S!Q>$3+>"%`@/$T(,$%2P@`1-.(."_#RR0P!6<HH<%
M.$`!7E@`T?Z``03$X`->.$`83G`\0F2F%BN@T<ST@`TP!(`:->A"%+`"AI3T
M`#=B*50ATN0''BRA.*;I@Q6DX`/*[8`&9]A;'U`@`"O(!89]&$`:BJ.`'^Y!
M`$'@R5S*P(2\[$$"D:O7O9:@@2I6T0=^R``*#A.<DI3!`=41P1+F<AHF\*1!
M>KC`!KI8('`YP`\+X,D>N+"ZP]SA`G.32T^:F)<7L"%X?P#!%C40'G!(P3ME
M<()<TB`"6$0'.DUTPA'*<H`R;,`P3$!`PT0P!A3T(?\Z>V``"XB2ACX0P`!,
MV``*J."#$I3$`'M@P@'VD`83<)$W'R!`'SH`+Q&XL@^*[(,99/`N'W+!`(GL
MPP8&L")!H,$;68@`,`+0A12,8`(30,,(T(`58W0A)2<8$A_VT(!"1F,B1>R)
M%XY``!3D)@PQ0*$1Y<D`'_:%<D($8DEVX(##R$4-2T`!8N04Q0%1;@,D(($5
MK$""`7Q@`W+YP06.X,H];*`"=.`"76Q@@BT2J4$\$&@?2)"!(Y@!,660P0*>
M-)>\>,``#Y"+`9:P@]/T(5^`Q(!)&`,R1]2!!GLHP0("2((]A&$&>H`E$P@@
MA2,,P$E[0($'.M``!VP.!$+_&4,?;"`!%BR``GN@@1;>D`8^.&$`4C"@$DII
M`@1X-0@F28/^^`=%"?B``'S@I19<:0(,4&$!WAE#'?Q`@D]NH0)4(,`&G,`#
M0Y0G`6C@"+S<\-@7)>`;T>@`Y?;0`W/ZJ`DB_<%0]#"`DC#!2?9A@`!D<(`G
M&0`$'"@.#2I0@1Z4THLDX,)\"L,3!9"A0HHD:)>D2#D^/$"<?+#``'A2``R<
M2PA;+(`"M"#0X&SA7!+08X.V,%`)5"<&<]O#!5;:DT2.00$&:&U>F-`$/US!
M!G/!:6X"]0<$[,$)]-@'.-RS(Z3"X@JC.4MT"%`=@#FI#!FX6!CZ<`<E?`!M
M+.B(_PB(Y[JROJ`I33F!167P/`#`-PVPZ-D?M(177F(`F`.L3@N:F`'"EH$`
ML&B*`@K@`D-`H18Z:).L+(N#&PB"#1KF30>:^1F\$DD!S>F`"_KP@.*AT``G
M@(41%&D2-F@V-U'Z0RESXP0A(*(!$&("8Z+!A3,(EUX&S8T2]:B`)=CG"$EF
MPCAI<(("%8`)`%B3'QC`(`0X`3$&D$`'!IV#D@@U+\<]G!NT\(,A%<"[/FI`
M?/\`R".4A"CZ)82>6CNGGOKA#@78@A]@:J1!:'8'66,#!#[)@@L$T2F(X$`?
M:."'LB+@78*HB0M^)(@X7&`/!P"9%4(EB#:4V`]AV,,6%O_H!P<PV`\^/(&)
M:C(`0SP!F]),R1O<<$&MH,$.Q]'`9B_`B'GH(0^\.=L/Y:++W-"@#NOR(6*L
M3+DL;YD/6V!9`0O4!PI`@PV_/K/DIEC%EFB`"B2P3VE*,DXK(&!(_793P/GP
MZYBV5"R((8$`G.B$%E0+ED3J[']+(]\(F;HP&M"#/`BA)1\0KP=E2DE-#A"!
MZ'36U`4HP6I:Y8?1+8`+>W#=9QI0``/4F@\-.)X9^H"!I/EAX\'^P[`'8>R\
M^J$(!1CR<1802L+VX0."*!>U#4$'*!`!:;'0@58F$`4=8,'I1C"`?5YPC@)R
M(`81L(":;?""OK_`#'VW[WPAD*3_PI:$WG()`E'8D(:X\!(67,?RXOW@:H$3
M-TQ):X,&$IX;"O3=#*!_@0(>/DXS7&GBKC:)`3SO=]!S@;Q]\)J9#"#.'B1,
M!$\J.7UC0(,^)+B0/A+!#QZ@@5:!S-@/*,&H^X`L4_?A`(`!&;3W<`2M"CT:
M$0!!`5!P]'(ZA3\+<'H%@"UL8O^AZKQ\01^H,)4_N*$!QB%!D5("!UU66R*S
M`(,[_J`$-$Q@!5V@`RHP@$-0,YH6`64E%B@091/Q!@``5B9P`5Y@'Q=`)M?2
M%!'@`RAD`D(P")S7!W]P`ENT!QY#2OX$=CXR?N.4`P`P+@[`(%`T7&E6.4$Q
M/!"R-D1A_S22UG!-(0ZM-21:E'%-4"8`,R810%Y[8`$>80Z%)A8+`"T@T`?A
MHGM!X6P_,&;@,#8OQ`*:-@![H`#+UWR"H%D,4!E)U0<-4%K@\6-T$$<[T'WV
M(`AB$'1.-TE1-W7%=FRE=`0+I`<9L`?^)G]@-PCV9PAN0`=?@`,P4`4S``LW
MH`-0D`2.DC2?T0.D020;L`!:H`=7<%MTDP%VYF^PP`$#L``BH('SU8&"\(%_
MP`.K@Q@$T`,^<%M[`';F$`/C9!*%X@<G4$<-4E!?0CGY$A2V\4/E%`$S,`8<
M<`(S4`<MU71^``*D,20(,`9#,AFPT`(*L(PS`'M<X!&P4`*(P?\':M`"=*`%
M:=!D-T5I\Q445(`8X`$-TL`!&1`&!?!&E\)G!!8=8O@'WX("6!0+#T8"39!=
M::`$<&`F7N@U9=4`<?@'&5``9K`O:.)LP4981A<+QU83BI<E?C!+8"2(A%"(
MC6`'W1`"6($#*D")DN`%##=.B:1$B,$%=.`=X'(!33!)B%$"5["!JO@'K-@"
M;L8;.7<`XC2(L)!$I6$"%+!&LQ&#:!:,8:)I<%0:--`!&E`$8Y$!=!`$Z\8`
M#`!1>=$@\'<8-D`%&J!^95`&#4!>!0`;Y[12>7%G9B!O4\B.)K<=$5!Y`R`$
M(M,`*(`"7$`W'\`P#[<#4A"&A/`M0<7_+6-3:"X0`1!0&/'X='_&`G`X"#E2
M``F&"!4`41<Y1DLQ)AY@=0_V``*0,!5@20WP!B))B$$D(DOS$"D`+Y4@!P,0
M(+G(1@^P!(Q1`7QT&O!Q`CX@3ASH@?;Q!VE$.2613[D!=F\2`Z_817034[\H
M@U))@Y]!!U8U%E)X&#2G!S*P.NNV?3`(`/U4'`]@&#G7AG,)ER]S&S$4+L>U
MCH`D%$J@2Y\T!B[@`0[``#WA`4:P!9LC!@[@2F4`:?RXF`6P1FI0/3NP55@4
M`;*&`B6P!0<`45XP$0WYD!&07<OB`&.P.<\G#OW$!%X0!B!0FD,F![&%`D7@
M``=`)`1@(Z\I_P@D.0\W,`%9@0-#8$XB0@<=8`$D<#;@L@07H`6Q(`46$*%R
MP00*0`5ZT#9OXY>"4`2!\RY:0``4D%!J4`$#$#@R\`?D<"U20$<\D0,N0`"/
MLP"!<P0R%SA>D#1OH@09L`1K)(4T<`$!R8MRDW$N<`&/,S5W"E'@8@($H*2P
MXS8>X!%S(`Y"P`%JT!,&4`)'$#B_$SA@^!GB<`(.0`.>=!@[H``"8"-&X#B>
MY`1F\(0^0@&"`RO^Z!<+L`3AD@/U(PU'\`(0Q3D<L"]A2@5.YP<8$`2*Q`1;
M@``F,``ZTP-<L$8&\`$98`*8"0L(@*<[M`0(H`2P@*5C.@C1>@$BXO\&-<"C
MM`FD(1,!&M``=54!$,`R)D(',B``"R``2\$RV@(!$*`N3B$$^)HA/Z(',U!%
M(A`!+="O0"$J1O`!\RH#=#`#_6H$1H"O/C`#*=$O^.IQE0$O!`L""[``%>`#
M8_(9,W`"\ZH!R"BQ'W,M$'`"\MH!:R-E/@`!/J"DA#`F5R"O)V"._>H],INO
M&?L\,>`<1[!:)O,\=0`"`D`%F_@\^-I^_N@3;%,!#<!AI').+<"R()`A*5&P
MVGH<$R$$++L4$5LP.#.R`O`!2N"P6#@V+)NS22,$/G"P?^"P6H`\;X`'*5`,
MQH`#1""WDY`FXC`NF*(SY6(G/@,K/^,C&F*=)A?#DNP"*8H;"_OR&4YA#CO'
M)BVS?Y/XN)3K!V_"0E3##YDK,H^[#L3X/)=R#@FSN971`74QB6R2NI1;N"D1
M$(6KNM(P,VUR#I[FN"S9"+`P`T-0`T@P!$G@M"&2O,J[#!V0E\M["KI++CIC
MKL];O=9K"LU+7]?+"5K2#F^"*ML;ON*K";"@629`O>.;ONJ[O@>A!STP`"K$
&OI`0"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>c83111c8311102.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311102.gif
M1TE&.#EAK``L`.8``)NIR[.]UV9]L3M9G.'D[5)LI]'6Y313F,')WL7-X:FU
MTM;:Z)&AQF%YKGZ0O-G=ZJ>RT"-&D/[\_4IEH^;H\>CI\?KZ_/CX^KC"VGJ-
MNHZ>Q1M`C3%0EX&3OG&&MBU.E>_P]45AH/+S]J"MS5QUK+;`V(B:PNWN]$!=
MGNKL\MW@[)2CR$UHI?3T^%ERJB5(D9BFR=/8Y[W%W,G0XG:+N:2PSQQ!CAQ`
MC2A)DO;V^<C.X6Z"M(26P'2(MZ^YU/#Q]JFST<7+WU9OJ<W3Y/KZ^V^$M<[4
MY:RWT\[1XKS$VX>8P1Y"CS=6FB!#CXZ<PVF`LO+S]_'R]^/F[RI,E+_(W2E+
MD\+'W6R`L_#Q]1U"CO[]_?W]_?[^_?_^_OW]_OW^_OS\_?[__OS\_/[^__W^
M_?[___W\_??W^LK2Y/O[_/GY^XV?QO/T]_7V^?___B!$C_7U^?CW^5ETK%MQ
MJ3!2EYBHRNCH[_?X^OW]_/O\_(J<Q(N;P[O#VKO$V_[^_O___R'Y!```````
M+`````"L`"P```?_@'^"@X2%AH>(B8J+C(1^6V)4.P-5$38V+U55.`U%(PD+
M($1:6WZF?EJ-JJNLK:ZOL(Q?%0TVFFL!1R4E$"4^:VL#!R\V'"P>1R<27JFQ
MSL_0K*>GT89=,%E7%2"F77[>TZ92#RL\))E,'@`)W%I:U-7Q\JWA?O."?@XO
M%>^,[NX7$F`8\00%DPD\$$!Y9^^>PX?X_(")@:&$BFGSPCCX`*??(H:FWG'1
M\@4*`!9O!D"X:`JBRWACS#Q9<L-&M@JEYOE1D(6/EX:P3,VJP6&)@X4ODS[S
M8P5%"1`R.M@XL*!9/#\_6##)`?353S]DN*1!0(<)!J5H7_F!X..4!0@'_YB<
M8*C*S\\M<`@02/%EVI8@')Z`T,(E:+T$!5X$:)FV\:(N,7[8>Y0F2007+3PR
M0D6%AA`F3$)T6I'DQY8M,EZXJ'I5"@L.4KHZGEV("Y?)IX[8J,'8WPA;+!HT
MX&%"`(L(53H8X:*#R0L-;+[U?C7RP8L5LG5.I[W*CQ@2$2ID1S0DRP337;=`
M,8#"1I$T<#Q$.`#DC+MH/3@4AFC7*O=5[BQP`P9=J-)#!"!(P$6!@S!T@0X1
M"*'&%BHXT`0'3H`0#0`VC'?5##'\1X\?(&Q0`X.)>`.'$"S`,T@X,;RAP"D+
M]$`'!SP\`$9(VR42DA,O-%0/1HZ`Q,@/'^!@@/]F(C)BP0=K>/BB%B"P4("4
M@VPQP1RF,,.%`4IPP`$-`?"34R-V21$"#T*&5($,#T"QA7]_4,D-EH+`H8\/
M9UX%#I%_?O/'&.$<8DH436#W1QC3,-J2*5PX4$44W?CH`)<\^F'&!0`($<$+
M.\B@QC2$FE)&.&"P5\"HIT!QA``1U!3"`K)QX<(!2<CFQZB.^%&!&+=%Y$:/
MTORC!05G?('/2.Y,1I(6/QG*10(V)%$@*J;,V2PA#S0AP"A2^A&"`GT58I<?
M*6`00C$]+,F0.U^\&\0$WH+QSIQ\5+$!)SN@<!F=;>!@`PIT=G``&XR,],A^
ML&@!A14CD&!40P8(@$3_``YD[(`5./FAK"&[#O#>9,RDP/&V@W@A@PT-I"`E
M%1&XK&L99/C!11X/P##`#560``1.6S"C0P9,W-"##G,^H@4$6;@0P&`MO-"$
M$+)]T5X6011RP(",@-``$`T8(`@$-1!Q2K-#LK$`$`P40<=41=C@0BD&#&`#
M39=$\,$&+X3@P!#U:"$&D`2\BT%B-N#P!`/V.*H%&!!,0<(0S-13P@!'N(A/
M%X'Z<0$?*&Q@0P0%.+#'`!\(`0`(:823PP$H1&<*&`?8P$0)4#"F11`O;"!`
M"6;[84%[`Z@#!``-.`!$"6(T%(`-'ZSP@A1_R-&$!P$,8<`",0RQRR_`[%``
M_P<;1,!"!A`80(8-$VRAP``X?/!!`QW4@8`1/N@AP!0<8+\0*EO`0`2`<`J5
M5:$)$VA`$S;`IC^@XAU?^`("6#"`.G`%@"=@P`!ZT+JZO.\2-JB)Z&PP`!,D
MX`+P\$,.##*#48&!`!.P0?D*T``3`,,##7A!32)``N&<(TE3$-T-AEB^!S0D
M!2RX`3$0\`<CD("((@2AZ#@0@N`XP`!V:-9M6`:!J21`!+G#ELU,D0('N.`&
MXR("%P+P@A:=0@T?X$`)++"`!6(@6P!P@`6R90$&-&$`,K"`"NJP-P=@RQOF
M,I4IPD``NUWB`S0,`1-D.$4-Z.`,I]@"`H+(@0,<8/\#-Q@`#VZ%@@\\D@D9
MX`,-0/.!%]"!!BD`010(L((U%&$X-6@>/J20@6%0P8%I`,$,C+"`!=0`#2!(
M)NN2UI7^V.`-&SC`"1@1ABWXX(Q5R,`;6.`R06AA!C8(P#LXQ,4,""P+(4!`
M"A:2@B#0(0L"LX$#4#(!`_S@/H3@PA;(<(8%F(`#T.2``RAP@7>0`@0:V`'Y
M+H&#`L!`!5H@0PH:P`04#*`&#RCH(^!PAF1>0`RE^,H%6@"&4N#I16KHB`-1
M88:0/,M97VFF=T(X`1`$2Q$A.4,"@GB#*W`#'UCX0!6>X(`"R/`&HJM"#[;V
MS$PTX0:DFV0T@W@)(0RF$%O_L`(/[/:"`@"!`S@(`!=BFBTMI($""LA`"&K2
MA!;AH13O:.F]L!61(1%I,W0E5!=.588Q@.-:?T+12K7``!B(YZ0/M,`*LH##
M%PP``&HPJ`K6^H$E*`$"/?!$;"J0@#T4H0@.4$()C'B&!R!``T5XH@R-()L1
MW.``.\!`[KJ`@!`LX0E!N(T8I?.--#R``0(H0BDZUQ)PU%4ZI?+#J4XJ"&\@
MTAF$(HS-ZK*%--3@#1IH`1S0\`0;/`&BT$I!`AZ@`Y"Z(UH.W((^H>41;&F!
M#50`0`TP68@9C$`%9FA&FAC@+P%H8$FZ-9<6B%#0)CFC'IOQAA:N2P+=2@1"
M'P`"_V%$DLD4AF,+'Q/*-+Y@&P&;@@S-G<81&G"`-\P!`NHT%QE$8N"TV"P-
M2F@"#_;H"!4(P08%B$)$F<N?ZK(.!`M`0XL-O`6O;>`(>_2/*7(P@BIP8`%]
MHDT70/*(+0R9.Z>(`HD3P!#!_FD!!<`!!L;*XWLL=QJ"O;*+M9""(DPA"!@.
MEQ<JP`(ZK(!):L[S2S+9@"H`KE*(>*`(7&`#"-!%SXA^B%#V%&6<:B$*0G@!
M`>B:Z$K'XR='V``$/,9C``ZA"@/(`7HM3>H#HX$.C-.<(ASE!R#<0)QE+K6L
M"P$"%X2`#7BN2QQ",(%<S_K7B&`4`*J@`TJ/R`$VF#2PE\;M(W<P@09THH<6
M"&"#&,2:V8FVRQ`B((-KU^8+*[`!X+!-[A=]`0(#*-R!+3`!%'"EW.5^A!+H
M0"MG++@)?6@TO'_-*`/88`\@(11>3:$&'LA3U?N>-4L%T(0>J+<OT089A]D@
MA!MHP-L)O[)=O$`!#]S`!4>@@*\+D0(99*`*$Y"!OC/^ZU/<H00NP,$`!``#
M#,3@YC%X@!1B0`4@Z*$!_IH``RB`<)8#&Q7ZK$`=!!""*5R"B#)\`0I$PP#Q
*M!3C1F]%(```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>c83111c8311103.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311103.gif
M1TE&.#EA$`'@`.8``)N6E:";F(J&ANWKZM#-R<3"P=;3T=/0S:BTTO?V]='.
MS%M65=[<V7MV=6ME9,S*R<._N^CGY<O'Q#=5F4M%1;.OJN/AWOKY^=C5U!Q`
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M'L?%Q"(S7\&_PT4^/LK(QZZON+NWM_[^_M/2S*.=F!Q!CO___R'Y!```````
M+``````0`>````?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH7M-`V1->ZA[8'MD9*AD8$VNH;2UMK>XN6(T+"EA8`,,%V-B-BA2.F3&-#JY
MSL_0T=*#4F]Q'6`2'5AQ(DT4'2U#8E4=<1'3Z>KK[)$`#AQC8&!A8D@]`$(Z
M3@U`'U(Q/@ABY2J5P8,($RI<R+"APX<0(TJ<2+&BQ5=-:FF8<6<$/15(8$1P
M```,G3LL!(1AXV-@!#8'8LJ<2;.FS9LX<^K<R;.GSY]`@PH5^B`!F5IA,%"X
M,F",'@$+4&PIB6=&`PY@#+08"$&$UZ]@PXH=2[:LV;-HTZI=>W9`6;=L_]?"
MC<N63H0]M>9Q:%!`1Y@F`%(B"1-C2P`A8D[`&`2AG>--8A10:`'@PH@/+00D
M0+'@C02\E\3H$!-FR9A62THGFP<:TX&[M90TH`!E0!\62.8\*'&E08L1%SH(
M>?.`\>/CE\"D."*E`X0/-71@`4)R0&U,9"C$B:.'SISO50;<B>-#0>M+K\]_
M*J''`0,Q$?2H8+!'AP85'N&K,"#&./+_DJ`R3P<%L%`%"CY(<$<98\!P0BR6
M@*%!$P94@=<>'+#@Q!9@"-"`>I6DA]08&(@QQFF_S".&&&6$X>(O8?@'X(R-
MO"*``Q>H\,8"5;S0@0Y@5!'#/!'.0X(#>(5QQ?\##\P00!4G@$B)B+2<P@HJ
M39QBY2@%"2@CC6`BTH0.`,`P`!@+%'!!%1Q@(0486!2`2H1+6-#!`ZH\0,$%
M#&`AA'-23D(E@(V%::@A8SC1`AUXI+"%`$I@08(0++P@#B9@,-#""7Z-08$*
M8NQ%AAX+!"K)H/\5>NBJ?X@1P`>PGB!"`S#4L$0)#2Q@@:F/6#!%``4\(,4(
M<RP!Q@9OX/'!AYJ@BIRJK*YJ$"&I;")"`-AN0(,!)P@2Q@M.Q$##49DX>QRT
MT1JZQQ$FM.MNNU%L0@\88H!Q(AB"T.-7&+Q"8NYCZ*8+YAYP3&#PP08GL8F5
M.*#A,!HX-(S&:7.6"]O_C`$+3&,7?G3L<09^Y-#)'CMD`/+'?IC0R;^.9:PQ
M@!Q[W#'((G>R@\P?J\P)R^VX_#)R,<M,LR<WX]RQSIOPS([//S\6-,HU<U*T
MT4@W>S&A38?Y],PA$VWTT2M?G6K68&[MQ]`V?YURV/VJPS39ZYB-MM1J5VUQ
MV^F\#7<Z<G>=]M=VNR;VLWO#;/3<FTR-<^#H#>[)&;*``8N`!G59K2!Z%QY-
MWU$G7C?;M8Q)1QC$N"AY:O60/D889/2'N>9`'^XWW8"#3LL8`;RQ11@#A%!%
M#TLL`>L'*BRA1Q4"+/$E[.QP[G7M.SO>B6)"/)#I"PK`@(<<%#R`1P0:W/$"
M_TE<D<N\(4T48`X,(@C@0V9@Q!`.`'C7R/'),G>>"<F'9V#"7Z:K!QG6\`O7
M/4)IF8#`'1#SB]6%@`=AN`,/1K`$`;"`#'28@2":`($$>/"#(`RA"$=(PA*:
M\(0H-.$1-&"!$E2!!!HH@0:FH`$*T.$(*4BA#A-@!9/A+`,YV.$.;X:_LV5`
M`%M@`1N.@$0DC"`!1]"#$(28@`=(CQ-D0,(;!'"!>=#A#>-R@`,Z,`(A<*`)
M&(@#5]C`QC:Z\8UPC*,<YTC'.MJ1C@I@@P(4T($`T"$?=P``!4(0@@+<\9!L
M<$$19^:%/3KRD9#,XR&+T#\6O`,&"N!``!:P!07((/\<B&0C#ZZX"6*P8`8$
M,,D='E":>03``4@0`!@><`6NU(]L34A-#R@`C-D$```MV-`';KF(/<@M`T5X
MPQR04`(@^&`.`*B3.8"P"D?P[X?^&\,)*$"&TG!@=TXH4R00B(DCT$``,"#`
M"3I``+^84PI""(!2VH<$6Y[O$/8"0`<2$`:_B&$.''``&)30`F(JPI@^_%@&
M@I`:&&P@`6`(#AT6H`(:=$`,];LFU<*P`">``0]0N`,*--""!"S&7^BH!0,Z
ML,PQ"*`#,.5`!#KP!@XLH0FY<T`"EG?/@0"3`P!00`](@`0H#`$+&Q*"017!
M.1=A00]J,$``*,"`*71Q`1+_R(@C%#<S_RV`!39P$>Y@M0#W.8%UCB#G)5P4
M@]2<!A9DZ)3I2$,:GO9T#W3@@%[Q``0!.`$#.F"#)A.PU$1P3@<L:,";&K`L
M%$QA15NH@%8;P=6S?8$"G1R!")2@`:C$`%M7B$[]U&J)44C.<J/`TBDDIPJ[
MWI-+8C#%*6"1I57,0A/'S`%44E`O>E%`#T;5P8%N6=D,7/8#6PB!!F"U!3FI
MH@%62BLIE]931&`)1*JH6":.68=-%<`")Y``#XB#!!;P@`+)>$1Q_8<*%S6!
M'A<BQCBGNX[,P>X(0<BO?O/[A()LXI@>P%8`V/``)P2``6.P`0D`H(%J;K5_
M.GMO_VQGL0?1S+>PN;"OYG"@M@G\`<.(<-[?J":#%YCXQ":^@*#HZ[;J(H+#
M7_,PB`\A8MI1;0-]R+&.<VR#%<_8%AHN'(R-)F-.<"X"D=RC!BA1V:/A>,<Z
M[O&I6)PW%Q]BR#@K\G]EEP,"0%G'$F!RW9[\92E?F$9!WAN69:9EW'+9RU_N
M0Y@GT>24D1G*9D;ICVN19KBMV6-MWNZ;XRQG,0/NSCO.\P&I/(T^D^W/'0LT
M)C@'YR_/61)U-@&BH^QC-%O9$)#V@Z0O06E"7SH2F=XTCSN-L4\7(M2CMD2I
MXWQJ2*2:T(J6[IYIX>BLP?K#1AXTK0U]8URS&FNN'L2O=_\]B%E;FMB+4W4?
M<MT(TDJCUTU;=K!_&+)*0[G6ZAVSL:?,[$2D`K4'<<667%M=;6^9VUTV-;1E
MINEQGYD6I=$`:5ACVO<V(46N,!^V?^9N-\/;VSL&]X,/;6\]UX(,(U@`#V)!
MAP"<*0P1Z`$#6#>`&F``7Z]+MB`*+NB#RYO.XHXSM1EA;4HP8`8P0,(29-"`
MEZ(@`A0X)0:.``,68($.[.XIK'6@`S.L*+;[9FTDG/WM>7NLWBH_-BAJ4%9[
MO0@),=@+&&H0@B,M`0A5"/H]8<W$`ARA!@Y@001.((2VI_013$^XTYW<\$67
M&Q%2F,$;%!`+,0R@!1J8RD>MPH'_,&B%*T-)O.(73Q,Z))3-'XA#+-_P'`?D
MJ@8]D,%/$KE(DWE!!83F@5#80,G#9:$&A":`#`C`!@)`@/4'>('F85*34=X=
MGQ?8`A0LH`,1=#0,)"%#5:Y"H:U\&`+\NHCRE[]\-"PRTC2(9PQF$`&_<D`(
M"E@"1>XG-"`B7,<RL$C)BF@RJ'_9"5/`@PJ@@(4.,``&VBE\0MC`Z$I(C@,A
MH(-X/"J&?.SA,!6P!600$%P!<JZV!\X78V`03S3P`7,`!0R@!_AW!3L%"5W0
M>=YW<I&@44)C?COF!"R0+-T#!A\`/&)0`G<@`H?0<I.@!`O0`12`*SX`*SV0
M`!^P`%B0_P)CL`550`$H(';JH`KSX&"9\&OQ!``?<`$QP$OU,`-XL'3"9FFL
MPSIED"^_L`08=0BWIG)+LDY(%`%@H`->MX+U1PD)@`="$`%A@`)XX#T6P#MT
M8`&D(0)T@`(&-'"VL`=N(`]$B`E&^$M1L0%88`$,H``M\(,6&(7?)@8B<`)C
M$`.0V%9@8`$QD`):F')EMB0D4`5(4`6I9``=H``Q8@@L&""5LUKJ9EJK$%TA
MEPA9<A!GL`J74UJHH`$<0`,D(`"ZB`+O(``B4&ZP1@9.P`-'@`0S4`4C0`)W
M0`$58%!Q!V8;@0UMMP5Q(`]5``4%<(D,QX4/T`(,``8IH01QP/]*DT4(I>@,
M;Z,#*(`$.M``;2<$)3``,K5GJL!'4Q`!*(`!&.`#(T``&H`$I;()L.8B8M`$
M&!4+QN)?B6ARM#8`!C`#]"(&/?`!8P`!0@`#V6@(6_AES?$``G`''.`#/3`%
M'R`$2/!VYEB&T/`V0'`%<2`&!5``,0`%2O`&/F``>Q8+%S``<Q`!8W`&$`"1
M\^`$PR20'6:0DA.+0U@&K`AWBIAP\C`#L14&,``$)=`"*8"1VEAL*O<`0]`$
M#P`$*&`#,5D`=$`#9(AAL"`L+!``8W![?_`V&J`':K0'81``6[`9'8`!G+`'
M/5D/(1``8``!G8$G1AEC4B`!BKF8BJG_!!<"A0QI:7BA07A5!;S@`"_@)$!2
M"!N)9]JU09]9".?X!^\%5`)0!3IP!I[P-EE1ERY$`/*PEWW9DV!P`'>0`*0A
M!9L$C!U6`H36C*')",^88Y_Q!Y3Y`0$0!BP`*W&P`!!"")V9:#9@`Q=0G=4Y
MG:8RFJ:@`4X@!A70AYKP-DFA1@-8!04AFYK`"CUI!HD5!L9@`P&`!;P98S3P
MF[/H",,I9P8Y`TT@`E``AJP`!AA)!JH)G9B(9U3`!PJZH`J:G2HY"+"P3C#X
M%ZNY"&"01MVT`#V@57O);'LP!CDH7*(H`G?0`C"``O-)9/499Q4`;)`I--UF
M:F,P&JBC`Q="_QI2$IU1EJ`,NJ"*H)V)4D!O6:&*T`0C<`5@@`+L`QH4,`(>
M^E9T%0LG<B(IFF4K^F4MNE3Y*0&2\V^L4TU"F*,'FF@\VJ-\\*,/2@A(V`"#
M`9=XN`G790C3H@FP=J50EJ62L*5CL`1$UZ?!8SY;&6VX5J8]BJ8S-I<QD$IN
MV@ZJ``=$\*B0^JA:$)R54*>_Z:(+":/Q1FL1,`*>^JF>>@2*H*,\1J@,:JB4
MP`HGL0""N:@'I04($*NR&JL_0*F3@`I,H#8(<`J'J:*7JJ5/"6868*8*BI:)
M0*K39JH^F@BC20\>-08?\)R<\#9[@`!JDP2WI0FY^C4(<'>6RJ*8ZO^4D?EM
MPTJLQHH(R&H#RJJ@J#H)[Q4#(;`7!4FDYH8`)G.O]YH$MDH)VVHTW<H)WXJE
MX8J?P4J<Y6JFYQJH]"9MZDJL9\JL:?H']+`$!:`'1\`O]&I=UOHU"M,)_8HS
M_]JK5OJK>5JP<G:P/9JP&CFF.^JP[2H)8U`#!:"+')"%G4"M&VLT'<L)'RLS
M(4NG'6:G.X:G+PHUWV>P#JNRG,FRI>JR$(MA\!$!$9`"O`6H@\`*!FFUC8"S
MU^H)/>LQ/UN$04NR1<LUFVII*,N@2FN@VUAFZ_JPB*"=>J57`/`+AP`C]"`)
M7,NQ7JNKWCJVX`JLXYIP:;N@:SL(Z?JV+QO_"801B1`D)62P!'BP(A$A=M7:
MM1[KMP`+N`(KN)IZM">;M*/*M,GJM'$;L4LPMT"%L880!A!0!<G)IQ!@/6`@
M8/QA``"@`J,8E\64LSBSLYOPM1T3MG[(N7<ZL(VPI85;K*/;M@AJNFE)":[[
M`-C2`_-J""/P!C`@`"?"`E`@`*VP10(@`4<P`Z?4+:VHL9C+LYHKLFPFM#I&
MM)EJM*:VO'QPN(*0N-!+BA&;I"E@`!C@$5+2`U47"P802ZI0!;&P!DX@!!Q$
M`?94K\_G!_KJH4W`!!/<K1Z*!F=#9+[)HOMJ71?X?&=+KF8*`O?;O#_D@63J
ML*9"?Q@F#Z\+`PO`_ZN&<`&11P+\T@2ZN`=KX`,^T`$#8$9D<'C'5T<*X`)J
M$P2A=$<*4&<NT,1V1`<=G&4R0&@D(,5LI$C8]'FA!P(HS*`H7$>41'X9<'JI
MQP=AO*!C/$>V1PG_Y@1G`E^X]R=.2@:Z&(L7L`1(T``I$08*\`9<4:!B8J\<
M&\*0@*M?DP$:G)ZP]L%8BFX*02W*J\8(:V[Z2ZPO'+&P4`/+@@0V6PA28`,<
M\`%/^`>Z"`92L,=(@`0GL`!'T`<A8+F^*S/`JZWM"[3T^9M@<`0](`*\R&`,
M(&`J0"2$4,GFJL*"JG**^[244"\<8`.1*ZV$\``^P'XJ]@=Z!7%`3`$T(/\&
M#N`#;V")Z7L(E\NWF<NM?[O++)H"=S`%&)!UM"(!NLA)=77,)BL!]HN_?Y#)
M9KJXB;P'/5`%E`*>@F!T6$$NV;40A+"W.MNWAX,`"=`+#,`"#N"D>R`"0N!<
MCQ"P=YH`!Q`''T<:=V(O55`!IE`(R'S)QTJZ#4NL`!T)`X`!!C`"L76W\K"9
MD>#0OPO1/^0",P`%&/``)P!<:L@"5W!6M^310SL/(JT*[]!%)`51ZK'2*:O,
M"SNH^RN:$9L**L*ZA:`*LK"[C\#3MNS3.&,%!"#2[Z4#+8`!)_`!0)4E'6V\
M30T&3TT"@Z@#91"87H+/@RNLHMO2SMO",.W,D]#_"F#0(J/AJO6ZOL'KMT\-
M!D"`!1>P`!+H462]"$P=OZ0ATGIMTXS8DU)BU6J+U4_'L,U\NA@F.2IP!S1<
M+QEKSK7L,;><"<+K!]WZU'K0`@-0)H7A`&=2U^R,I0;I`QC0`LK=`A*P`=%:
MVOF\SZA-=\R\U2FIEF,``*0Q.;,MI[7=,;>-";G=!7L@T@"0@F0``4[@!`OP
M`1%0CIQMU_%[$%LRIRH=W8.-KBZ]VM'KKF#@!!U0!1^@`_"=0+T+V;@<T3IP
M!9<1!\J-!\[:!]G*")V=8_(KKI];O_FML*FMU8?-VM([!!%P`&R``38\K0=^
MR`\!";F-`+$%!FD`!F:0_P;U\%Y@<`9++=\6#@;4:9T^SE3XG<R$S95N:]V#
M,)IB4`,GT`!L>N*;8-:VO0L%$%$/H`=2$`9GR`,I8("-T.+!&:>04.%]4`%2
MH(]F;N86`.2!C;1"KM^%W;(?WM^20`9C8"6DH[68`.7@;0%5,`5+X`0SL``+
M$`9"<`<.,`<#P.*+C``C8`"._NB./@2(#&HZ/N8)8,D]R@!JGN&T)MU#OLQ%
M'N?\BV$I<AKR4.!YGN(ZJP`5,`5[<`=3/@=]`@%@\`9*H.C<*FTH:E!B7@&7
M3JR:;EA!SM)N3N3/*^I<C6%82!KOH=,H?E#?3<$Z$`%38)P:L`<44`!`$."@
MC/_K_BIM:2X)O?[K9AKL(3;L5_WI65W=R'[=E)`"2*`$!K(`*8#GEZ#G%(QQ
MU3X#%@`G=&!Y,?`&YM[EN@KNDS#N#COPAF#:ACO==N;A_XS8DL`&,``#6-`#
MH<CEX:GJ/4WM8$`!)Y``<V`G>-`@*N#M(&OPXE[IOI[PFTZ_G;[A*_OF3=ON
M1QZQ*\$"9[(!%'JS''_6U!X&?7`''R!0++!`/H"2C-#B*A\)"`_L+V^VH*O/
M,K^T-%^Z-B\(HSG)/@_MUVJ7*8`*(K`K8D\?Q,3TA!;N3L_RY)[I4=_!)4RX
M5<^VQF[8$0_BK>;U*F[.DVX(:!]G:A_F;._RPK[FH=O_YAQ.W:%^]W(."J@P
M`->UXN7LW=<J`J`*JI"_5'__98%/W+[*HFW/H`I_WX9/]8@_\W4/YXP_ZK4@
M!L7HDRY"`T/P"S;``%>N`Q>``D=PAS]OVP9`:`K`KP6?]@<_^%!?^)R.MG./
MN/MMY%H?L8^0`-R`#6-``!V@$F+P@ATP!#M(4XD^^6$=[4GP^W$6_).P^5#6
M^8[P].7^]C0S]9Y>[*!^[*N?[+7P#AQ0!O,@!(\""'M]#CH<+"<+-CU;?W][
M$$V-DI-_30@9?IF:?DD&?9^@GP1->Y2FE'M[3)N;"!NAH19DI:>U>VA^F*P3
M);"@%0E\('S$Q0RUCEVZFQDY_P2^GQ(6Q=1\-,A[.\N:&2:OT#94U<61M6P1
MM,CJZY(:+11B2V!A`@)[#@!D='<L'&%*/AJ!@5"@H,&#!5ZX8*4I"!!H?2J\
M>(&P8L4711AF<M$#HHJ)%D,6U)-A6Z8))R#6*#".&`&1"DUB\E(!8HP'PJJ!
MH`-S@LP,>3I"@S!L'`B*(6.@8\=471@#%*X,:$+/WA8`8/#,:,!!C($6C1Z)
M&$NV[%@B)C,]>0"1CMFW<,>N8IB!"`F(!N+J':M!HY\)&FRF*%IMQ%ZT,G,4
M@/B"`6%BPR+LW4$WPX]OOE+DU+F7SM*FH"F1`<-A"YU&]?8@02*FPE4A84[`
MD`1AW?\>!'X[0500>M)<AJX@6NC="(??"30@`FO)YQBR+G3].(,HC?DU9)0U
M>H,8CKFZ`Y^)@QX!X$.<X7]21[@3H(,2&S.<4#A!VS9NC;JA\1;_FU5P:.CU
M9IQ&R"D73$O.U0(=*YA,!TUU+5U72W8,;0>.."U]%YYX3)7@&@IB-&*!!7N0
MH0$)(Z02P08&J%&?.K?EYHE^'/;7"F:PH`!&*GN`X:./Z@S(4('0+(>@.@LR
M(]TS#TX3H3H4LF*A+]UEB`QXZ7#(SCP8D!$&)4WL6`8IL^SX(C;W,92?+_L1
M9Z,F__F"P@UDQA,&D,@(N4MR11XX3H*G),G-DM0Y.8Z$IT3_N<F4L%0YCH99
M:JG.CZ-1`D83I/"8"AAGVI(F*VO"TF9O;V82)RPJ?+#%!PV\L$45'"00Y'%\
M^F+DGTA&YZ`O$!X*I5^,AN)H-9!*:BQ3M<'XZ2:AAC)J:*7Z<6HH!AB``0LA
M,#""`7<4,"N!M<)R:S6`FB)H)@TRR:NAU2!JBJ*:!`O*L-04>^R]M22+IHR[
MU>C7M*#H",8,$(0AQA[=?CMDN*&,2TVYE)R;"Z%-6O>K=C@*B^&C5VZ([\=_
MZ.LIOS3R]V_&`3>A``5R@*&&`TAPFB>M!C('\202IUNHQ=@!B_(G]!9C+\@@
MBWQ*C/C-R*:_&@'\B8X4Z!$&#2&$_T##ES.#6_.1S^FJ+BR]MGMQA3_W$30Q
M0Q.-K]&F(*VFTJ(R#5S9**`0Q]4"^%!###=+HN<F1-KJ)[FY,DCQNCQ/Z#-W
M&Q/;<:1J&\LV*LMJTBPHSX(6K=-]H/!"'SJ$$8`0I'N;]<);X]JUX;N"S2XU
M[E(";R;R`MUXO8]'_O'DD[@-*MS.RNT?W62(,8:/!E^J\)ZI$[ZZDJV'$C;L
M8TM9]ME\I*V[I+Q+XCNSP(-"P!YASB-&F&&F4LOF=&?*HR.S0%X<S7W:7#CT
M7TO_>C&Q3S*['[4SV^V$EKOM':M[8:E<)BXG"A$$X($*&$(-.%"`)81!?G]@
M'T100(4.>O_0@YDZQ=\T$3AQ#>YA]QM4]$`Q/?Y5;U'7&R#:"FA`[MF'9+X@
M``;B4`\ZH*`?=]##P=9WL@TRAP_O,\4(3\*P7YS0&"E$U^%<E[A$+>Y"WJ%A
M#3F$0$<HD!/A$P4&KA`&'2QA"4UH`PL$8*93:!!`C\%=+9;XER9^PF%0?)X*
M\\?"_1&C?Y+X7P"QI[TM]J:+W[-<&/N@0RC,8081H,<,JC"`,6#PC;ZP0!P)
M.$?Z"<Y^>I3B"J/A1VN\,%XQS&(ML&1(+2'RBPQDY`4,)@0DA"$""EA`#=IH
M"DS"0I.J%*$G30A*!7EM9T_J&<88%TQ3L+*5XGDE#F%!`"F$80S_0A#`$<0`
MA@:P8(AN+"(<FTD).I:P84\D1M\:D;,IZJ^*[[HBE628/2UN45/XS&>GC@;+
M1>KP`Q^H`@->`%`8T.&"1&Q:V8!II4YJK7Y<,R;K^$A*>,I.GHVB9R$-N`0Q
M/*!XHT%>1\'`S7VVK9\0(0!)Q<!-,(Q!#%A#AB]CL<D9.A1U$%6=1/&'3%\I
MDVS,;.@IGME*,=2@`ZR)`.F$,((E%,`!%8BI-).64JI<ZJH(5<=,0<%0CMV4
M>3EUWD[WV%.Q_=1Z0?7J4#U6PPK`(`006`,;8%`0$6`@B#!(UB/<ET_R78*J
MT""`#6A`V,(2U@9]Y5&I,L`Y%&RF&HE-_P4N"-2+/M64`9'=@S(F6JB:TB"S
ML^M&*EN26:(:L@=58($.Q'``@Z9@#&L4@PJJ$!8('"$!N,VM;A-@A;3XX0D*
M@(@,-,`<#=QVM[F-EA7*-@(0;!($QT5N`E)0DB&E0#DBL)ET<]M;NN1`!A`I
M@&,?X]P!;!>WVMA&2;10-A%0X;G11>X#V&K`(X3@#3T(PP@^L``L#.`J6>E`
M;=E`X`(;F,`N\&T05N"1`[0$!`>.\/]<4`.($.6Y$2ZP`NAP'/!"@P1L8`Z$
M,XS@GWA!!1#A08@Q3&(%%.$G6:AP8&O*!P60F`T\H._VCB>$..@(IO4(@1/$
M4``LF)1RTW269O]:D@*MBC.3-%X>X.P8D70V)XH3&V4?6OC'4])NM&IUIHYU
M)X(E"*`#&$C`$BX0@A@`X0,V0`('CMP[E.IGR>-HLDR?_,LHGPZLGXQHH(Y9
ML60J;IE8%*J8,:@[%;1@"@T@PPM:T`(D7.`"#8C#`F35B*F^;3=XKH:>$SHW
MX?CYJU-N'@I#F66*;KF4@&R$(,'LN%6..7)ET$$,6!J&.QF,#*M=PACH[#T[
MLRG4U!AU.!5J:G).PIQ4QJ,ZL:RS0OOTT$!-=)@I8=HMEF$>\\`4&;[]HS%(
M]8:`/39SE-U+/M/4V7X;)CJ+.6C.6MNLV$:KMFN]5D9#4QV>_AVHU^W_9&:/
M4]'EE+<3Z6TN0B/.T%9$]#SAW8AN_QM9Z/[TG0F^9X-#F>)_@+:J\SA64;J:
MRZ8\*PS3RN]%7_R0&1?XQIE<\%(??-O/5O@=K;S./[13RRB/]1]FS7(Y]OOE
MH0DX^`9.\X[;_.,(S_E#`ZW3>O/TWM13.2J+SLFC([TI2E<DT_-<\^$U.^KQ
MGCHQ!=UP>S_\VA'/]L317O%;?WT285_@(A6`[&*PFQ);_4176YYPM<^;[1%S
M.!4A'D^)9Q3D%K_[*?(.QK&+NNPW.CO.TXY3JHO5ZF3%N@NU_F6NV]3KD@=X
MS)<^<[([W>PW)[S4.[_VJK?]ZF_'=]SU/??-_]?=WZD/V>K%WOK+OS[SL3>Z
M$G5>988GWNV+AWOCY?YXNO\A\L$G=@*3C+F^$^/OOG$W5T\M3,,O'/$X4_P[
M&7]1QVL,\G9//>5CR7>.DQKV4/=]R)DO[2NSNMJYEW7YMG+[IGS<%G^2-W][
MYWU\`'Z2$'A],'@&.'N`5GN?=WNA%X"C-X!;5X!=YW+9ER_#IW>6EVR8!R<+
M17[+9WX[YWSI!WWK)WWM1WWO9WW8%X(*6()^=X*FDH(@)W)AM6HEUVIE)8"[
M1X"])WN2<(/W%%G:YT7<]PGUUW3WAWSYIX3SPX+-AWZ2\',G!VM>!D"T-H%+
MB("Z,P9-,`#Q\",=]?^$B42"Q6>"QX>"FH>%^Z>%_==S7EB$&WB$'9B$9-@(
M"F"&D1,&*>``!@`&.G`$$#`$.N"&QB8J#.B`C0"!$OB!A4=[AV=[SX=[T:=[
MT\=[U:=_!4"(:F,!=X`%0B`&(D`!0C`#SO$(_O:&E1=8DZ@^J*`*XO<T1T0^
MD',+QU%9@N-<G.@]$I,)0#<-FQ1KV5`9@T1/C%:*DM<#'\!&8.`$0K`$`"`$
MM44&ZF`)N5`2XI@!L40`$;!NO.0]9,`$XSB.C=6+I-`V:-".XL@+!G)9V``=
M].A.?>19V)!>[2B&IH=$R""-=S<$5W`%(Q`&^"`&$C`#82$!"G``%%F1%LG_
M!ES@`1JYD1KI`GKP0"`)DBI`!RM0DB99DG3`!A3)!@1P`"KIDD;`D1S)!3T0
MDB$)`2>9DS:FDBQ)8!2)!S*YD5X@`38)DC7P`#EIDA!PD3OIDAD9E![P!#Q0
ME`_$`P60E"7Y`"O9DR_)!EX`E1Y@!S5)E4B)E2OPDA99D160`L!G0&.0``L`
M!1$`8%H1%N3S=7O`!K-P3Q"PES4D`BC@E[J3"@J0`(+92B7BC5\'!DO``0U0
M`$[0`&'0`R$0%IAR=WII2++8EL<"F.`TF'EIF)P),B52#DAW`%LP`QT@`C10
M!5MP!QI@EZ.I-GF9CH,)`;AH0(!YF+2Y!X49C_^6_T1(5P)ZX``,P$T:H`(+
MF7U[D`+`:4![0"*SJ252,`3/&3DJ<@&\&8(&Y`9DP)9A$%)9Q12959Z<F9NH
MX`CFV5='8YNR&3_JHRGJB4_8L`=G\(OKR9YMPU?UJ2EEL)[<:4#G8P,'@`$N
M-081P`87`%,#H`!2``9F(`81P`#:J25[(`8)0``:T&MB@`(&P%)B8`%*(&QV
MA0$CH`-D8)KD>0%*@`$6)`8-:DTPZJ!WL@1L@`$A(AY2H``HL`1J``86@`$7
MP)@1H`120`8,8"UI)BDZ,`(*,$MB0`,/<#5B<`13&IXB\``BH)@!BIU[P!55
M$`)+<`(^(`0?<`1XT`(L`/\#`^`E5]`!IH@*8``#'#`#`C"96%`%#0`&%=`!
M6^``%Q``55`/'36=>P```@!04I"F:SH`C,JF(O`&#2"9XK$'L/)68K`!6+`%
M"Q`;'>``,``&B"H`<<`&DM('+-``;S``&-`">6,!*.`#`M`"(Z`'+<`!'0`$
M70J:Q0,&'<``,/``80`#/.``/``&NM0$2!``D#2=N5@B*%`%"3`'`W`!=Z`$
M;X`"88`%!1``0Q9NA@IN':``#J`"3:!+Y7JN-=`#2!`Z*@H:/0(&!-`!8^`#
M"D`#,#`"=P`!%[``!>,5;_"(6H(\,T`'`K"G^```#D`&#2``',!&0C!GNSJ8
M?+K_!0DP!0D`!D+6`A8`!D@@`"AP!4,`2??BL2S``'/@4E50`U/0:Q]0DQ2P
M`!M`!ML)(RP%`54@`ASKL;/:L1\K!"'P`2QP`95Z30"P!6&`L1K;!U#@LQQ`
M4DC``C+#(6:@`[$:`0Y0`WL0F0W@!'M``@Z``3[0`%4P`A/;FTT`$`LY!8BU
ML1J@&HE:`1'0`2DB*:EP`AV0`@P0!V)`!BO;LF+PLD,:`6_P6<ZJ!@S@`P00
M!BVPH1_;N&'PL4*+K"10J3I0`#,P`F`P!;,4`@'0M![[M&%P!R+@K*B0`F\`
M`6.P!1NPM9/J!&&P`0X`!'=0`S/0`V=+-(I(!W-PG&(`_P.+"P,J$`(G(`8+
MX`1OV@%3$`*FZSUA0`(^(`)@<`%0,``#<P!OP`!@P*T&TP0P$`'7R0Y[8`!0
M8`"]%@)Z,`8+0`+HJ[XDP`$\L`1<4:DGT`(,T`1B\`8$D``P@(HOL`0+4`!D
M``!B.K7B@0(M<`)CH`,'.P8)N[`-ZP`%(`9'F[L@TVM3D*<+,`(/T`*NF0`C
MH&D+,`0LY0:09,"]008C,`4P$*8#L`$=<`=(,`9D"@-"<`$U\`$4$`(L9:AQ
M,$E5T*(B/`0[M``C;`%Q\`$S('38D,%5L`!-<`)70`%(JP!O``,+`&P=H`>5
MHB5;X`-54`4%8`$M\`%OD`(I</\%'\"Q=)#$;Z"K%HPOJ?``=$P`1[`'#$`'
M"9`*%D`'AEL*0FJW"4#'#V``%[`'2O``2Y`*&(`'ASP`=*``BXR>XJL`A%P"
MT>G'?*S)>Q`!=#``S?L'A#P^>\#!>XS'>&"X#W#(H=P(#$#(I0O)0Y`*0_#)
M?%P`;QO'NKS+O-S+OOS+P!S,PCS,Q%S,QGS,R)S,RKS,S-S,SOS,T"R^E$S)
MT5S-UIR+\$F?U[S-VUR:8'*?W!S.U:P%$U#.YCP!2<`C-H`![.RB)>(C(94*
M-'L"M)"B-(LI=[(CXA:O8#`:OM;*XAS03?$#&I$#\JP!#D`!,.``),RAL,M-
M]RP$,I/_/MST:[[6:V5P2R00.O\LT!X=.03-$`9-/F%@!AP``&.``DX```-`
M`G'0!S0`!`)0,$)`"S8@TP70!!L@`#10`R`;`1P0`!K``KGZ`!R@!^[YT4JM
M)2'-"@;M/2>=OR,``10P`%*A7]:J5+20`!J0`#[``%MP!".P!4-P!)#$`4Z`
M""(P`P90`HN\U'!M+$V]"4\=%B<]`%70:W&@`U<@H56`!%>``37="`:P`$@0
M!V#``G>0`D@P'W,0`@[0!P^P!6)P`E@``.,9UYH=&G.M"75="2>]O3S0`YVZ
MKVY5`($]V'\0``X``7,@!A`@P:XBJ!4``=M"`0;P``'P`3H`_]";_=&=C8SI
M``9T(*P8(&>1Q`,"P``<@`0`D`(J0`M`+0``D``?R]@<$`$H(`!(,`)2P`$U
M4`,L,,&^_=L"3=`3\!?J_02XB,_QVFL[,@_^W".T4`:6A$;AV2--0+,NM0<7
MM`=+X"6?:=X$7@O[C<(T6]X%ON"DN0=I@`HUR^`2?G'E.>$6?N$8GN$:ON$<
MWN$>_N$,+@4C,.(D/@+H0`N8HN!M(YP@KMD#``TO@(L%@%G8*05OW>*;_>*^
M$..T(`0QD)_Z9)?S.9^PH>(XCLPZ#@LQ+@D^#N"D_0&V%+5YO04PL`5"D`(=
MT`":2PM]JM@I(!L+H`(<\`:J?>1PG?_DH;#DC>#C35"O`R`%,U`"$B`?#/`!
M!6`#6X`"'1"_614#(4`&$KP%`N`$,Q`&0A#A9B[.:`X*:OX'/DY2/N#6=V`!
M5:`"6\`&'V"@#D#<\V%)C1`#$%L`5^%FAM[;B7[F,)X.0H`%"]`'1QL"#3``
M2-4!F(X!#LP``H`%$`!GGQ[J*D`!'$`"8N``'&#DIS[,B_X)/"X0.Y(*@T45
M9#`$\IW/34`#-C#9BDG?\;T$UKL':E"ZQZ[4"5`MY%XM&L"E')(`)?#@X3[A
MWMP[U!P:+V7L[>[,+#[D%DKO];[O_-[O_O[O`!_P`J_9F24)/H(^']//X%8*
M)1+O1'.AUWG_[Z=P*8S6(X>Y*;TA;EX"?.\,KO%8FCY2\<@3\?W,RS;``"B?
M\@S`EK3P(WW[,61@!C3@U@RO`P:@[VV3`*`\"2.0`.]Z"F6@`2*`#<T.[\[:
MSRAP-1QO`6VZ6M59"IB"`DJPW\A0G3:0B"JZ!R@P]+N<3M+9"`G``2U@KT!N
MGF0P!@#@!)RR*5>`[F6_GNZ32_A4!0;*\)K"5Z11`;*)3S20(G>O`,V>1#RR
M]O@$!D+P4>LI`#%P`70`!BK``I&P!V50!71P/)'U^!$0JODD!`7P]CC/%%Z?
M#BQPPSI0G3U0`\4#`35P`@3@!"40`2?@!`I0``#`4JT?`63``R0@_UA.$`,&
MH`!CH`<"0")7D"5X[`2*O`$`,`1+``0QL`$CX`3G?@(QP`/1;[THP`$C(`9T
MH`($(`:G/P!")`$<H`0Z0/=[8`8#0``!,`"XKB-`'0-EP`$QT`A-`-0%$`9&
M_0(-``@?"E(``#8\%#U+&!P&8G]_%T`<4F$G,21@31!.(0]_;2D$3@H%`&`,
M!&(&*0(Q-5<D`WA[D`!8/&,]3B41)Z2F80,/$3`,C@0C8&1"!6%T'!9A0TXD
M.B,O'!)A(P)*M9#AXN/DY>;F"7SJZWP6X'\P!&%@85L!`!]@'3$4+``">-[H
MZ2!`0`,4'X!@,>,#P`@8,4X`X*"CAHH0"?^NO/NCH8H*#`V<;-@R`$J,*B%(
MP!#3@L0"(20.4CA!@<$"#BBJ!'B!X8,8'B?NB*F"80\9#%?TX(%!,\*#$P[P
M<*@`*<46%0L.P``B0T"($2-X.`E0H`J/%&8_'(%D`=.',+%"%("P1<^;3V+P
M=-"#I6"`&!S(!'C@"LA>-@)J[:E`H8`&'C58!-0SPR_B8A$6Z!`B(DR39BH<
MZ%F@0,F)$!MBS-!S1\&"$T7/R9Y-&U(Z=NK<A:M"A\P8,6_-Q`$3HHD`"Y\?
M?-A318GR&@N04#CBXX("&$W`!.`@@H6`*A&N@-$$B42/><.!TWFS1P")/1W@
M-^%P`(P#'C.05'G_L66\CWD]25%0!T,5U00&`H#1`P5(P*!`!2R$`!A5?]#1
M`1(A`-%`"`S@$0`8#S2`1()"C$%'%4@L0``D2K#`00=A.``&)PUDXL`G33Q0
MW!;."0$8&``0%D,Q>QP@@`0-`+"'`V2,T``'6RC'7(]&%J/#'2\(L<>6S7`(
MA@!.Z,'"%AS$P`)Q)PC@@`$;U>9F;;?AIALD''P0P1!'+*"!!F]\UEX$R6W!
M'`;**=#`!8"*ET(')="P70\!#&'G%6%@4`*+0MA@@S$E+,!`!\;%\(=&=^S!
M`09D.$``!4M$D(`#\[RA@0T]]8$$#3.$0=26C)!QP@)+H#!"%4LX,2$D_R,L
M,$0)1]!`PHU.+/'!`'0($$8(2XS@@!0#//*'`T!8()X09A0P%A()S/#)'@]H
MZ0"AS;"00)2NI(#%!8B-!\:W3;S+0)2"$M5NE3"`P0$6/833#``;Z`#N'!<X
M42:)!1Q15IMO9HP.'R#(^8X._,Q@`!Y55#$`&$[L08((>SC1S1\L6-"-P5@T
ML*11!E"P!0\Q#`##`@*(X$`3/H@`R1ZW!)#"`C#@89_*+WS[1PA[Q(!"&AR$
M$0,6"Y3`P1Y-,%#%!R@@<<0','``!@LH;-E6&GL$<,<'.@!P!P<0Q!#U'S-2
M`,/2-4D!0P^L(5&#=A2$<4M_D-!!00@AD)&R$O\5@-$`!0V,\,<>(R@93>=@
M"$&!`!B0\(+EGI+0Q!EE_!&8`G>$U,T>;'?.P,H-B"'%#!J$XX02%XB^01@D
MW.'*"^\YT2X6WVCL_#D)@-`Q.^YLM(>^GFG<Q);BC`>.4?O^0<,I1X=AQAC7
MB]&$F]=S'P[8Z_--GCE[Z!"&8MZ+`_82XS7AV1(Z:(+_/+,&>D""#`;D&_K*
M@<#XE>-Z85`?.,`@AO"-`X$Z:-\YR$"#@G@K'&!H'P2M1P8QD&%[STOA.,*0
M@!:Z,`$70.'[-)$=C,V&@AN9!QD@H4,>(O"`1@';>'98&["182/Y^P,"+4@.
M\"F&#/?3W_8JB$#/#'%]B?HZ8`@A00\'BJ,);6#B.*ZWC!\J<1GEZ!_8;,A%
M$9"@!&(,X9;VX!DDDN&$,E2A'C?71.O-D8VR<=_[W#?'HQ&2>W]\DR`-^;U%
M]E$QA1SDYOX(24I*DI$/=*3^+#E)&U(2D)P<Y"?%<41$[O&4J$RE*E?)RE:Z
'\I60"`0`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>c83111c8311104.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311104.gif
M1TE&.#EA-P&6`.8``**<F.WKZG)K:WQV=):IR(VCQM#7YKG&VW*)M\W*R8F%
MA.7CX=W;V=;3T9F4DFQE9,3"P5%MI_KY^=+1RS4N+9*-BTQ%15M45#55F8%\
M>K&MJZFEHZFWTJBUR6%;6KFUL]K9UM#.S-C5T\C%Q!Q`C=+1S?;U].CFY(>=
MPN#>W29)DE%+2KZZN?[]_:ZJJ<&^O.+@WN?K\K6RL<O(Q\3`OO+Q\/S[^YZ9
MF-30SF=TDZ6@GNKHY[NXMI:1CI60D*RHIJ>BH=O@ZYR7E;2PK79P;^_N[;2]
MR8Z)B/OZ^O3S\D$Z.?'P[_/R\181$H>"@/7U^8:`?F%[K^+F[Z^\UOGX]W^5
MO8R'AOCW]M74SOK[_)^NR?'R]K_$RNWO]69@7\',W\;)RU=03_+T]TA`/R,=
M'4)@GS51D"Y/EE1.3R%$D/W]_?W]_/W\_/[^_?S\_/[]_OW^_?W^_OW\_?W]
M_OS]_/S\_?S]_:"QSO?X^O[^_G-L;*.=F(ZDQAQ!CM/2S/___R'Y!```````
M+``````W`98```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*CI*-Y:A\K9$H.-FTX%A1A`6ML-Q04/FQJ+6Q$*SUN>:7$F"U(`DID*R%T
M+4)*%!EN:CL>9!8);D@/N%XFP\7BXZ)Y;#I00F--#3848S[8-C]-1`--,FUK
M+TWU:^'D`C*JM<('E%5R^'FY)\.-'C+0E"S0T61`!C)>6@C<R)%2GC8FVK!Q
MT.0&@R9"U"AH<N(!&214R!!1DX3"!7\`.^K\DP>."3=KKJEQV>`*F0L@*'AH
MTZ.)BR,L`RBYD'.GU:N$W+AYT`2$C"8OU&QH,L*"A18M**!Q(Z0)`YE8_Z_F
M69."@I(U9I'DH4"&11,G>48T.1*BB1(O9,+&77Q5C88F'M20A*#&11,(%%;$
MV;L"1!,H;NHQUIFGA0>G<3)KI."TB8(\.)I8,6&A'P40;4;K)C>W38)5,%KP
M:/*!#9`F,RR,`2KKG@`BAO?L)J=FC1KH,_&.J>$N<9,,:OA5N!=B!JXUT].3
M4F/CQ2H0U5,,9B.@20"7.XI\%Q*F?Q,*1U2E7BAL2'#/`#4`Y=((^@E0%QHV
M.$%<;468$`89`@ZH(29YN,&:$OT=P<88%'C1Q`-K?(#-"LCE<8H:.&TXBAJQ
M-6%!?S#\-@8:9+F1P8E'%4'1"M<L)>.1'-J0`?\13!*A`T@#7."$&FRT`8$'
M'H2@AB!M(#'`#VQDB&0F;:30)),GL`&!%QZP8`,;2%AQP0`[`/4#ED<(,^:>
MDKPXC(N\K&$=->;4(L<N@JBAZ!IMB,EG)8KF]D<;BE))92TM#&I==1\IFNFC
MH(8JZJBDEFKJJ:BFJNJJK+;JZJNPQBKKK+36:NNMN.:JZZZ\]NKKK\`&*RRP
M>11Q0P,T4,9&IFQ0HP80#&Q*S3X"6">HH%KE88,+(FC@!AS4E-."/FNT8,,_
M')FCQEQKA$M(=<X6<JY&AI1+Z9:.C)OA+N%D*NFP/.G!`P0BB+!#``VL@80(
M"R0QP`Q))'`%4`%8T`#_$SC4>8((`8`0`!LC0*!`"FJ<8$(Y;=AP@Q,5O.EH
M*=45D4`-(9R`WKNHF(#O("(`D:$:2X`@0@./,)BAH/CF4<?.H936Z+\<?N2B
MU*4!VDD>&2BPQ`=`^."$`"+L`84`,PPPP@`.',&+"!3H$((##[`11@4>5$"5
M$R*OX(8"18C[`A%%7&&##B8MX$(/#+Q=!`V!Y3'$#1K<X()C-^SP@@XE6))'
M#1D<@<,')*\K-1QKA'%""YV.ZP4.+2CZAAJ4MN'&#B/<<$,;C;JH;Z.BNTB$
M""[&WGH;(S#@!NIJ($NIU)]0Z4:SFY@C1[GKLF%="V[8<+4-&U@0N0(US.""
M_Q-7L`#!`$!(LX(,&=BP@AH\$#$&'1:X,<`:*^0Q@,@#A.`$O:#(@QT&$!8U
M_,`%(!``!(AP`B@0P7CW4\`:*'"""TCE;!IXC@;018DV+.`")5C##1*@@`Q<
MP`0N\(*#P@`#!WB!!VIP`P\H8`4:/``*07G```3@A``0S@E$>$,/D+"&!#S@
M!SKP@@O<0`0O[.!W';J!%X;P`@_<P`(>$`$4/'"",*Q@!@KP0@)>5@DX,$`'
M(K@9F4R0`C>`X`8P6$,)6-""%,"@$VUH``3&\#TXB(\(&]##^48P!A@TX'EN
M6($<!M``"^"/#0-00_[V9X4%4&`$`/Q$AX!@A5TX`?\'2,@`!"!@OP!<H`$#
M\$4B[8<_'8@2![];5R5*`X,PZ$`!$!``$BJ0`"+8H`(-"(,&5N``)?!`""=8
MP1I@X(0QJ,&9>D""!4Y0`=L](`45X`4$-!`"8E)``D)`@Q"@R``E]$`)-]"#
M"1R0`!/<20B1*XL#+L"T3=R@?^U80`T$58./)>$$^F##+MQP`C<LP`8E6X)6
M8$!$*J!!@@S``05:``4<9H11]9QE"&3PSP6D@`U+V,$29N"`XA5A!QIH@/74
M$`*Z?"`$-BB!#:(5`B0PH`@I:,,*;$#&2YPB3BNX0!&\<`$-A,P&Z5C!`IS@
M@3#(P0-L@,(<3O@`#_P@`R#_T)-'D"`!$5Q``30@0AL<,`,]%`%L8>#!`TZP
M@)-*0)D6N(].VS``-UA@!]6\P0?&0+0_C#(%7C@!#`8@`QTXX'=LD,H)4M`"
M&3R`K`YP``L<H`$AA.`")]B!'#XQA@#$4`$.(*P">O``"%A@`Q.H0"(;<($,
MA&&<-[`"$6!`@0K00@U44(`;8)`!#ZPA`WH8P@=^0`599L)IU;'.+O;A@`I,
MS#HBJ<7SL,6&-BK*6=2P10+*58[J"/1Y=*A.#!?5K!C6PKO/$ZB@,L7!2>0A
M";&%`012\`$WS&`!(X`;`WY0@P]40`;K>I8-AM"#E&Q@#2PPSA)&D(`$+`$-
MDDI!_PH07`$$5G,&']@!E5C0`QDD@)<+J,`(*@"`&=0`F#_H00*@M@D++`!V
M2E`#!+)F@@I<%0HAJ``25M``(<Q@)D$M(0LHP+M3*`"D93&!?$TH@!"@CB=3
M@[*+I#RU*ELY>*BC&N\:A9;K"E11</"4WI(KDNNR8+R*&@$X<C=EG[*G""*P
M'@B*L`80C&`-#.,%FZN,O%-<61!7#K25*Z5GY#DFM%1H'=)@!R_Q"AIU5F"!
MI#[R!N1MYB.X^\@_,DTE0#VM=57^A`8>P`,6$$$&4/B!`M10@0VPP,4"T,$*
M1'"#LN'O"!7@`1MB#&@V*(`.+YBASFY0@S`0(013OK($BO^P``8T(`0CH`$-
MJH``!!2``!SX0A#$L.=%S$4&`$C!$'1PA1(X@#)*.(4$7```$]"@UA3@`0,@
MUP`E;*`&.@!3HSBD*"\\P*84(.4*PI`$!^B,$8-.P@Y2(`(<)$#:!*AV%0J@
MA2EH^PES`%2;"X$]]KAA#BALPPY\L(>3.@`&`?B`(H['8O6H069QS/,.X!"`
M(N``!FJ0<`JN4"$-3Q@$.,AYTF:WA@6$P`0MD`#.DY!&XP)-!!_8P!ZF3G4`
M`&`/9B!!'[;.]3Z<(0I:"`(9S7$;!_A@"#\H`@@>8(,8KT$'N0:"`#2L!#<P
M(04/*(+IK%`[3/84X;N`)1MR2YG_,%S@!CQX,<*1<((1:$`'4[?Z'JZ^AQQH
M7>M<USH&P"Z%S1RBX^%=`P#&L`837*$"#@``#'QP@Q`HHA8M]]74<&>#!O``
M")2GNNZI;H:N^Y[K7^_`$X*7D[DH@0U'&(`+0A`&&40FW9+)``)+X($=**$-
M&4AG%T^0`2"X`.<9K80(B&`=7+(!!B4X@A,&$`!"\+D-`1C!$'9/_ZGGX/?X
MWSP'U@6'-QS"158@7@(P`B-P`1M0`81A7`"#"*5Q!2#P`KA7=?6G>[V'?UU'
M`EKW=1S0!<6W!@+@!B*0`3VP``/0`T1`'XH"`T30`RGP`P.P!$3P`S=P!'H0
M`#X@!.?C_P,[L'&8,'[587ZL=@(E=`+N1RD!D`#S-WE*.('V9X&^AX$D<`8(
M<`!;\']YT$E7,`!#<#Q%(()THU4+"&A5=@4-D(2[EWL36(%.V`<8N'486`8$
M(`55=B]Y0`5%L"XU(#760@7^E`39PP1LP`3+4P-J<`5YR(.74`0CX"()L`"R
M,P2!L0%7=@(T('5+>(D3>']KZ(9M2`)I$`$<,'QMYB)'T%AC(&(MT``?P`(Z
M%"9A.`C!8P(X,'EHR(3TIX:;F'D8F`8HT`5J,`>,T`8B,`*`V``B4(@08`(2
MP``[,375\`%75XNV2'6:F(OX=P93\`1#QU.[P!YJ$$?5,3U_Q_\KYN`'D!=Y
MTYB&UNB$:5``3\`(-N!XS&`/&_`#CZ,!&F`5+5`$/+"$TIB.U;B.NM@'&#`%
M@.9=@@(N"&5>/3&.N?(1"_`#_YB.NX>+`IEY!,D!>7!IA]`&(;`D+H"/RH=[
M#G`"-@"&XW`*:G*.%,F$`7F1OA<!4D`IF?2*B5`$$-"2%&F1,,F&&!@%0:`&
M_F<(WZ@!7K`$&2``4)`$,J``%:`'`O!D`7%^\R=Y.EE_+]F37*<"!2`&-6F3
M8N@B"V")5VF+/*F5;<@!$H"(+4`#/#`&3#`"1,`#<R`D/\!4[44*588$.5F6
MMIB56LEU$2!VB/B*NC,#?IF.9QF86Q?_`6*@@'_0`M!6`R8P`FT$,B9`!2$0
M`#Q5#%*3!#^0F'_)F+^'@2HP!5()ECQA`M`HFF9)FD^X=1@@=NZ'%LTB*`%U
MFYGBD%&3`I!G=1/IEX`)FWU0!;PI*XI2?*BS`V;HFNI(G+]WFG9PG*50&H7X
M`4=`B\Y)?\-)G%$0`^&7*\E9FP'@`IBXG10(G?B7!AR0!8OQ4R[`)#T0G*+9
MG:3YDU*P)U,3`@!PC'W&9\Y8)6V095NV`/EP+T`P:2X2`+A'G\ZYF(R)>5K'
M!U%&&BZ"!$(@`%!)!$*@G>A9>>IY@6^H!7A0F'U"?-39)VIP`T2P`&G25FL0
M`#L@4K3`!`O`_P0GX(<U\%%)$``!0`4,@*,>Q)D#T"_[R)(?6G\02IQ:5P"I
MR1'Z8`,.H*%Z`)4#<`-)VH0AVG5G@`(4EP4I6@C!,YZC4`L"T(T9$%K!Y$*N
MQ0!HH`,4X`(6,`)ZH`-#8`4/P`(KP`-R&0`RX`5GTR\PT*%9^IQ;ZH9LV`<$
M$*9XA*$"\*A56J49X*!7:9^!20(JX*4%P`<D&C4S!9F@4!UY)U#3\)%AL`"S
M05;W8P%J$`968$5#H``LX'AX1@0)\*HN<#\M,`<PH`!$0&+GF:5+&J)3,`=#
M*:;IE9>18`YZTB'H\A$M<`4_0*61&JE0X*'.::D]&85>R@?>6@"A>/^L@O`#
M>J`&)H`^;D`'UD%6EKE?E=(FUT4E;+`T9?("%=8+H`H)IS`$7O`#,V`%KI0`
MIJ-;JII(I?,!>0H"N+0`'L`#804`292KXU)C4*D'%1"L23JLL-F&*F``XCH(
M;K!1.,>H>6!T?V(<?](Z'T`$U%JM57H$5IFM(:IU*F!MF\H'!9"S!X`$A5`!
M8[`#>Z0`'^!1$.``+M!:.P!#:X`9,D`##C`$2W`#%0`$/9!A'T99;I"@LY0'
M;V`"0["#(9!3*6`#.Q@`)G`">0`#>3"V._`!5W`"A)@$0U`$I_,!`;`$IR,9
MCZJA`@"ST5BH6'>HL;EU92"';08'>?`U&P#_`3$J#&U0`TB0!(G6!DF0!TP@
M*"9@`E7"!%2P;`&04]PA22D;`A7KLE4*J:E'J=.HK1=9LSCKK:^+LU]0H;FV
M`4[@!+XZ`R+#3KC4`+_3`%1`>K036$K0`A>P!'PEM3^`!D40(`$Q%S&4/5K1
M+F+*`BU;I4Z`K1DKN/B'@1$`:CPA$G5G!S;@!4QU`M(P!@+`113P`$J0`0_P
M`E6U`&C@`4?;`PUP`R_@!!;@/G]2!$1@NJ;['(0JL]"I=0@`NPK\K7P0!&\0
M#A5P`FA`0+G;E&2%2^,W-,&K!MD06)$A5F-`:Q4F!%#0`(QJ"1]P`5#`!$EY
M'4O0F8,``Z7KLE"@_[IEJ;'JJ755\&281GIN8$J2L0>DMP)4,`#4)`)ZT`:'
M$09HX`,KD`16H&NTAK#3E#]_$$J0*L#5*@`#4,#U><!]D,`WN\`Y>VTE*@A`
M$`!6H`$)<"P7H`<W\`.J>`'8)"AL$#<#\``"$`"1I%K7Y`(ZP`*TA;CCD#*G
MUFQ.D`'1)EZ)4@1?<[VG"P4W`)S;R[W=FP8&$*!9PZ=AL$`)X$S*9,05X(/H
M=`0OL`/*Q#XCD+]Z\`.8M0+80ZZ0K,5Z,*DVC)4;ZXE1,,8+K,#@6@<F*J;6
M<0B7PG%4P@0*L`&N*`XML`--S+P;T`-Z8`4^$`"2P@8R,,NGJY18>LO3B/_#
M.=P'93!\E;)N/A`"#("#:S`$C;4&:A8"BM@&&B`!0"`$1=`05/`!-Q``(A`"
M\,24:@`"%:O-`NP$WKQ[K.N$;1@%L=O+OMS`P>Q^:J`#__<\A<`&;W(%(X`$
MRS(.5)(!+6`!$S8$,/``O)0[X[>W`@RIV4?)VPG.8*RH+L(HLQ<'E^9I6L8L
M6C$'B]8N`0:M24"#,TS+D:JA)!:S.IG0%JAU$8"SO.S03LT'6Q`.?B8X5%`#
MN%,$5#`B@"8!2[`N7TT$'T&9>2``)V"N->`,)SP)U0$!*P``;E`$=97()L`H
M;O"4!%VM`W#03`C36TJ;?;($<04$RL$#P]0`)Z#_`7^B*$,PU$1=U!J:>HFI
MU!88`4\-U;Y\`/BB*`/`8Q[P`$#0`$=0?6,@"(!%!"F<O=(P`DYP`0G0OB/@
M`5X0+6LM";RP*)&R7+M@)7S[V*=+!%B*GGX=H@B0HGD@`V.0)L:[`TZ@`WA*
M!8L-P'FMQ7M+!))=EI1]@7U@V9>-V0P<!("V!@-`!3<P!K+-BF/PR8(``(?A
M`4L2`%[`!O)K`3C`159@`5^%DCO1!A(`7+Z]Q=:-U'XYW`>L`@?0`@\<"6U@
M.M]X`2WP`I,:JR,`9AGZWT3=Q0>=W8A:!MWMW0S,`:C3.@,@![X+`0FP`B\0
M!C-0VG\P`P/H<%[``GHP_P+]NCH",`0;($II4MMXY.(67M1Z@#8"?I4$SJ1]
M$`49=YP+#E`J%D.<`P0Y9AW2_>,K+0"3BMV!B0$HX.&8?;,._`;N;#T?X``X
M\#8:P)R"X`:3)0(N<&^T)@)"\`.?ZP`!,`1TOLS-J"U)2>5%O8)#WI)%SJ1I
M0)CZJ@8U>`47,#T&Q``@<&J*L@?3_=B0JI0N#9`PJ7F;VN$>7L9W8&64X@9+
M4QIK(`>-`A3_,#6ODP<9USN`DJ\;,2X-$.FTK*$]@+&*:<FY2`)1X.J)\`:Z
MS2^9,CV;4@10*>N2K@<PF]0]J>5<WNP%$`/%9P)ZP``FX`$6(`/%!@19J)^L
MEO_%?%ZM%YN8@0Z=:<"!A9Y<ZR(2TVL#<"`<O?WM+DNEM:ZZV=VEFM[LL`NN
M.?$&(?`[(Z``,^`!#^<$&Y`">U(R++NWQA[OR/[GKXGKFT@"*,#CA$"Y`P#O
MC^WG#D^-%WD&58#OSB[5&Y<'-\`Q:!`&/[`$HU4!Z:#?+G<"/'`#>[[P6_RR
M!SWNT(D!=H!'I(OQCXWA#JK4*C!Q(,_E.9O)`$'R(A!9.!`&S2(Y&>!(7YD>
M;L``$^`'?C`$1\"RITOED*H`VOOP$*_0?8#TFR`6-/_?+$VI">VZ1>_L6@#,
M!^D"#``#%W`!.E!'<KX0;A![T[$$6(_U$S`!(;`!%^__V!9>PSJ)\_?9I$]Z
M"0&PYSY/U%9NZ;F8!F+\]LX.[0>9*=2`/`/%57U_)"<0^'YP]8/O!RP``-_.
MMXJ_DV,?\6>@%YO@XY,OZ5:PNM9H;9H/\IDL"*US*>4R%\<C7H^_&U,#`J:_
M_%B?`"Y0`0DOZX\JR1L_=8S/I+_O4XT22&G_[4>=B9N8!@Q][[V?[U-0!ZJB
M+5C`_,P_^#P``$D9Z7O;TM\<^[G8Z<>5!S38_7P."$0.`'N%AH4Y?8J+C'T1
M!9!\DI.4E9:7E01=?YR=GI^@H:*CI*6FG7EY`1-^K:ZO?JRO,D=$>K=Z`KBX
MNKD#-X?!A6:-Q<;'R,F*)`AY_Z>E>6U41+V[UM?8V=8#0@"$P8G&)(Y\D`68
MZ.F5D$'/[N_P\9QM,+#V][$)/QFY`M76NGX).T1,F<&#R4A$>"+O4QXZ(?YI
MFTCQEC\!`[Z!$^?HW#EU($%^:4BR9+Q4(/"IA#7A!0!J$GD)(")DX#"$.',N
M4V'`Y)\\+5Q4'$K47P:-AL(U(E'&W,>04"]-\4FU:J@66%9J?35#0P68_@`.
MZ('44$&=:)61F&HRE9"81./NTJ7`FT:ER_J40?$TJM])D.ZD<F:U<,D\2&1M
M73R!!0!^,3$.$G8VK>5B)`CXS!-'@=S/V'I50(JW#PD,?/^JIE2`P&##L.7E
M,:%XL?_6";(^?,W5SY\@;P0O"R]6A6J+`7!!%^7=8\^W<"2BGT$A*=)JU06Z
MI(K-_5T`V^!?34BP(</%7<V##Q\^+LIF&[R5R[?XFQ#>,U7*7=_/)\CV[@"6
MLD!MX8'7TDN\Z5*!>NM=%ET$F]60W'Q#7901(HNH4(5U_*UFP'\!ANA0"@66
MZ,IX+GRE"Q%6.+='90U:5D8>;Q`FVPYA43B?`$<!D,,X&G+8H6I?@"CBD7^D
M9.*2K23PF#]UO1CC<!C4820\><`PH8X5ZN&$CR2DL:&00_IU@(U('JDDDP;&
MHM@+/1`!!0`P3JD3!FI<"0\,7'(IP!$YB.E17V5&=6::2.;_(0*;C.*6P!`.
MU&DG3F>\1M("?>YX40X(D%FHF4<.IJ=L_UG*B:*,LBG+!$9$D->D.:E@JCP+
M;$EA-;CB,H`50FSP`01&=$!`=<02^NDEAX:XAAHMJ*$&56[`09@:;+3PR:*I
M+BF+$7R@4`:L:&$P*Y:UVBJ?+CGJ,8`3#@`A`P2UL0)&L`1XI-^QZ9R))G=M
MJ-%`!150-0`,A(G@P+YK9ELBJ_JA<,8XX"(D[JC/Y+%#?)G.1803/6P`;RRM
M$,B2$5K<BR\Z1>X;6PL0>+"$"6J`,`,23#"0P`DCF)"""`WL,(,;18RP0QL+
MB$#%#`PP8`(,$)B`0P5HY@&"R`HO_\:M4RBD`7'$R(PS(\7/,)%N41?]LR(4
M0GPP`RNK4KW2!%S<8?+)E*2LK!4;L+&&!@J\<,$,`C@0Q@=$$.'#`#3Q,,`(
M7K1`00@90`"#!PV($,(*3X]8=8$3='!O)%5HS;4R$8S[3A[PF4L1$4?X.@+;
MV2H&M^?$TNV?RK"I`8`";+`Q``1K6#"#"Q`H<(('1"1P@P;#AW&##W9`L48&
M;JSA`0T9]*#$TU$OL+F!GIM3CCE1I#'Z,>V9[@Y0R`%D46\);MR##D/0P#9N
M)VZ.?PA<"&NRL=>)`=BLLH83K$L!(1C`$120``U`X`@G\,(`G#2$!CKA"'M8
MPQ'4<(,C?/_@`1]TP!APX(.H?>=[M^G<W%CCJO,=`P&;R8,"S):@B\BI`CK0
MP`M"@,("\4]8XN-/)+(PP*JL80UL<)8;]&:#ZB%AB6IPPQ*;U8+JN8%::V@!
M&^00Q24NRP;6\@1M>J@2%:ZP.I#XE@L9,8[BM&4.#@!(+S(PF@_<CXQLZE^]
MA%@`+:C/,*(2E1K:P(;J.>N(<%C#`HIPQ#5(<5DM:,&R#MF&9;6A66W(@P3P
MR!+<="`2`/2(PTRS1E)J83-M<,%YLJ<!^\4K?YR\S8GN!P;_K082''`&[D)4
MQ21>T0TV4,,7'3"#0H+162V0`PAH,,DUP,`%CM2B&U*1E5BZ0@O_GKI$`5"@
M@E*2\@";40,.<KA#MUFS:A.85[VRB0YP(LH3J1`!$3[P@QY`P08Z@`($B.DL
M(/3`"B_(``_,LX`A*(`'3J!<!7H`S3CD@0&<E$4(L&FO=)@C=(O8&KA.TXZV
M("9D;CJG-=-)LL\!<'P]>2<J_I"`'A3!`PY0PA)T@#@')"`/:J!`3-\"@^$E
MX0=6\,#38*!3/>0I#]Z+90C"]Y<"E,\T&@57!+*`2JF!3*18C0472AK$2TA!
MI2M-@`NN,(`E!$`'0F"!(&X*AQ688`<2:-D,?)4!$0C5"CM8@026,,@\%$&I
MV+QE`5KHPBKL$DM_J(<YLXI"W+!BJ273_^8=\`#64[4`!B&(V0,48`(%$@\&
M;:"'%ZP`@0>$X`IZH($"CJ`#-F2`!2'PPA"NZ"PL+)9-$_W(2='A$<*.;@J'
M/9W%&)M5D86`JX-*%EAQZL@VT'8.4<SB)*/1@E0P:UE';($-'!G=0B(1HCT,
MP1YW"Y)M8N!\)/"/59)03>*ZUQ4_G(1Z*^O<5$2R!:%%9BHFF<G!4$L-//B!
M&C20@=8R5`TN0((:=H"_S8F7G7[9YL-@%1V%6,DJ;&#`;=\[T@3T3PS!K>PS
MV'""F:Q!"0WP`!L4P,`C(-$$MMU<`DI&WK^$+JKK@9@?0WRZ$W#XQZ](01%%
M;`HMSL"H1*"``/_8P"('T.`';H@###8,GAG3[:G@NIU5\I`$('MY"4,F,BE2
MD0`BM,`"2?"",.D9!@$$0!6QFX!XZ0:)%N+8,E[[HVS:D!(J>_E[$\#"-'DL
MYE+,@`AK6($7/*!%!US!`Q:@`NK:B]MAG;%#YO!MC)1;E52<\,_$70"A"UT*
M)/!5#4IK@PUVH(8:!*"ZPV44&/9X:3YNLPQWM@P&\##J]4T:U,250*]);1()
M4+I$LX9PH22<:[08=MCKJP>PL<J`3!);1$AE4K+I9@E(5*&;ZSG#$ZH;FSQ0
M8=HC9043PGSMMMB@FGYN!1C&Q^UN%P`!4,5S'XK#;BS!@43HCJ60^]W_[H:D
MPGOQ]@,7ZJT.I[X*+67X*H!:0(6L)#S@M@ET#0J.[3RXH<];8<7":TSG<F@:
M)]$1#(`&DU2,HU#4'$?2=S8,-TLSW*+>TLDX%+(%:#?$!-AR>=6P<`6?Q[PA
MSES,R&_>\&YUL]G',$">L/UIH6?KS48_^DDJ7D:X,3TD%WUZ=-32!Q3HN3#1
M`*_5&06"_FH]1*FHP4JX]76_(,!\4%]$&8B8*$VNG5%8$/;;.Y[M3EZM[E"!
M1!0>CID^8"`(-4K43_[Z=Q-A`>N##]7'1X9X[)Q\*2K@P'+A(.W*AV<!F4]3
M*I`0=#_0O?,1+L!YN^::Y<:A!0DSO5928(/4_TL^#TRH)NU@CQUPLU$152#W
M<O]PA:F!5/?W$`$2LNY[D@#?C,2/?0&^'55F(&$.;R#R;(X-_5<$GN#5]TEH
M8T!KDF=?/Y!`@-@5$87I1U[$J8#Q5<L?"Q&8X.SI5VY20&_O%V%14&%]@``U
M0GVP,7[\!S(B4'0,&(`&EP=2L$X%&!6*IP@%D`4+2&QY,`=4T'JZ!P(2.($4
M>!*I$`-RHVP9"!@%4`8<(`<`B"C;005J9WH,@`36AH(I*`]QL`53X((O"`E:
M$`2P=G2HTW)_MP"#]H.5E0IX<`"U\X*L41T<$`,.A7ZJEP=KL`/PAG&!M@.B
M`H7XEP<&@(%6"(-\\/\%2)!^LY%[?^98()`$9DAJ-)('0NA^=0<)!*"%/MAW
M><`&.X!Q)T`';7"'>)@*<Q`$XT5\H"0)7T!$7"A^NM1\#49<CA4+2J-+BMAN
M>8`'7T!KG2<^!R!`]_>#0%$$.>A>#%`$1_6)!9<*;Q`#!S`L3E%O%<4!06`E
M-?AV@X$$`;`FF0AH^,,*(+`#T_>+LJA2#B4&MS@H?*B!XC,%4E")J=<"PPA+
M/82,F->,P)B'66``=]!5R]8:7_`$<3!UX`A/F20!"T!^"L,*,&`"H86-[1@J
MNJ1+76``%/44YK@.7>41!/`%4G!AS*B*I](&27`"V'*,^U=&(2,+6+``2S#_
M3:<2B/G8=W70CP?``:082N,3"7=P``80`Y2(CU`X&&M@`@&P``Q@<1%I#Q0)
M`C"P`TDP:"JYD98X&%D0`T%@`%\P!1QP!UI``$A)`%IP!QPP!0?P!4$0`[P6
M2!H)AU3)!E=@5B<``RG``"#PE5_)`"D``PNP`T5@`C9`E3O)DS&GEF7(EBL7
M2-8&EW09"FZ9D'6))3:"EWFIB*6REGTY9O`4F(19F(9YF*!PEXJ9"D7`!HMI
M73_A#%NHEK#VF&HYBY:YF'_@=G>9D9GYF54)EQ:C`$F@!B$@!,W"+"N6!##@
M!BM016LP`A[0F'2`1-4214@`!0V@9FNP7=73+&Z@_T7<U0;#@T55)$5L8`(+
M4"U'Q)K"1`=)-(N]&0(*,``FH#?4$DG5@IS_Y2S"=$5L4$EM,``-X%UN,`"Z
MA$17I)YL8`.4HP8VD$2V26*,%%T[<`)15$AL@)CQT`8-0`$RH`87H`1YD`)K
M$`)KH`!`X`$ID`!95`0#``0[H$-NT``\,`,O``%NP`!V-0-TD`(!X`97T``O
MD`0N@`-(0!X!,#Q:9`(;T`!4P`,CH`-ZL``-``!%L*`I4`0`L`#/`HIK\%)%
MX`:L]P,[P`0XH`$,\`-%D`(C,`0+L`$N^0,,T`(IP`-+,`0S``)+D`(W<`)K
M@)Y_L`0AD``[H`,GP`8?H/\!;N`!(J!J)[`'9JD#"_``0A``+#!6`S``-0`"
M&S"D_(DE!D.>#Z`$:J``;C`&>6`%0_``.Z`$2\0$3O`!)\``&;``*T`#'N`W
M*3``(N`%7K``4+`#+;`#%I`"=?4`"^"D'M!`7NBI7E`!-2H#`U`$.``"`]"H
M.S`&J,H$F`D`0K`&#Y4!#?``(O``+H`&#7`!"E`!/B``,@`$&1`"1O4X&3`#
M"Y`\,``#ABJF$#``($`$#&`!,:,##N`%(H`Z%L``4'`$0U`$1/"G(C`$/^`$
M3L``;NH$^QFH[R`"-P`%Z&JH3G`%2O`'5C`#`^`&V^,`#7`#!I,!;OJ:`[`&
M1"#_`K`*`D)@!=5R`A70`@_@`#X@`GI@!6'@JFN`!B`[J!-0`0O@!4+@`0CK
M.`YP`P$PBZ9)!%30`B,0H)YZ`PBK!BN@`!#@`@Q[`Q[@`SZ0!!Z@!D102$2@
M.`Y``6K@K1"0`F'@`!7``HBC`&[J5SJE`_(D`T);6E!P`V:+`RO@`&S*K^O#
M`.YR`6RP`FH@`!6P`GG@`RGP`!"P`N&I!D```A60`0\``AZP!OH*!2#@!"`@
M`&HP!B\@3#L@!&JP`5!0`0'P`!7@!2$@`Y4T!$Y0`2'@`X[Z`$/@`4*@!WG[
MK14`3;-8+4>0`<8S```#`D`0`OIZM#NK`[3K`&BC!GK0_P)\XP*O)0B*Z@29
M-`,S`S`W0*L#\*P@X(4"X`,R,`,9H`$:0`1`\`!.``0\\`"[V0,0L*]L:PHX
M!474`D5?]%^%Q`E9)$QIF43;E9]L``<,<`$*)I]'Q$7NNRQ]NP9R`$:&-$A1
M!!1J@`3X=4E*"!1@U)N]!)]0A+[>B4S.U41+Q$3Y&9](Y"S]0BU)Y"R#:)ON
M&TR]$T7!A$1K,+ZG`!09S"QP`$S"I#=P0$7LZRP=C%/.PGI4L"P0L``%Q`09
M5CV5Q%P9/,(1O`8UTB]$[,&#='27Y)V1=%U'%%IPH$11Y)W!1,#::`)(``(F
MT)(&J@;X&<'PB5_5<E_,TBS\^_^;AW3`*$R^H$D8BKD!&_``1;`#%.`"(4`$
M'G`%'?O&<"PJ_068W$&9GYE)?04"=SP"/S`&"]"L[)H"_5*95!F9G]G&-H@$
M#V!`&N`""3``'F`%-V/)I=`O;3H`+D`M*Y`""N`#$+`'1H/`HIQZHN($+O`"
M8:`#1W`%+K`!0D`$"B!LH;F1SJ(!-24'.N`#:B`"CZ$`#R`#D13+LNPLL"L"
M+#!#*L8&TF,%3E`$@@R7VN4""H`&&;"@(L`$;A`"W2L$#K`&B0C-@^>%:K`'
M#B`$)V`#E1HS/+`&0,`"#Q',^:C!;!`"#,`##N``RPD$8&RYS>+.[WR9BLG0
,J&!?<ND$ECP9"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>c83111c8311105.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311105.gif
M1TE&.#EA^@"$`.8``%M55//R\.SKZDQ%1-;3SVQF9>7CXGIU=<C.W-W;V8J9
MP3PU-)F5E,W*R=S9UN+@WOKZ^6!:69&-C<3"P:BST.CFY<C%PRHD(];3TD9B
MH8F%A7Z1O9Z:F$$[.K&MK*FEI*&=G/;U]+FUL_[\_,&^O=C5U.'?W;VZN7%L
M:X![>MK8U=K=ZM#-S*ZJJ9:2D8Z*BLO(QQQ`CC=5F;6RL?S\^S$J*L3`OZ:B
MH5!+2\;/XI&;M[?!V?S[^_'P[^'@WJ2MR/[^_8>"@9NDO*2@GIN7EN_N[?7T
M\WN-MR,='41AG_3S\K6PK^'B['9P;_?W]AP6%J&PSZRHIGF*KFI_K;.\U+NX
MMLW1WHR(AY20C]+6X.KHYS@Q,8J'AU=14(1_?F5@7T=`0%1.3_[^_OGX]_W]
M_?CX]_W]_/_^_OW\_/S\_/[__HV@QE1PJOW^_?[]_?W\_?W]_O___N'@W?S]
M_#];FG"#K>+?W34O+_S[_+V]Q?CX]MC8WOO\^_[__QQ!CO___R'Y!```````
M+`````#Z`(0```?_@'^"@X2%@F)N8F*&C(V.CY"1DI.4E9:7F)F:FXUB$&:+
MG**CI*6FIZBI0&1C80)`;DHJ$&)F%;<!9&X.(62@8D48#L/$Q<;'R,G*R\S-
MSL_0T=+3U,\E8Z&4:$5?2!$5)5\17Q4""P`1+6->```):*`F"67T]?;W^/GZ
M^_S]_O\``PH<2+`@P`0]LDTB,V/``#1D(.CZPJ#"!3(8)VPQ$R0%C40F3)P1
MTZ>DR9,H4ZI<R;*ERY<P8\J<2;.F39=B3`10*,E,B2<UL`%),P>'API/(D2!
MP*``F0IAR`#Y\^#!GS.ILFK=RK5K'Q\!+IDQ\^#"G0=NR$B(,$8)"0L#_[!(
M:`+$#`XS9*A:Q=JUK]^_@!]]#6O)31HT`\+<"*$!0!&,8X<4:`'`C(@O&/5>
M#<RYL^=4@R^1,<%ARQT8'Y!(X-"@`I$H`Z(8V')CP`>IFOE^WLV[MZ30EH!4
M"'+!`AD+7))/Z,'E``R,#PZTP)BWZF;?V+-76B1&#=^1H13QG`3\$I`E:,9'
MLJY;N_OWA8#`PBLHK9M#8M)@*F\I?QKUD+`'WX`#BD$&#YG]D59>?P"!R'Y@
M92(>@(\(2."%V060PA<`8``$">TTX`9E`+C`@X.5\.>7A1BVN)L3,!A`Q!<!
MA%'%"1T\T($%)2#Q`!D4,J)B7RRZ:&1@AKFQQ/\7,(#1!AD7L`"`!#@ZD5:*
M$096Y)%<=I4&#08@D<`$.!BX``P@U'"!%S2`@B5A@&W9Y9RIH('!%A.8P4('
M:2&QQ`)*\'`F;I0,V96<=!:(EQF)K*)+*$].I8D*=Z#0PA)C?(&%"UU4,``(
M,]20`)!O<H9HHN^1D881+AA@1@A#7`&#I"<0(<`F#C2A:PIDJ'!`$R:DT4`3
M!<R`5Y"&&,K5J:AJ!TP'3\!@!@-=#-$!"V(XL4`-)6`BGAG_.0@N+&(X:*!X
M0(Q$7I9Q[M4LAF+PD,`"#8BQ``%H'"`!#4VTL$"WEQC(("7BK0OG7\R^ZYL;
M"-(+Q`L`#%&#!GO2\*__MU9LH/'&''>\\0Z*&"R:HVD!T49:W(V5LIN")*PP
M;^+1ZT8`#+SPA0M@-$'$!1R0@49_%,3@Q]!$%VWTT!MT)W)P;IAQ0QIDM%$7
MJ;50?>P@+K_<F\Q&I/'``#!HP(4&%V#1YB44'*VVT1O\H<;2E=0E0@U8]"``
M!US,\)\*7"PE1@E]T[+(`PF,8?CAB">N^.*,-^[XXY!'+OGDDH,!@QX?7%`#
M"$YT[L0`&'1.N>$_"+WVVD>,48;D922PDR7'U=#!!$:H<`(!"WA@`A(LA,&!
M';S[GAY5%E1C_/'()Y^\"LPCH\+Q.IA^^M%U/`^-!3VT)XD;)]0`AL^'D4'1
M_PT1F$%"!.2;'\%_5)F@R$WPQR___/'[[,NY)/7QJ$UBI#V]VDG+WTMRDI#"
M..$*2-!`"!C%@@488"X8P0$$R8"#IK5/#-K36F_$D(4<>/"#(`SA!X'V/P"&
M3!(Y.=A"TO`&,"Q`!+U:``G,0(0"H,$.7:CA#;O@AOMD38.`$4,&2G@TM!&1
M;6Z#&R6`H`0C#``'46!!#6:%A@9L`0(I2($5L>@%^OP0B(/`X(3&2$9D&<(-
M&8B!&M?(QC:NT8A')%K;WO8;=BV1!1=(BA-V=H$+2(`'#$`"&`20!A<(DI`_
M^R(8_\`#-WR@,C2```IJ$(8TL``,->""5,QHB"'&<?]H</SD')4XB9(!`$&/
MJ@L/(,*#L4`-0>Q3)!C3<`,P=``-:$"!%P)@`#3<000"N$`"V&<)3WXRE'$<
M91U5B,(RDA$\BH!F;A8Y"3'08`(=$`,::C`$!I0@#5]HPA(Z$`+Y7,*8<43F
M$949"65M19:+;$`'&/F$`J1@"V6XP0+`$`$().*<GP2E)?PGRB0NTU3NHN8D
MY&D@)#C`#'<HP04(8(8P6."$E4#G$=5)1'9"PIU:@2<8Y9F&-`"``19`@A/N
M,(0$W`$#I"IF0/W`T1)Z5#!V7%%"%1H)`_3,#`+00!,:D`8?>*$`'E"$I#(Z
MTYK^[Z:.`&E61/JN@OW!F67_Q(1&B>C4Z4&U$5)-!56;)9XSF/6L:$WK60$:
MT*Z>[JM"RND8^R#6G?*T$&=8@0+VRM>^^I6O.6#K,0<Z4[@F2ZZK--G`3#'6
M9NU@IFL0;#H)&U##%D)%P!A#`ARP5,;:]:Z$>&Q`(RO3ME*VH'1LIUPE8(`O
MH&"QI6@LJD3[2=(RU;25(&@R#:I:%8K!!AT@`0A^A@K9)HJV<;0M);9:0K>N
MS;*$P"P/8#`!&+2!$66,`QG--48??A:T@D#N$94[">;^S[D`Y.U'5QN%"5C`
M#(Q``P_$,`"H`0$>:"@I!.[+J)*V*9;?!:]XB4A>29AW>N@]&G0'@=D/W``&
M+(!M_WT\Y8T*F,$&6P`!&;3@C70801Q@B'`B`PS:`9>PP)$X\.D2C,34KM>W
M%FC"`8(@806)``P#@``/>)""+G#`%A>1"@DZ0(,7',!GQ%.>DH_!O.<UV0'6
M&T:4IR&$F1YA&G20WA&G$;V`UD$:%GA=&,<P%POP@!%N2``2+D#(-)BA"3]&
M2@0XH`07.$4+86C#X-PG0/KYV0UH<,(-?O0`(ESA!&1P@@BX`((0\&\'6B8P
M38"@XK71I'^1MNG[8$)`A8B!"`TH@P9J[+,`U``))L`(G($PAA(8H`M7F`M$
M<*"+"_;9S_,30P\B<(<)D`$&)\`C"X@P``(4P`6/ANRD*_^MMDOK=IV;'J!.
MVB,&UD`@"/<Y(QK:,(`(@$`1<%:$&=!P@R]XH`MF\,`7X#%-]_C"`%R80"@H
M6`4BA($&*0!!)DS\/Q1#@ME%/.UN78Q3WQHA"`<X@7K<4`(OU."E0((S&0R0
M@A=TX`0"`(,&.E`%,TS%N*DPD!GB'0H+;"$`#P`#&"Y@@GU#5K(;%?@ZU5OP
M,(Z(`!S@P`UJ#(2[W>&BBK"`AP(``BP`_0$N$`'+0(X*\9#<#3#H`%%=$($'
M!*$)&*4$OZ?G[T<`W&@L+MJ"!5&>6D0A`1[P@-+1#*0EI.$^Y5J%&QS%G32@
MJ&4D]@W)JW`MNZ>@"32801=B6HG_K9^NZX[X>M'"+D>:1Y5=9"A"!"8?@0*H
MQUQ->YLB>CC&JY8K&TS/"A9@((84]/$"-Q!`-Q8P*DX6PO!K0WPC%$\TQB/-
M\6!EER=N<0LM$/<4H4^%&6B@*E"H2BJ`=KTA8*\VV3."]@+-;6%Q'U<X`2$`
M8AL;%I1?B>"C@CJ^,(/4QG(R[H?VY:4=K/0K2_W#P@G0`@A![SL;V[QW1@Q0
M6(/^]\___N__$LQW-,[724TE<QW5?I<%>690`$O0!5WP!=D&?/;'&6B4:>=E
M"0%H-`-8"-!'4P9H4P@87;H')&[``A!68Z(`3UA%1G&`"17H1C#(1@"(?K>E
M?I3P;`=(_W"/YULNP`$M,`._YUG700EO8`8:\`05("Q])`%F4!H7$`3F-P@=
M.(.C!7-<]8%/%8(,EE-G4`4<X%XHR`GP1`8.D`)(F`8#,`$!$&)%D`8!L``8
MD`E3B($TN%P%N'ZH14IBT`('H`%8$(:;`$]J8"!(J`1/``$F]0$(D@`#4`%R
M>(=:5X?E!8F3@(,@J(.YYUOM50%:$(%"F$&3@(1:\`1I``=?P`$\$`(=D%2/
MB%N16(7I-UEX.'!Z6`63YQ2.,"&70%5B@(1N@`0"T`8X<`(]L#F$%XLQ5WB2
M:&"4*`F6F(686'T2,@?#8PF\B(1D8&\]]H8#,#8^T(HV.`D96/\T&T@(<SB+
M,Q>-[B<A+L`RW3>!G=!H9E`&'\``KC($.<<!CJA5S1@)XT@TY2B%_0@)S^A5
M6DAV<A4"'Z!S]'<(--`"3U@$;C`&K-$T,'``'-`+%YF1F?%%$U(2*QAM5MA<
M=`B+-2B+-SA]ZIB`OK4I:D=J%E`#"]`"`<`#!5`#1#!Q2'`"G_(`.SD`'$`#
M@P./@C`2B:!62(E6(WF!RFB2=NB*E:B2<",>53`#G*@>9M`]W],T10!G;3`$
MZS,!$1.6`(`BA#,Z3"`#:KF6;-F6:SD%HS,&26"!TQ.75$"7IZ,`HU,&<QE0
M<5DZ`94ZJQ,YK2-FU,$"$B`!1-"0#0+_`2[P!"G@<6(`9VX`079AF;3F0PT0
M$E71F9[YF2;0`&KT21GPF:9IFB9`!S-UFJQ9%28`F)]T!*W)FJFYFK.)FD*`
MEVM3!R8@![?9F:&9/8>0!D.`F(H)7X90%VC@0DNP"A+'`5]@!@G@8]$YG8QB
M:S$A!DS@![IY-&Q`$Q484)?VCT.S!N"91N(Y$YA66=&&$R900%=E!BW@`"WP
M@PO7`YXR`"UP7Y1I13UP`%[@GP!*?!<$BHP0!]O9G4;#!OUQCM5$GGX0D%?E
MH"A4D&^5=8^00F&$!HXB=_%U)T_P!48@%5<0!68P!R]P`3A@`&20HCA@8=5!
ME(*PG0'%H,AX_X5-65M+B6!8:)`K*8+6YW%D()1D``=H5BX``"1Q5PN@8!BK
MT%_DTFZ20*.?9*,GF8ROJ*,W2I+HF(-PHRHDP`,$T`5_F(N?$(6*1*5Q9*5/
M&8Z2`*$2^@<4ZHQ2>5""``0/T`51T`$I@`,3D(M*NHLR^@=J>D1L.HE0^:;+
MF&(#^0@6^EP'^0=EAP8><&Q-&(:Z:(V#6JA$=*C,F*C^N*C_UJB.\*CI]:-;
M""=M0!1IT$C5*(%#&`F<6D*>RJB@"@EPNJ,KUJ-O%:EEEPA-8U6P:J",,*O_
M4ZNC>JN/D*M;RI0IR7ZHBI#,="B;.E/(ZG6DV@C,>J4X^JQY:*?M$O^KD&"L
MTW.MB9>MC+"M;8J240FMI$0DU5JCNKHV5*BEW,JEWDJ+X(HP\5JE\ZHV]9I<
M_QIP77J)[TJMXOH(Y'HZYCI[Z+I\HHJMREJJ==I;")6PCK"P:].PS_>PKQ>Q
MYSJQC6"J"N:K.06O&-L(&JLV'$N`(INN(.NP+VL()-MB!UL)\("G$/$D<1`'
MOK`@H->O:SJP8%>2]KJN6-JNWVJQFP`+1@`&16`&8\![@4(#*N`$09NRQ6JM
M1+MX1BNPS<JC!0N--TL)9-A'.!`",'`!DT>,'=`$W&).:<JU8;NK.0JV]^JL
M2JNO3*L)3H,#`S!N,$!KOO`!78`&&L`K0ZG_M8:PLM[9M;7WM>,%N=&7K^E8
MM@NA`MMB`&+0`!<``"]@!%>0`FE@`P!@=U(JJW2;MV*;I7B+M-VZMY>[KYC@
M"P%P`4A@``'P!D[0`;&";0V0I$;Z`#9``,9[O,B;O,:;!Z,91QF@O-";O%D6
M4-%;O020FP$E!=8;O=/[2=L+O5WV25/PO<F['%%("..&AF'@`4!`?!4'EF^`
M!0<`-51A!^W9$MK9O(:Z;`IJ-./9O^3(O^DI$^LI2O?+$IVV"6)@`5_01Q7`
M`E]PDR8@`'=0`!=0+WMVP"NAG=9Z:1TXGLJFGA^LGC4K=AJL$BE$K)(0>56P
M`!5`!CUP`L#D"UK@_P$)D+4J7`B.NZ"4ZX%W.[EU2Z^\"JG1*JDG6QAX80/P
M,!:K(!]N0`-"B35":Z@]'+!`S+IV:[E>2KLHF\.$L,-%T[(<Z+'GYY2(ZJ:1
M4,*-5\1A55Q3W*E5++D$%L=CZZ.8.U5O3*MT[+I7#+OX*KM;W+?\RK@ZO+I^
MK+>*:L:?BL8$6;$O=K%>/`A@3#1B;(YD/`CJ>L;L2J?NRL4(&\DS:LB:G+2)
M?+2C'+N<O+2/K"5Y?*Q[+(XQV[$S6PAJ?'ML?,3+TLKE^LJE_+JG_,>IS+>K
M'*Z@3*BBO,B;'*J*;*N,[*B.7'.L3,A??,S,G,RX&LLNV\P4V\F"3`K:E/\N
MC3"W\AK$`"O')\;+:?S,.]AT5\,(XNROY$RP?#S'\5RT==RKMSRMFD`&;R`&
M3F$N<>`@M?;.0UO/7OO#](S%0GS/1'S'EH`&`=`$%>8$00``!2``':G+#(O.
MU[S,R:K-(ZO.F6@*:(`C8!`Z$[``)A`!1(`&PZO1&\O1RXK-8SS+A%#+?C!V
M1JS/F4`&+(`$"]!*$G!D(E`^BUO,DSPTE2R0-HW)-&W)32T(.*W3;6RV>/#3
M8(!]7.`&8^H&6$'05&S0D8O0YRS6E0O(!NO)FF`?3W0#+H`"9A`%!8`@9V`"
M)1``/1``>KW7?-W7>V"M?1W8@IT$,R78AKW7=QG_4`IPV(=-V`'%V(;]`U8&
MV8&M`CU`5Z0P<?ZR!3:``7=0!6#0`F\G!B'P`"'A`ZCM`W)@`A9@`JF=VB&!
M`+(]V[1=V[-M!:\-VRR@`KF-VB9@!;8=W+7=VSY@VE5`W":P!\*]W`B0!<AM
M`2R`W,#-W,%-W*9M`<BMW-1MVUEPVJF]VJW=V[XY7Z5`!C[0!!=`!&.0;IK2
M"[\@'B>!"`YP:WT@'D5,=BHA'`&`PG!@?BCL!A:`PAC:3OGM`!7PW_Z=$O(M
MX.8'WR8AW_2-"`/."6+``,1436)PPULA!A7`TZ.@"`W`%6FVCUE1+@ZPX1E^
MOA*",MLA!GJV%:N@XAA^_UTP?HQ-Y^(H_N)^\7G<EZDE/N&E(*P_7LS>`N3>
M+.3@E>1*ON1,WN2[H4UC`2YH0`/YE5_@8P8(0@-\\`MFBQ'A,Q;RA5]HD!;C
M%GY7(@G*Z4IC4815/@)NIBKXE2"2<!A13N>JXF9I\7;@PB@^XWI3@TL',A2X
M]"3R!2[AXPM!^#+:-$DUT`(\0`+;\F-1=P%7@"`]T`$#,'?:P`$U4`,I$&@#
M<`%S;09=P+8;=GI80!\HA!@7L`4D0`8BT.HD0`,DT.DPY"D7$)V`6`AF<`!J
MTC/R1.G"T@&4C@81<'K&X7IN,#<7\%IN4.H1``\-7$%*$`87L`"^QICO(APT
ML/^V9-`%'U`!P/@%1%`$+*<6`+``1FX(8O``4PL&%3"Z`1`!'G`#!6`$*$`$
M%;``4$P#;U=-9&@&'_`%P60`%M`%`E`#*E`"`R``*#`$-&`$$$$P%0`!)O`$
M;D#NYOX`&G\!#X`7YBX`ZTX('.X$18`##6#O(9#O(&($`%JI$$`$$2#G8$0&
M*8T&'7##'1!U+&`7)]``79#2WN(#63T`-D`&6(`"$3`#8@`"WT#I,]`FVNX(
MT]($49<('1`%-0`D8#`!2!`K!(`@A8$!-8#S/3^,U^+S:>$!$9`)6C``)@``
M,T`&3M\$(``$@I<`'7`#*/`!]$M-LX$!;M`!2>BG_T+_!O2N%#"P!9A@!E\0
M!$!P)C0`G7Y*!BW0!3V`C[GSJI-@`@I/)AC1`0RP`$.!`RWP!`>`!1W`HI90
M!,%E!G!H[/Y2`K+/"EN0`)F``@>`!I5_^>E@\SA0!`.0[B1@04"$""70`1_0
M-->R3020AF30`2#P!%M0`T\P!+M."*T:!BD``30@]V3`!2E0`#?``W:&%VG`
M`.MFI&CN$TC0`&1``#5`Y;.#!+YP+:2(AA.@'Y,`"&8/8$1F9@,3;QT6B(H6
M9%5@/'^4E9:7E$`T7RA.:`4W:"X%5RYI-Q%>6&8V'69NF+&RL[2UMK=_8C0U
M$0P,:0<1$G<005TN%P$5%55;Y$I`N']F76`N#`DP'40+#R9W'!T$!AS@)&30
MMV(J3TT,'CPX5P4':%\I!P40!TT28`(TT=`LZ.++B#%D3@Y>,&*FP)`TT2BY
M0;$`"P,"";Z%TW*!`Q@;)!8,*1`!B)F(*%.JC"7&C0L),('T&"*A@I@`'UXD
M$$/&384A8L1$$T,3I@,Q'EY,"%KE!0DQ/6`N)2,T7068$EJ(T2*!2!$W15RX
M$'"3@80$0*K><D,$JQ*<.H'`15L$1%"48EI@90'IQ8F@-EZ(`-)&Q`L0/=*N
87,RXL>/'D"-+GDRYLN7+F#-KWAPK$``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>c83111c8311106.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311106.gif
M1TE&.#EA(P&^`.8``#4O+\_6Y;:[Q:NGI8J&AIN6EL/,WG.)MWMV=9>:IFIE
M9KK#U7)K:^WKZM;3SRU.E5I55=73T>7CXDI%1U)MI_KY^:6JM\G%PO+Q\-[;
MVI:FR,W*R:^UQ-S9U^'F[]'.S+^ZM<7"P6!:68:)E.CFY9"+B]C5U.#>W<3,
MWZ"<FJ^KJAQ!CKJVM7I[A?;U](![>OS\^[VZN>?K\L'+W;:RL>+@WE!+2\"]
MO*JWTO[]_9ZBKS\X.,O(Q\/`OH67O^_N[;.OKMG>Z?[^_79P;V)ZKUM:8?3U
M^/S[^_/R\&QM=K:^T"`9&J:AGQ@3$[['VNKHYZNPODU*4/?W]OGX]_'O[I:1
MD/7S\Y"3GH:!@/W^_>SN]$,^0?KZ^_#R]U%/5</&S=37WE904(&`A/S[_&5?
M7\S0USY<G?O\_24>'W)S?<C)SV!@9Z&OSH^/ET=!0/W]_?W]_/W\_/S\_/[]
M_OW\_?S]_/W^_OW]_O?X^OS\_?S]_3LV."LE)?[^_L3-W____R'Y!```````
M+``````C`;X```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E95]F)::FYR=GI^@
MH:*:?6]OHX="F*NL@JROK:BRL[2UMHBK)D^PO*^5;Q$T<7$Y2$PW<8)"'0@?
M<7`G""0P4EAPM]C9VMN10G%6"@02;Q],%W)R%30LPSDL-!5P?94I?&%O<4($
M:$,P@A]\6`"X`0?`!AMQ4M`8PZVAPX?8\&W9\X('G"H#1""`$6:(`@5Q/B*X
M-X\2CP+WWG00\6)(GQQ"2B!X0^`%'#X%3<PTE2,'%PQ`,2`92K2HT:-(DRI=
MRK2ITZ=0HTJ=2C5J4*`EY;Q!`R%$#CEPX@R`8&4)DB=+CBPA4=9*R4ER_U2$
M@0,'`I`20_Z80E#EC0HR;X8@P()E`):^IJPX<-#CP^+'D"-+GDRYLN7+F#-K
MWLRYL^?/GD-<6%PR;!4^0Y`<Z2%B2X@.`.*\69)AR3``'4Y1ZB,WS@4`(1B(
MP)`ESHL2,)@HT)K#!)82!29TN,/*`0:(V7KQRJ&=U9&WV&7UZ5!CE:`<,-Z4
M``!2#I(7"C(`,+5$PI(W!3.`CQ1'[I$00PSAQ@XU-.`"$Q#`H4`!<LAF0P,$
MC/4!=X,X@$1XM^3P!@80O`!##`"@0087IAS!`A]H,.%"&&A@48$+.^#V!A,]
M[(>A*.05(L0;,8VDE1PQ[#!;#0"]P<<'-:1EX_\C6<@EAQ""X`6'#2I8008`
M85`!AU]`O+$!`#M(H4J%%]Y(2Q]'#$'&$'`\\8,4;K"`GP1\D,"%%2DP,`65
M%S!0114U0!#'DF9ZDB,A=&T18@A/`#!!0#FD````-,A!PZ0I')%#):J44A(O
M#;!2`Q>86/%=)H)8F$@?<-"QXXYOL/J&AC"9DL6L0JABRJZF$)I='Q6D,,0S
M;U2PQP:8T"!""4S\`,$'-&'Q`00(I$!`!"8<,6:AH1PZ""9(8'$#)E1DX,(J
M).R"R1,DF(>AJHB\(<<'3\3QPPTL_"#;AC?0,`T<&["`1"DQ;`!'#A?4((>O
MVPB+'QPH'?%''_448$/_"3N8D`->4@S!P``$8,%``>EQVVT-A_31@!4F.P+O
M(4=4T80*<"@G@@WZRE$`&63PX<(`.T!@0Q]CX7P$!$C(L6EX%`^1PQ$%['`N
M)BHH4,=8#(0`QW%TR#9$#7QP`8!6NSW2"JH3,VPHRH>8TG(C+QL21PEAJ(#)
M$6],$$*)PX2QP0XAQ`%`!D.H0(`*57BU)89-YT#`#A?P\,0-3-2`Q@8B8,'"
M%A_L<0%=*0SP!@`-N%&R)-UETHLKOM#B[=N3Q%T(JW6S&@</../W50<^U_?&
M"R$``<$$)D#00P$_+(U='Q_<<$0,)43_`0\TO,%#A%;X10`/LAV!A13`$-`!
M_]FH]V%$$`&DGWX0['O@O@<R:-$%'GBH[J[K;,,>>YFXU`V'$)WC00[@T*`(
MV*!Z2ZA!'!!P@3?<8`-#.,$.L/`"M6&C)'-8Q1S@D`4A9(&#J7M)+!3QBCQT
MP0,!\(,*5\A"%:*@A2@P@`K5MS[V!>%]\)-!_+K`0R,8@0NRT5!Z>/6&+"RL
M$*_3'R1D9XBZS6L/+*`+?@R8`OQL(08N`(`"?8.`!D#@!F2`TMMX(@4%;HL3
MJS""!X+@PA:Z\8UP5*$!#)"`),Q@CF(0@PQ5J(0T0(`)<0B!`K"@)14,80,P
M,$$5Y('$_"DQ96@CTZK^4+<C[,`-(A#!!0A0A3#L(?^3$5#!%B`@`G`-00AU
MV`,9JF!!;<!B"A]X`0/$)8%.C7`1G\($'F20PCCZ88Y[#*8P?9D`/@!@C@K@
M@Q?DZ(<B*,`/:I!@!!10!0F(H`,3V!H)8M7(1Z[J)89@XK?>8"!R/H%=4D""
M%7YP3A)((0L_*(\@XAF'(UA!@:W,AATP09=8,N"?`'T!$!K0DSZ<$1>LR(,6
M`F"`.P)SCLR<@43E"%&(_M*7*G1"`O;`QQ8L4X46<`,'+."!%(C@#23@0P?(
M4(,M;*`$^-E/$KWY+1C((9S\,T0?Z&`*>6"B:Q_T:0[&L*NLR&&(81'CC521
M@PV(#*!0!6AA3L!-$O8A#[S_],,,H#`"B";@"GOT@P"2D(8[6D`!79U!`A0@
M@(9V-:QNG*,..-I0C_HAA@E8`@2B0`:\[*@)<GA<#*CD!@0H3Q`SW48%2H`%
M'KU`!&38@!BG0`"69"\%"*A>#1!PTT*(DW7WV]$48M"`5[UAGV_AQ8U6,84+
M5`&JXOI!!$`6508<+@)NX<4NV2C'*^QA`K]L`1^*\$L#H&`""BC"&I2PAQ:X
MH0T&B()'#;`&'5@4C@:8ZPKM^DL='-,)32@!&>+P!)S@@PDL4(`$`)#3/R2V
M%+JI116V<`\XL.`#=+O&'X+T@0FHP$@-V,$12O`!?WBVO8S8D0EF28,:],0.
M-.U#_QPB4`"HOH`&!(6)$*BP`2;($JI#*`$-.E`!3)Q!"^AKH0$L<`7@^J&.
MQ)VC$K:P`"4LH05KH.,6HFN!+0A@#0[%J'95:%<GC&#&.DB`0=S0@9ILZ0=A
MF`(#3L"']B8V!Q*@PBVD()=8T84%$XA5'PA`@#<48`A&D@(`>N`A6Z[BLXD8
MX&L!6H`.P*!U5M5.VD*(9X1BX@TUF/,_AS"`*:B"J4+@SJPBX.':9K8,,`SK
MBEUL@!;$V`!M\((,FQ"%LEH`#7[P0A22,`$=I.$*+_0E%(BKPBLDP0\SIN,.
MMG`#OXSR![-*P0ERT`,WO$"I$TOB*EZ@HC[\X`/MZD,-3/]@@A-@X@0=N-\D
MY#(Q&$C`#3W841^&4(`<_`4.`P!`#(8`!`"XH0*F^`$(0*`"%JS[W?".=[P+
M\.&`IL#=\LXWO)F0@G5[F`GS'H"_$:""=9>``.Y.00GTG6_#@%C$#)<W$_!2
MVQ=8P`G%;:$%7.P'2Q<W`5'8]!K2L&(^2'0!"?#H%?@`5XR^$9A?B#C#@7""
M0IA"!$MP0PKB$#0^I``&-MB"#10P9C!Q-AF5H+;*MD`RV>@#"T*H@F&/4#,F
M1"@,'SBT0>&,")AHZ`1Y@BH"F$"%PR(B#G+`PA*&4(<(;*$>NQ8"%UZPA`*\
M02!,X$,-<(<`%D@!`1BP(`D$_4__&OQ`'A2R*AW.)X`$>`S$8D@`QL.Z\>U>
MV@``@((.^*"#"3A!#$60X0(F,(,H>+?E+E>Q"CU@AS=0W14#%(16P#.>FB-J
M-EF3`Q>^;(,I602(:.A``Y:`[DK`H<M6```"1",6$_1@#SQP0Z7B@`$RN*`*
M)6"RF#'!=4BF+0<D8,%3!YV"#T@!$\#^EA!Z@(53AA@.F-T5"QB0@FUWFPPI
M``(#8I""_H/EH*60*QW`!(_'``2G+K<$"R:$0ADW`QR0`&)06P20`!QP1ZL&
M3".0!`8`!0#@!V(P`6Y@70HP`1.@!,&5``9P!5X0>B^W0JFF8@L@`%!@`0G@
M`=R!*NXB_VWCL0$U<`)BM"4(@`8$D!YQ,`4(0`!R$`9A0`870`7W(0>#DT]M
M<P$E8"\\0P8,``?;4P$%L"PN8%,LP`-O<`(&B#=OT7VXI`H_$`,$`&)5<`$N
MH%\V9PIX\080(#HW$`8]T2!#D`)"``%BB`4$D`%N$`87@`!L&`$P<%@O00(#
M@```-01,D`&SXBNLH$:]!$=.8`%M4&^#1@`Z(`!*($,&L``+T%`F:`"B.$<.
M>(HRQ`$0Q0%.@'HL)$-.H`0CE61M4!,%&`15Y0CC<0$=T`$_^`93,`1\P"!Y
MD`)A@`%R$`$14`4[\`/W(3CZ<0GYP"/:%BN:\BI/\A5T\!*S4O\'8B9)EY!H
M!=4!A,<`0Q`#5'`VO8(7?7"';Q`#8:`5\M*'\W@!0O`<&](`B"@"'[`%,;4*
M/Z`"454`3]`K![5GNL1+</6"*R1I'-`&D!A58A"*,Y!QS'11$YEQ#U51OQ2#
MFI<`!'"1M1558/"+C5![[F(*,?$"-F!F$W`"2M,@)X`&0X(!2P`^-X*&D=`'
M&#``!<B.!4`"&M(I$R,E-1$'6)`INL%M-/$"8V`#0``63]!%(L`%YF4*7%:4
M5?`$66")F'`'"W57J1=78G4%*!F))5"!M*B6MJ@$FE<"8M"6*5E;0_`"!'`%
M8)!XCY!$`T0&;H`&5=`!31`&&@$#"L#_`'N`A"_@!LCU'3^)8*0`+CPP?O]$
M`($SEDO))E)@`[/F`D-``((@E1)P22+@`JX7!D\`!PA@`T/X!BY@2%!5`!(`
M!ZU'ED:0B6DIEW,D`#J`E^Q8`E!`BT[``3IP!;O8$GF9ET.`!5>@`Q;``4J`
M<2]D`![0D(R01`2T8`/P#3RP`3P0`<T1`AD0!XOX`1\0%F;W$$`9E*O`!1^`
M6;#%`B20*U80>,!R`M^!`2SS!T@P-5/0`3[U!B:`"05*3D!0;WU(C+?T+9C`
M!1[01K^)7<:E0@Z8`)KY3PC0!KI(`'?YG(XF!B5P!0F@`U`@``MP40_ED7[@
M`9'4",*&"5D&_PL9U!V5*1X:8@*/:&$J8$92J%-O8`4WH)DEL`$5`)@(U06^
M>:$7Z@10`($D"IU\V08I6IU*L)$PFGH>,`F)15.)$)^[80>=,@4TX(E^8@(^
M)6U^U@=2P`-MB04"A`E,2@CST`=G4*%0VJ<O*$-*<`5J.F@(8*+3*8MQ=5W`
MU*5P]*62$*9B>@ADN@D!&`$="CR&QI(ILR.WTY8OL`&:JE.KX*1]6JHMJ`0)
M4`()``7728JFFI:.&@F0&JD'=@N'EBLU0(!BQP2[@$MO<`&:V0P5D"MJTP=V
MD`>\Q:BO"J4OBI;#M*QQ%*N0,*O<4([CM#2>X@JY@E,7]`KAUX:16/]^8G*#
MMRH%(5`"4,694[!G5G4'$`FM\%J+M1B7\1JC0XI8CA0>UJJMNG%H@H`/G44(
MDQH*I8`$-X"N4%4%/1!X/>%Z'T!XFO,#W(D+>)"L]7JQ&(M1,OJH^<H-XU$>
MQG9?JI,#&3!0F&`"+%!B#7`#`6N.'IMHF-`!%09B^1('&8"P'@H$IQ*J$KH*
M6I"Q0!NT;Q0$,]J=';L-!;`$!(`>`,``.S``<G`'Z\<'^_`$$K`'!?!S!&`"
M2">PENFQ<(`$MBEV8D<#4Y!/F#`'7/"D0MNV&$NT'(L=:5IFF`,DV;0EW`8'
M^+<!81`!"$<`=,&M3%,*62`%&R`L424N&*#_;<!(H6[[N$$+M[)ZM*Y$9D*@
M<,#`!PT+B&\@B#^`7#30=YSI"HKA`"#P`="8NJJ[NJS;NJ[[NJ^[&!'@`!]@
M&!Z#`"40`@X`C;L+NZIK`FSK2P:`<6H)N<;K!V70N[Z[NC=@>X.`'X"&:T[W
M9Z4P*+7203P+C&3V!@-0`GH`$'<&`Q!P`3GP''#@`KFJ'#S`!Z`E!`-["P;U
M$E80`HL[I'T@!WR:>H!*!"M@!C[`!C,@D<?[N-I9M(JP#,XK".G!!=S6`'!0
M`\+((^00`2\!!Q'@#*1R"61V![#!!6.!#UKX`F]@E0,D!1!0`2(@!VC0ON]K
M"ZO`':^"MN:30@+<_X(S<``KD,,ZW+\^8((##+G;:;\=X&RH\@8<@09A,`!P
M,`$,``!],8);(,(OL`63F7Z0<`1D=K\*L`=[T`%QL`0FD)J8Q)IT@`"*6`4V
M``&"2ZN09`=V8+%Q]((:\``[7,<Y_``4X`,MZH(_?+'2"HQ#;%`_"`=+H`![
M(QMQ,%A2L`3QA`8P@`99UI/W2@AR(!2J``U48,1/0")2T`%'\`Q'8)YP<`0=
MP`5KS,:S8Y;!&T=L0`$Z_`!$H`0:<``40,=V;`9$X`,XT,=^C#H=H+L.\(,P
M@`5H\`+H5J1^`AM:01MI`871=@GFP0INECJG3*NKL$]X4*$R5,-NY`0'8/_+
M*T`!&K#-*#`#;.`#M6S'*X#'!\`&Q,M,W,S+;116,GJO'>``#=``@R`$88$`
M`%`"6E$"$"`%\@$6";0$8!&%.XK*H$6J:6D`<_S*/H!=*H0#!V`&ZIS#N8P#
MV4FOQONG"\`&&N`#1&`&]3RYA>!T)2"31_`"8;!-%;`$#9`!.AE\PT>9[_*U
M2L0*8P#'PJL$KJS#1,"EQ46+I,@&WYS1>*P![\S''OV;U_61,X`#LTP!&&W'
M`3#)2>0-GK0$*6`"33`!0[=`.[`'55@">[`#,T&6$3H*+3RX?2`#OXD"*$`$
MX$P!NWQ7+PI7(GE1"Z`!=IW1N#S.JF>JB[I".$#_TE8-SAF=PTZ002A-"!HB
M`4-``W#*;":@'W#0`1F0'B0[/K*1"'=GPG97"V^]/.>#EAA5SCX`SOX+!40]
MO+`]1PL`BQNYBJKHPQIZSE:MSNRL`7M<JDY`U3YP`$20SHV]PV9``41P`#Z@
M`4%PIT:K(SR298G6*1OT#(-B"L/`SU;\+7@1`Z5DVCK-+:SP!KP40ZF'`_Q[
MQT20`!,0!<\D5U$0!1.@G/9-<CK@!5ZP`"B@`!;0D2OTU[3,V#J,R[KLT2B@
M!"*MV&9@X$J]W`=P`!K`!JX(41X`O8D&D_"%"#/E"ZE%S8@@!"<@.N1+WA&&
M":FMK-V,PP?.!GX```E0_WK6Y0<00'(0(`91(`9.L`0<D`0MD`8TV`+QS$).
M`-A7;<</0.$M.MPC7>#)O<,/L-S-[<Y^4)''28HZT`:P/0-?0`,G0`S-DST8
MX`P>3KF@(`0#X`9#%U]OFDLB[K6/Q`I\^M0J%-%WK`%RQ'DH<.,J-`)\L'(<
M```68``3<`5ID`1K``5N8(K"VT)_C=Q*'N52/M@X<(KP[`<Z@`9I@`8)P$>C
M!@!'A@;^3`(8L`5\(0<*0%5G7@M]P""XL@BR(6$EX0W_,RMOH`>(_`S5;#)I
MVYN_B0-)O@('X`0=G0!H``!\0'(IN`-)P`<6D'G1-0(+T`)BD`;P[04M<$<7
MBO\"B1W4E,[._XL#$*7><)0$"H`".$:*,N11:U``<S,$)G`X0_`!@"N'W40+
M0C#%':$V#<`"-Q`/KE`#0+!-*`4$5!`'+D`#!B;G^M,'CIN6"Y#4.4P!,#Z1
M,L8!7F!=I:='U[X%*`@`UF4`&F\`&S\!=AY'1P[E4TX!SJT!EVZJ([`#G?=1
MOR0`$Y``6R`,8R$%$R`"*1!9!+`!K7XF5/`.3_">L%<!-D`&88``3I<!6Z``
M;C`--G`<<``$\-[KC=";]:-:J^.0#@D+9\`%>.!#9ZG:<30#&I#D#^`#LSBO
M.C`"(]AQ.D!J([`%&2A=?#"+!J``'.`'$Y`&+.BGM8C_`VPPBG$D:7=5Y`N@
M`%%0!"PXO!"08Q,`!'3PP1%P`_TW`0.@`$4_"WU``WO)!(1B4!G`![`$`/\3
M!R>IZD>Y!V^P!T\P!)_,]8S@!SE\`#@0!'G0"T*@>_1C!#RD!5J@0S+@/NRC
M/O)ZH3@`[BLPU"V8`&O0`J<X`H7>!FLP`EI%]TKP0@+`[%>@`'XOSQC54*&F
M1\.[!7;D!VG06"^`!740!Y1M)"@<^K(P!XO$F%D`"'^"@X)];SDB;C8J;T)P
M9`-'50@Y`"HO6$`\$GV=%0T-/#6@I*6FICXKJJL4&GX!L'ZRLBBTMK6S*`:S
MN[.^N+ZT,P>K*V8XP<&[!LS-_\Q^S@:ZLL_4U<F^SMF\T;NZU]CA.@``;DXC
M6PE-Y$5.?#L`$J`(*@T*$`JGH!\UA/[_``/ZZR,D1PH%"$KT"4@0"1\F+R8<
M>J-@@)!)<$@`B8"ER@L`&(3TD4*"Q(4,)5.J7+DR5;%B#RCX6+"M5[B;./W@
MTO!@U0,--G,*'9KS&8<$!F;L6F"AZ0(#`I`RTR$@J04.1'EQX*#4B1(G`L(J
M,0`F@@0))"1$2/D!+4L2&TX(G$O7'YP^<.!D,"%G(4!#'[8<:=`$AI`W)1!0
M+/#F"!P1)Q!LF-"A42<A#C#4]3='B(<9;'P0,?-RE1D*!]@XR<I:%AL*/@\L
M`-:Z-O]1`TDFK`$PUL`(/D6*0+D"8,V$<U%X<U@3="BS6LY0?#/@`<Z;Z]<[
MO<G[MX/<S>`!7F>B8L@0A0R%(-DRA(R('`H^1-CQ8LN).'$N5(%S<(^5-YUT
MX@`2X172AP?0R.($&P>,5IHJ9A#A`QLS4&-;,$X<T),J%+`AS84@"F7`'E>,
M:`$T(WC1C!=7S`"`#DF,$(4.:8S03%;>-)>@'QX$&.`?/G;7SS^&O%&@0&]8
ML<&2/$0@!$/:7?#!&S!T@$$.5M`@A1S6`5%!#F^$\`.`?OTQX)&"(+B-@CY0
ML.&#$N*@XVT&\.23#W.&J&<V(P``P19*^3$"&GR(H<0>S$3_(88810!@@0(6
MM`B.GAZ@^4<'0PXD`166_B.$!.:91T"9`VG7R&%PY`!F#D+(<0B8AL@A4B>#
MG$F7CP%Z$$TX"VC@YH,<^J!$@L#@4@LP!N``VRI$5+CGL^&@`$$1@W*PRVI.
M`##"'K)X(88!.D`1Q143I-&"3M#R:"FFI?;Q`A,N=&(%)WW48(())W1R0@<_
M_B.'"TLN&0&IG6YFZUPP7,<EJP@NTTV@!JSFAQ(::`AL3`<@@],,1!1#@<;I
MAFPA'Q884&,S2D4A(U(O[F)!"PEXH4,4TT!;*9KL$I(#'!"@H8`*<FP`0!@P
MR&$#`P04(,0+84#`P!%&_O/&#RI4_ZT""`073-?!`E411A@*3)$D`6@P@\X6
M)<HX@0'+Z8B##P>8\29,J&E`TRQ.^/"F&1HX*[+(NZ2Q!01["$#M%1!X$842
M">SAA1=.1+S%`@)$`4$;>5YX\Y$Y#Y(7&F2$\(8<`V`1QLXV\!`'##F@<4(#
M2[@0M3^.T<`"`4G/KG5=7`>TPPU6+''"&QNLT80!2FQA`11\..'%`GPLD`;F
MS>$"FFBD/1CAA+[Z1,2PF?\=XBXZ7&'M54I<D<!3!D3*OA(Z,#.<WS:CV4<'
M$8#BEW4(H$$`U&]001C@((>OD>$"5%C"Z`"0@:S]874;Z$`/0K`!!^X.(+T#
M"`-$P`0;Q/\A+QXXG@YVD!22K2$!?."``I3`E3E!9Q<SP!ZP/`8R\=D0&C9A
M1J"LT8MN_&USX;G?#3[P`;_```YQ(``?7A`'(0CP#7&H@!R```#809&!#FPB
M'&Y@@Z-9\(+^R.`_L#"!,+A!;#`(H1\2L`5FO(@#7DA`%-JPASU`P87A6!`1
MYJ:*GZSIAH"KAL-RV$-!_M!^WNE##OQR'2&4X`4>[(,`ZV`=.60`#7)PW0^6
M4`$'-N(-!4@80<#(.P+190?#V\(%#J%&"P"`&4NHBA]T((86Q$@,(.I5W%9P
M`(D!\I?`9`T0P],Y0>0`!B+8`1H&T`@!KDX!(MA#"L90@AUL`0'_1_BB$%+@
MAC`,X8ND%(08_>&T*O!!`@@P@1IGL(8BM),93IA<S-80O_'YP9?!S*<^PS%,
M\!3S#WDQ`0,&D!<X-,`$^#%!"#(`!]9%X`-Y>1)#2E`#$C1`H@)9%8`,E(4X
M;`<O0@BIJOXQ3D*<H``EN,`V:^"!-.Q""6E(0V^@@)1SM&"'.-'&"W>U#!QJ
M8Y]`%5\_-_//`&T*5TA-JD#Z0(`A$"`%X/R#8^(@AS@(`E5"\&@=CHB?(Y+4
ME'-9I*H4IBMG[#`I-PK?-F8`/EG,P`F12\I7<*@$I;!-K4'-JS#7E:EP`B0'
M'L4.E/J0`64R(`Z=D(((T,``L7V$!CF(_P`99D>KD@Y"K*RZ3ED=5I-GX#4I
M5^`#`*)`C22@`0TV4@`?T%"R(FPA"7ZP``1ZJM?::HY6!?JG7PE1)$5:<`Z=
MV$,,WH"!N_0A!1#@P@14\`,`N&`"%4``%>!0")%DP;("45.ZF+&%^#7#`FA@
M:SKX,(,4&:!LY%T#3?!JV_8FPP,B*=#]OK/;?P`V589(3P,`4(`JU``.!6%`
M"MY`@!=8`0`?X&`!:F"%0E0``QC8``F00.$*6_C"%@X"X!:P!P44H60&@`(:
M%L`!/JPA"DG9`8<3,(%:AFM2[HUQ.(*``0S;^,(.H&]]"2$$)I@'/7_I@PF6
M@`4&A`&*CU`!'/\*,(0W,($!%T#``$0@@B.$U`H.<``(-I#E+GOYRU\N`^#`
MVX(TO-(/[)Q`%(#C!6CL`7[T7,,()K"'I\CXSC<I`YCW#.8;Z'C'A:@"E^(;
M9!+P`0XU6,)AXH"`_;R@!(%]00PD,X$,J.H.`@)K@;2;KAFXX:W'<\8"MH".
M$*^-&0I(0!+:,"/VXKFV/8KJ0+P#Z($08`]D>('N>"L2``R@!!.``P$ZP((=
M1```%R#@#Q@@[`'LX0ED4B1V`\)I:,U@`@I8@QO\X`4.P`P`+7"'&/;0`F8H
M@3DMV(VU7LWN6<1:OK2N-9`ZD1<]+)(N)RA!%9X``R;\]W8].()'54#_`CF0
MH`1`^*JEJKTG<[>A#9&[P@(2T`+O*D$,"7!6`L9R#J2T^^-#K8MN=WL()@`!
M`8W&:$"XY-%*?I!+1X"!1V&0,%DI'$T,;[A/M<'S0J;5U1_?9\CI,G*_YF4[
M8-JHO,6IZ?#D/.A0AS5?ERX'PR"1#GU9.M,7'O6NNW?H<REZ.)$H<"EL0`HJ
MK_6T`?)TK[L=F&`72%&C_:,<V&$AB@SI'[*#6W]`D0!Q$$$!1"!K,*[]'VU_
MN^*%.G5"5#6`$6@H`;'3T(11M:&'<&#0;(!K%;C!!%HW4]/!D_C%F[Y^..OK
MWN%0;!O$X(,I*`$4>:``!40@#A&H/0\([0_\_WR@``W8XJX!?7A_E/[TR`=1
MW`.22$+OC`]AZ$$-N("%H7T0`#'PO!RVH((8`$#IH3?8Z#=S_.2;?Z]'FN^L
M!'$=`.PA!%RR@@#[\`0TQ$$*3<#_E]#PA,)OAB#K-V])11"*='-'4G[GEX`Y
ML7Q$T@$WL`$?D`/L=S\V@&"I(D`Y8`)[@$1H\`%H<!U[8`+^5Q?X48+L]T%(
M=$2R<AC788";IH`PJ#F(E"^XY5%Q4`)D``%-Y$P-@`93@`%+$#P84`%HT``C
M2!<9406B<U4`ERHA0``9(`0-4`#4%4;C5Q<(&(-:*`L,.&LTZ!?X$6400`:(
M)4#6L0<#P$UCX`8IX/]L341*;_`"?#`J?9`%-P``3,`''R`%?.``#``#5=`#
M,%!=!5%\A)"%6QB#[Q9$\38(?0`#"C`T1B@$(8`%@O`!$"`"&?`&)R`"$#`E
M$@A&)B`"8D"'[E("<)`0^S4%6[`!")`PA-@'AC@(B)B("KB(X"$$C6@@;S``
M101%+?@'6>4J,W<8-J<U`;(#/(`[L4(&2L9D%&$#3(``+"`"IO@#/=`#--`#
M%]"-WOB-X/B-:F"+Y!@.:A".Z!B.+/!G`XA;N")2K!**!?.(SE8`$``!8R('
M`H88+P`#%6`"0)`"6,`$>T`"\4@0LY@FY;B0O("+_[>+X8<D<7`[!-!%3Q#_
M`520`F1P!&'`3'!0`2+P`P@0`FX0A0"(&5=(%[7(D*<'7T<X7Q%Y)%50!6\P
M`1?P`V'`!R(@!3N3`C<P!C&P`S;@@D['D@S9A?X@=C$I'@F3%ZO31$<@!X`E
ME=LQ?`GY!RMIE(J'E(2@E$LY$'2'5,`U*UESE5FIE6['E8/@E5\93F:)EN2H
MEH+`EFUI>"DY%V<)EU$GEY>B>G6Y8V^IEUO(ER.7!=OQEW;)=8*IA83IE\)X
MF(BY.X&YF##8F.VB`@,3(&1Y&;P7F1ATE]E%F8K8>(/P0:T7`ZE(!F0`>+1G
M>UGGF0$QF:)Y?I9)".UG`P40`6^P!TP0`A&X`RAE_P-P,`<[E@4%`2;&A$3;
MD1=C@'1(1)2D-YNWB":ZF"^L(@C#R0=NT`,@.``F\`8]"`=6T`1<<(3A40,A
MT`%450@-("8"UYY2``=3H`)C`)WD)YT)*)?W`P0@@#6"4#0:6)",Q@``@`41
ML`?7@08D8)[@P0`%8`,$,"L?P`?FQ%!HJ!@IH&2.F&F*B9_))Y?5V2^L`@<X
M"`'7$0<;P`?U!P?ZQZ";,3HT<&0AA06ZQ@!5L%\5L`4=@``>92"%")K4YJ'F
MYY+P]F<-)89D``<7$`$$``%'L`<JP$UWL6-Q8`4,@(J=4!%O,`E'`*%80``J
M4``Q4`A8IF4;$`%HFJ9JNO^F:BIF0HI\9<"F<KJF#N!G=@$'0[`#88!0#$`&
M#)`!<G`#JLD#4QI.8,(E6&"B52<'%0&(BN$"-&`"7UI]&-!WLOFF6TF:O*4"
M'["4AP")9(`!4--0)3`$7$`&*8!$!?0$0_`!-B""A'"IF)J6FNJ(^+&4!&$"
M33`!-J``;[`#(4`"0[,%P?<&-,`(`S`!`-!)92*KL]IUM=DN2RD24G`O)K")
M&6`%<(`$&^`"7`(''S`%<'`$']``]HF%S[IXT>J9O:4=1W<7H_-!1T!)J0('
M='"N*IFNF9IZL`F80,IV^OIVZ]JOI.2L`=MN`TNP%V2P!_MJ":NP6L.P#7MG
M#PO_L9TBL1,;8Q5KL6B"L1G;7AO+L07BL1\K=?P*L?%X;_-&EB+1LGU7*_^*
M>"4+<K7:2!+P`P1H*BYZ)#!PIJQS5>WY`Z[2GBX@GS=@E3%K?#.+L+6*'U.`
M``7P!/BQ`28@<#M;(`K@!KP9-1*@DU44!V[@5'``!%60!?B*ETO+;@,[!D*P
M6!/`!$>@`'0&MVGG5P210"[P`0#@*DQ%"0I0`"2P!W&P`PW09'50775(LLD`
M=*9'6U[GD'6A?BH+14LP!"$0!YMD!7H+8+5&$!\0!D>`?P`B!%K*I7LP"5A`
M`P/0`87@`AW@@`[PNK([N[1+NVH0%KB;N[J[N[S;N[[[_[O`&[S".[S$6[S&
M2[QJ4+O*6[LA<`&OZQ=5QP!-4`5Q\+DLV@2%NF.=\+GWUP1:5!%9,`F<F`++
M.`D@T0E34!(G\1;LV[[NRQ(T\+[R.[\K$;_T>[_O>P'XN[]O@3_\^[\I`8$E
MX1>MD@,(```EP+WXAUB=FP,]J+E[2R4%]@8.6DEDT`&M:@.5X1?7E;07U`<@
M4+>=BS57&T0"TIF=VP`D$)$P20C6@1@(8`,]B`1Z^X:`9@B!IP`V4`5"X`87
M8`(`0```4`-0M`$I$`<I0*"RXQ="YL&[TP<A(,(W',4E'$09J+)+UP<_\`01
M*00G(`'^(`1',`0YN1\B0`8[_/^:\B8$^&(=&8`$V[H!5A!2X#H%8IP_(IO'
M>DRPVP$J-&!,)N"8-WP8J^(JJI(#Q+A(C<"Y>]S(CCRM8+(IQG087?R./I)Y
M`,(J!5@@1\`#0%`#(84!D4H0HBR"!'$$(<`)!?,&`%E$?8`$,<`#AB`%,7"Y
M0A8"(<`#P_=_Q[0!--!`6LP"'W`82,`"&R!6'S#*+MH'+G`!0+"@?=``0)`O
M0D`%HTP"N!P"W[G,.9#,(A@'#<`"`U/-,;`!(M$`,7`#%8#"<T$F>F<@CPP>
M&4`&<LL#4A`&9#`!,3`%^*S/>5$%35``\H@F$L``#/`[4H``$+`#,7`$%>D&
M`P`#9(#_SPP@!Y;2!W$@`?3L!A\``V$@`A-P`W&0@Q,`!/QQ-%AJ*4)P`1O]
M.KVZ!1&``?BP`Q<0`ZJY`PK@*A<MT0K0BB,-`6[``_H(U"P0!YGH3=81S^'7
M&$M#`!>P`W#`!"(0`E`MU7+0`'L0!@5PM7W@*A>@`"&P!7H!`//AP&A0`610
M1-DK7X<@<(GQ`1,0!T!@`S7`!W%P`V)]3CD`-5),%U2252+0AA`@!P7&`L'V
M9-9Q!!#`3`,=1$43U0>D@S?@!C5@`Q!\`A/@`B>`!LBIU%JG2%DP`320Q#G`
M`VS(`*7M!G%@`R%`!EL]C_@A`FDH`H?0!$QP.F^`!AU`!N]@_P*-?21R8`71
M%WMO$`%\$`*Z)@%+4`-NH+6BXZ+8,05Z2`!84-H04`4,\`9(()Q7C092,(]6
M!@,0$`,E@`6?L@1)_`;X!P<*L`.BW:.>G<7B_3]/]@:F7=^FS0)$X]I7ZP@/
M.@52W0A-,`!'UCH=\`,P<`-\<`1:DP-DH!B_AGO'+09PH-RZ>@+>ETT7?005
M,`$I(`34#0<;<-W,)@4V`"!#`%6P_098(`(WB`5OH-SI70'YMP4%\`)N`#7Q
MO70_``%8(#M/[60'M`-"/F4B\`[<C`0O``%P?`%N\`8=$();X`)/P`=2X%%`
MZ,2%<`=(``$O@`$P8`+0-=<U``!2@/_7#F$%)F!_+BH$-1`&)>`8`Z"#A1UL
M20S."LK5+E![5I`#%P`!9^X&)V`#$08`/1`&4^`"38`!5K7CM38`2\``0S``
M+N`&""#:E7[I-.`7_&TI4$0#2T`&3N4"!EW2%?`"$YVJ)4``84"]%QT'3+`$
M"C`$3-#A#&`#-!`'8".-C'H/3-3F)8`&YA$#3^`&+Z",5#`!QR[2<PX#7#T`
MH#,$-.DT;A`#<D#/BV`%1W,/CN'HM=8`#D!$$H!$+$`"UC&1YAX@H[#,6DQ$
M'\`O;W`!_S4Z[SZT0'`EO_U_</`$[D[$<=`#X[X=%W`?`D>U7>VB,$`"X?X!
M4EL!-,#HIMG_`-=1`QB@QO;#[^&>`3#`!?I;!WJ`HC7P0?8])8W@[29_\BB?
M\BJ_\BS?\B[_\C`?\S(_\S1?\S9_\SB?\SJ_\SS?\SX?9*32+R9L""_[\T8?
MST(O@.E7$-EQ]$Z/]!J6#'B0?CGP`[I9Q4^?]:$7]<$P]4!".$NP!X`7!\=T
M`KFNG-4[*CG`!5"$@OB1*FWOE`,P[X>@]78O;USO"UZ/T8@`(`<1`R<``1.0
MG@C``)H[*ML1`0S`HQE0$1V@`#S,!`I@`BD```H070K`*7>_^;N5][.P]YU`
MVS30JI"0`@CP!"<0`A[Q`6HO!Q%P`2]``!,P`"<@8"8P^D+3`6'0_WUAL(><
M__NDY/FRX/6#0'@)'`<%0`"J#P<J@`!#(`*LKTARD`(O,.M`(-LQ``$%@`!D
M4`(B@`233P*B_@/`7_Y:(_Q^0/R"0'A`\`(UH`!`$`+2)0(L(-71SRI\8`*E
M>JTB``@U)VA`#!(;=0HL#34V%W^0D9*3E)66EYB9FIN<G9Z?H*&BHY-]07ZH
MJ`9^>)-,0G$T"B%P4@@Q'PI,3"0L;[\;"BDJ*60?0&0;1S1D*G`\#"=D*7*D
MUM?8V=K;W-V0?1X!XN,!K9*_;W%Q=6]R1W#J;W!P.4)POW'S]S`P<O=RL.3E
M@W/DC;>#"!,J7*BP3YXQ$"..Z5.JCY`<]?^$6/R5HT^?CA8]6M08TB-&CV]0
MAF3(LJ7+ES!CRIQ)LZ;-FSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*G3IU"C
M2MTT9P[%2"(AR7O#!(&*-^_0_=)G\(^0='+>P+@W[UV6$"5RO+L'%@Z6@A]A
MQ$EW-MT]+&]RR+L#X^K4PS[[R/#`N+$'+I"$2)E`((8O*34JY/B!A$2<'T_*
M]I$C(325#'(J4*'R!(X$'D_<-'@CQ42%.`K>7)2"(<,;*QFF2'G!0LJ%LS\\
MIT3,G*>0`V8>1)_N0>L%!3#DD6`P!$$%!`Q4Q%"@@,>W*D-22,`2/H,(!`IZ
M;"!0`DV!.%BZOU'_D.4C"P@(P%$"`P1\L`,9&0`6`@,,5"&'8<U%6%,?1*Q@
MX84K5/=''RG<ET,<9/1P!!9,B$"+B<Q`\@0`!540@@INF!!&'!CL$,(0.0!`
MD`DJ`-"``I&HP$!V$:@0AAQ#\(!;#GPT,(4(5$`HX90PY>`#!5AF28$,WW2P
MA0OW0+!!'"54(8(),(C``P\10"+!#CD(B(4).Y@@`FU[]#"$'`#DP$(8$6Q!
M`I"0J$#`&WI&<&>2<"@@!!]2Y*!``U)2:>E-?<!1Q0[OU>"&`A"X<"8<*NS`
M`!#?O"!""078`$&,>XC@!A`WYN#&"T``H``:@\*@D:%Q;+`%&3N\,4`8_SQ@
M1X,-(@S1WZ70XI1#/X?4<$0#$5CQA@12O%/#!E-H54<$&7`1@00UF*#`"6A:
M0<(;#=A60P>925!/'ZS]TL$)3QP1QP=4V!M'NA7`46FT"+MD4D>PS-&?2'`(
M(?%5*&$DL1`U5"%2'RE%G%))_9'T4<@8&=Q'?RD%=G#"+!<E1W8MQRPS)73`
M,?/-..>L\\X\]^SSST`'+?301!<MU(=C"28$)#E(\<0DR:ULR1362OV-$'3$
MD9801U#$<0-27#(6'`\:C7,?TG!G!0TL:&5""9,8>H<GZAJ<21^?D1%'"#7$
MX74.!6QP"1P=?/`&`6V:/27:'S3N^`=A;VC""__2J$!"#0VH<,/;/[!`D@H(
M#'!#'QC0,(`+1ZA`0Q\U,&&"$#\P,4!N*2'!P@!]A,!$!GVP<($*3\#`0@1A
M8!$P$R%P$?B&;]Q@N0DI`,P`&1%L0&D$*61`DN)3O5$`@^`S^/0?.9@`015A
MD-"#"MW1$$$)NEST1H],A,'"!P40@``!"JA`!0!,L$$%=E``,D!`-T@:`A/D
M4(44B$`.?$``%D0`@SWP8`((:(#L[)<"P66J"24@@0H&``!I0(`'25*!#4@H
M@5]P3RI]^%[XQ.<V!A3@3B]BPAYH8((EE``.)]C!#E2`!3A$`'&OLD$(]I""
M$/`A#'L@H1$=!8<T28'_#E)@P`0``,$QP$$$0M@#'(;0@S@,8(L=\B`<`+"7
M*K@!#=@K`9(V0(8;^"D%NGEA5.!@@@OX\8\7B%P?3$``&,1G?7%H`!_>)X(!
ME,5(<6B@"&X0`1N\X0<V\)(<K%`!/E!!!1#8RQ=Y(`<FI*`!87@#'SK0@1F)
M<0@Q4"077E"`#C)O#T+H`!GD$*,"R#%)6"B!$$*T'#T^Y2(;$\G2-B2!KUR@
M`";@P0"&4`4)T*`&6&@`)"[P`@0,H7-#*`$!:#"$0Z5@"%@0'CKODXX/=+,!
M#,`"%B!(``;X`@$PT-,']/>"&,0@`QN2`P)^@847O$`"&1@"$';7@!(@@)UE
M2#%F4[*"%8]\HR,=T<W$DDDQE5SD+/70:$@TPC"/G&5C[>!#G#Y2DH^=U&LI
>TX@].!H8DF!$HCB]6V`6&-&<^K0E)EWI3YD2"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>c83111c8311107.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311107.gif
M1TE&.#EA)0';`.8``'2*N*JFI='8YYJ6E8J&AJRWTCI6E,3,W[K!T,K&PWQV
M=5Q656QF9>WKZDM%1-S9ULS*R=72T4]KIL7"PMW;V?GY^.CFY6%;6G%K:N?E
MXCPV-O+Q\%MSJ?CX]\3!OJ^KJI",BU!*2N'@WKZZN>?J\-#-S-C5U)^;FN#=
MW(![>L"]O"PE)?[\_+:RL;FUM!M`CO;U](25O/S\^X^?Q$([._#P]N;EY.3B
MX3`I*?'P[N_N[-/0SLO(Q\K-U79P;^'E[OOZ^J*HM_/U^!@3%+.OKKNXMO?V
M]=C>ZJ6AG_/R\8>!@./@W_[^_>KHYXV@QB=)DI:1D"`:&O7T\V5ZIU=14,[0
MUOKZ_&5@7XJ,E\'&T$=`0'Q^B.SN]&QM=OS]_B1&CE-.3SI:G/?X^JFOOSDR
M,GZ`BT5AH#4O+UM:8OW]_?W]_/W\_/S\_/W^_?[]_?W^_OW\_?S]_/S[^_S]
M_?S\_?O[^B4>'C!0ELG1X;"UPKFWN2@A(?[^_AQ!CL3-W____R'Y!```````
M+``````E`=L```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*+?&E0;FE,:G!J::AK;&FR:JAN;WRCN;J[O)6E;DDY3&VR3*ZT;K1J?&RX
MO8)&2#@^1FD;(!YI`0Q0%6MI:T57`QNRS^?HZ;E,;&L?2#EI1B4H:JTH$3)K
M,DL[;.@M-%`I(:<"!@U0(M"($*(%+11[;E`9$$L0GXOJ,FK<J.@BQE(G[&@Y
MD88*%1RG7.`@`R)-@CTT4JSYXVP7D3-4UM21D00$%!\@Y*@`X\;-B0ML/BR@
M9?&6QZ=0HTJ=2K6JU:M8LVK=RK6K5ZPTV>SY,&&?&C8=M#398Z."!A-O_]70
MX)&FIJX.`88P^,8&Q(`+`]3P(,.$"0@?;2:$D,/$8H;'D"-+GDRYLN7+F#-K
MWLRYL^?/H"W#8(*+SQH0=DZPL<=D&P4[:=B`R>OJ`A+2O=A1T:#"E4^@:D:$
M:'?BBAJEJ"Q:6`XAPO+GT*-+GTZ]NO7KV+-KW\Z]N_?O%D8\A_%139T!.`BT
MXD'#Q(,]NI$,6;/&=MU>#2+L]N#FCT\55)C`P`GA\'`&"@P04%0A?#Q@`4<0
M1MA+`H?PH<8:/)P`AAH)D)'`&E+8D8,<6I2`@PUL.*!"8Q,Z8(</N'U`1!H$
MT,!`70PT@`0-/NAP'R$-/BCAD$1Z0J$AIH&0PO\9*30PA`)^-0#%!0Q@L$8`
M#J1P00<8\>(&&PJDH48A%]I5BAHL,NA@D6RV:<F1#,H@P@E(R-$!#Q!`L(,4
M:^S`0P6RF,!#!^B44E<;=J62!I!,K&'7($&Z*>FDC<`)Y#(;Z-"*#*6=9=XW
M]L@PYCE1`=FE16X\"NF:E+;JZB"6F@H5I%2]6B&KMN;:9JRZ;A)IK\!*R&NP
ME_Q*[+'J#(OL),8NZ^PNRMIJVCUN%%974;*DT48MI:@IY+/@)N*&"02D`$%A
M?/!`P+H!V+/(L'RHDH./K3!1[3#VSE**JKPPPX8%#/``A!I-3"`"+&S8F<`2
MM*1I$:[A1DR(#E2`<`+_#DW($L$))RS`@!IRO%NA&D`@,8`%K50`P1HD0Y!`
M$JL)2F@ZR1BA`0Y4;&"#!@O@@(*H%5Q`!1DC-$-KLQ([^Q$?36BQ0PY[-*!H
M&QN$\(`,#B.9@#-=)HE#"$BDH<,"0YS%@`-4+)##"#@XX$,=_.922@L+*-'&
M&@H0P,8(%[`\`0US(''!CT]!G/2R4,51Q!!1!"``'OW]$0`5D2<2[]:S\N'&
M6!.(68(+\SE9@1PTE'`&!6IH,0%NS_`A0P4TK!!!&B`P``0(&LB0AN!L)*`%
M&Y''>Y'AAQ_+QQM"_'`$`AH$,<8>8QP0.14!M$$*'UO3Y!%-=9P0A1*QU*'&
M_WQK#$#&`E`X:9Y]<8MB:`,7D$&!%#Y<<(46%_+.@Q8_,O'`_QZ`P/\&2,`"
M&O"`"$R@`A?(P`8Z\($0C.#_3%""+$P@"WC`PP$.X(<QG&$,","!\T;P@`\X
MH`0.=,$`A5$:E@6`#"GPR!#XT($%$``$8(C`$&)C&];UHA2K44(*`A`;.0Q`
M";#P``W8$(`+M`)5FB->\8H$%3'4@`3*$X`?MLA%+AZ@#`X(P16RT(4!R$`)
M)UC&];(GO-*T`P)(`,,@9HB"*.@C!"XX4(JRT;Y06*@!&'!`1'20`A_@(`=K
M:$^6:$`$H]'$*5*<8J&Z]A0KDN`(&NRB%S6Y10YN</^#16E%&]X`J0IAKS3;
MTYP"?+`'`EADAFN@PA52H(4E$,%&MCM5O\YB`@Q(#0@1B(`<4D&!#M2A!$W@
M%](DV;JHI$$(7#B"%CO)R6I:DXO*3!4BX"4#'2#A`Z-R0P38H`\3[*`#[>B'
M#-1A(7O<(!:E8-DLZB(J94:2F;JXB!6BB4E-;O":URQ`#`9*T!@4X*`(/:@8
M=$D(>,DB"3X2!*)B@XH+?2,-;U@4.[>"B&7BTX^EN.3CJLG!+I84H%X$0!]6
MRM(7O("E,*U!^^`U*^U9A5@>_>@G+O(#3Z+TIR15*4R'.M0:*"):.J7)/9.:
MB8NXX0>=/"E0IWH`H1+UJD;_3012=9I3IC8U#220ZE3'ZH>J7O6L6=VF5V_U
MK;5R@@]0):M<.VG5L\;TJ,\JQCP-11I#V;.M;BW6\4BPQ0%LX;!!.$`6#KN%
M,HAUKF:U:U'QBJ14H()%AG)%JDH!!WM53AUJ<$$<Q"0#?;#L(N!0(Y*6&EA(
M7(0+G<1"%[J``\<B8+9HV,-CY1I9R;(TK8=P*!\H8()1L:$=LEC-65AVEHQ<
MY`,T4(`4DH(!$,0C7CL84!(8VM76.L(C-8@J!YF7ARXJ``V[)6MO?=L'X!K"
MH11P`-$TQP,GID$*(*`!"-0`2#!`8'NMDX$)M("!JR&!"A0`@1/58(,H1.`*
M2C"&_[>\:XF+A->+&V1`%T[*/`3,E9/K]:U["P&O1!)`!9H:@09VJ`80**`#
M35@#!J#P`!HLX4<_A,,#SC`X.11!"R@`@1)0T8*<%`$,.'X88"D,"3?4``_^
M/,`>$MO)+8#APR"NJX@IRZ`Y@`$,'K"'$3HP'[%$``E2`,(0.E`2(JBVF2<X
M`P9@(`4':&$/$;#'4=+`'FW^P7\`%*`$!TWH0AMZT%`VZ0&P`(8#("`/'*0!
M%OZ)9;JREZ4H3*`*_\="FJ1A"?%3@0SYX"0&*""'47"#'*Z0QCZ.(@VG+L(`
MKF"!`3C@N,A100A2(0AN/6`)'0BVL(=-[&(;^]C(3K:RE__-[&8S>P.)5K0&
M3G"``30Z"`[P<*53>NF5DB#9;$SE:B#@@P7,D0]2&`(,ZJ`%%41ANE3X@*-(
M=1$;I(`**E!P#@)``SGPP`11:(`/4@`\BWB$M4P&$DW$$.U-?O*394TO9+4L
M69F:\DA/\?0.7'"%*[RR%%<(0`DTL(2\E8`&%DCR+DHQMA6```A\L+4/4(2!
M)23``4J0FD97M>2$(Z(H#-_VMD-<<2X#Z4HA8,`2!"$#`M"G`010P`[6D`,"
M^,`$[!13&SZ0+3$MUQZML,<W)NQS1O!!"-/D9$+7OO8Q%*#21+?KB!LZ,C>(
MX`$:;90J1+6:8<ISHUXA>]E-R0?_*VAQMQSX@N(7SWC%/^$)4Y`X2N..5J/+
MBI(W#59W?:ZY.:2]FA+H-@?@3G&Y6]ZMFP\76)#DZ<^#7O2D[W9[3[_6U(-+
M)U[?B:KIPY@*O6$.1_AIZ"\]>BQ3'JNT]ZKMGR4X!J`.'$5@P`4^X$@&62'X
MPH>]\4M?>:T^:U^46+[QUA`!HJF@";IS`PU.4(0H;%=6;L!^]HD?^V[/'5:*
MH(6K)92&!HQ*$N)'++(``D0P`39`'^"@!4A``2NP($<#59+'1</'7L7W8<='
M5/<G"$@%`TE@/9+B$4;@`S?`!TFP'$V@`T^!`MO%70B'./6Q`@RP`IWC"@&P
M!U$0-AKU_Q1Q-543Z%L5.'&REX%_H"P7400!4`$>D4P>H0,;<!$Y,(+=0BII
M(`<WPP`PH!0+H`5@(`?[($L:,`)KD#4!&"S@H``CH`8IH#=RH'X4T`![\`#!
MPU-RU8.2]8.\Q7W(YWV&X`8R``5V<`5(`")4,`3#Y`9+$`4^$`XX``8*D`S[
MYPG,X`$AD`+@H#MJL`#9P`03H`'=<P6\!B0MB"RE\`$,L`-@8P/@1`,?P`-V
M@`)<`U9S18=V98?JA8<82'L6@@,#X`'DM`/R$88=X``,X`-I\!9`H#HJ%PE.
M!7;?Q09)H`5GD&?M8`(X`"AJP#N^@R:"P`0BT(T)L`/=&([B./^.Y%B.YGB.
MZ)B.ZIB.)I"%I>@"5!!D=J8`%""._12!FB2+9T6+8W6!0V4"Z%@$X;B"-.$&
M((`#(&`$H^8&+<```^`#.3!#:6`;;\8L0,`##9`#G]41L;$!"V`'[Z0&0H0*
M:7`4@O$[7),#&[`!.Z""2?"2,!F3,CF3-%F3-GF3.)F3-[D!.="3*[F2*LF$
M/VD#6*:/5\6/5&6+0V4#&U"3&^`!,%D!N,$'C%&#2C!'3&`!.)`$#^DDQ'`!
M)/&(EE,E*@`%_T<*]+$&2F`Q:H`"&M`!8.<!6N`&`;`4SN!9_F,!7[&7?-F7
M'G$+]N)4I%$4'B$$E6:41(640.6/,57_%9B3<9J3!A#@`B%P;BVP!S88!0.P
M`C<`!PX09F+940OP32EPEAW!7Q=``VQ!!R!@)?01`B8`!E=`!FZV<TK&3)JS
M?V>W;8@Y5(KY4XSY6[@()A>P`J[T!V[`8FS`!`]Y'!I`)6P6FA5B`CZ@`/_U
M76I@!'SS`&P0!R;P3JO!`TFP`2U@`M\@AJ%X+#]@`"_%7@#`F]IG@4IY5WK(
M(&D0`7XQ,VLP@[)P`WC'!CQ0!.60-0`(`>P2FJA57*B4>3S'3.O9GK[UGH<9
MGT!H?\EW$0V@EP:W>KY`!3XB)I'0*-()BCT7,>O9;1):E!1ZAT&8?!:Q!ALY
M"GP`!2D`!2T0_Z.D(&',DI[$<J*7EJ(?UILP]9N3-Y_"69^'T%?/0`4)\&\$
MZCX\&BP^ZI[P27_;UZ)(RA%\4%TGX`*V*3=1"BQ3&J%52H'U=VE"N%6DT@(<
MXP(XFG\5Z5IAVBMC*EE`&HLK6HM8JE:6HZ.4<"V:LQI?RB`E@#:]$0G9$GYS
MJBMU:E=W.H=YVH]&NE)IFG_+66&QX0$DQ&8=L0!`T`%FN:$`QB`7,0!]Q:&W
M*4F->E:/2E9"RE)$"E#!2:D7R@<1``%U416GRE"R0`2S!@(E@%D99Q$8$`!(
M,&2"T`'EJ04CH"J_D`(KX``;``3"00,C$`<7T@(VDG*/,H9B:@`H6O^F/GBF
M[%6I2+(&$$`#9Q``WT`$P\$$2D`#(1!F-D`%6N"ENB0F+?`78(`"D7,R&(`!
M_V`12T`G#\`B29`""R`ESJH&$.``!28#=38"-Z`#+(,"*T"="A"GWDJGX/JC
MXEJ'Y+IE6?JB-*`$'W"`$'`!99,&'G`#11`"4C`.)0!D?M9K:0`#`4``+0`H
M@I`"X^!TD((!8J(:@K`&)D`$&1`!SBH'#\`SC4**'^`"=2`F1$`%:2`<?L8$
M8]8!)@!LSA:V8CNV9'L$'TNE$VJE\BE[WX9L$R!LG-(I:3,"J0(#1C`$C1*&
M#Q`".A`%,,`&5#`C=D%DFG(")L`B#4`$%*#_`JK%!S[0`D1``!H%!`I@$A_@
MK+'Q`8L(`P2P!SZ@!8&A!L7!!.G*.F[``PF0`$6@`JG;NJ[[NK`;N[([N[1;
MN[8[NWEP!^&:MF9ZI=W&NK-+!*W;!+=`$P1#!5$P`>>6!C*0%A]@`:G&!*R6
M9/$R`DH0`1=P8X*`);)$2A8A`T10!%*@45SY#3<+*7,0"TJ``1]`HX*A`<-T
MM4R@:]HBJHN:*P\*LKP[KKZ+IG'#!-E#$U,I"Q"`0Q_'!%*@!2#`AVO&!(%+
MO=7B`0K`,*."`?&@.Y!R`O.H46FP`/(:`,ZJ.R5`2QY@`>WA`SZ@!E!@`G;P
M`!"F<AV;*W#%GOJK_Z)J6Z%HBHMKX`$)8#^"D`;SL0$:H``E8`)&H`!*X#OH
M-[AML`0+$`(AX*^"H`1?<P'K9!$+`"@@^F<YX`()$*<TL08ZX`,((2HM@`%*
MD`1J:0,)P``@X']?&L/2<@1W`*%V&K*S.+)%5[+&JR%7\``_3(PY@,(#EP$-
MD`(8<"X^9+Q(0!?%<+0)X`(;\`_QD@;#2`!$],-0($03H$RCF*NHJE0E^@R!
M:7`DZ0HC>C1"@`!U7,-!&JE)N:?!17C$):Q9`2196S%O[`PNX`/ELB@7P87#
MI(U_("5N4#[M,X6IG*H:L0\LPC)OL`]I``1/:G87P7`%T,IH:\.]N[86RO_'
M@\"%RSP(J*`#.[`#)<`E@G`%.=`7,S%<#,``&J`!/K!9(GD%(<`#[6,,XRS'
M;]4&=A#0&.`&;2`#(;$"#\!0'>%48K!%V6S'CHK'^ZC'I@?./ZS0D-`&:D`!
M6H`#.'!C%Z%K5V`E-,&%L:`&II4,<K`$.<`IH.#/G1`%;%`'V&JK-+`!PJ$*
MCP!>B?;0KHRG-\RBW\RG?L0$)]`$"9)G7+@&#2`"[>!IGI(M:U`"LJ8`"N`!
MXVQV]^L)4:```V`$&567:U`!0Y`$@VHY?,`%T>;3V_S*0:VG0SW+HF`,%%0_
M-M`**4`$5AUA!<DA+!,!JB`"$S#8$[`$^YR,W[7_U;ZR.P<&`F%X%-LR!!EC
MS:_5<&Q-IOLKLOU;KB[Z9YIC"4QPJQ`P`2XPOAU`V!.0`,`<#F?@`P$K!W*`
M`H3M`2*@"&LP3(HZRKT0&_:@:V$H'#+0`':@!AZXT&X`6YITV7><V7F\V21+
MU(?@!E4+V@$`!0,P`%"@*4;@`82MVIZF`Q=@`B80#V[0RX3<K(>0"M=H61[1
M5]6R#/&R6KK-"ZZ0`OE%1`M@`E20`F`P`!A]-&E=3<H=T<P]T<Z]Q]"-R^:4
MJX1Y$85A+4]AFN+3/>N2,1M`R`.7)GP``C>``8&1!C?``R+.`S:`N6I)!A<@
M!6IP`2P>-A?R`1?@`TX=_\>*K0EB@@10,`''=0(-8`,#<(36#(L"KLV8S<W\
MZ\TYS,>F\;`AT$C'006M\``7@(F?=@4+X*5)A@H?T#$74`]W,N(EL'-\P`!4
MX`%0X#DN\!,^(&J5M0-:P``0(`=JX`!XL@2B(@(XT,8RT:TUG@G,*PO'['7*
M8)H5\@<DT'!=-."L*M%'2='=E^`6,><I@`0BD`8E,(AB0@4GT`(A`$@@H`(.
ML`3G6QA$L`-4P``10!\*\`$HK`3_1Y4NT``9X`R!+@N8^P`H/@=GX0#E:0]I
M\`%8JVO$;1%]U>>^\-_?A0M,L(-##M&+7N"-?N!R]Z27<Y<#'`(7X`%A*`=\
M,/]#32#3;A`"(S`$1N#`'U#<VYA<*H`$3/$'L9&H%D&6IR`(<N`#4'RY2'(A
M+K`"(=`!<:`$2K`"*K`:Q<%G-#!O?Z`&'K#P+5`$"__P$!_Q$C_Q%%_Q$!\$
M')#Q&K_Q'&_Q68!2BGY5K3I6K[I2L7I-L]H'>F#Q'_#PW.II.4`%=H#5=3%#
M)K`'4S@147`AXX`HA$#7/.,`XRL()R"O@P,I"Q``'Q!#@B`%4-`&J^&LMYT&
M*<``X)0,1]8*1>8&PD',[6WLX<<'".!29%_V9O\"I"J'($_DRVWDFHWDY:I,
M`+R@;B29($`%,M1_,\0$*C($*DX%+>#SD+([&6`882[_""+H"F+^`-5YG7_0
M`2BL`&S.(&O0`2[``"&@VBXP`:PFNA%P!BIP!4ZWD3"="0@@>Z0J!\P>4&Q/
MX&[?W'#_W'+-(&JP[E?``#^\0VMP!5`0`&"@`TC<`@Y@`XML&`P07630F42_
M`$@LY@H@YV/W!]?`,BYMGSHPFTHP.M('`FPF@GR3`BE'^F!?":??;0SB!:O/
M^LXN\HR>F(Z>AY`>QE`0`E00`;WFB6L@`@QP!1``"&P6&!<>:6Y\?XI_?!$\
MCSQ2:8H^2VIK;HM\*0L$`8E_:1A:(1^@BZAJ`9.HK:ZH?`\6K[2UMK>+"'V[
MO+V^BGS!;D=^Q<;'R`5W+[[-_[L`R-'2QQ+.SAS3V<<'`-;.-;8)M@\[I[BU
M?)=,;DR*`60A%S*::TDPF(II<FIJB+5I,LR=TR1KH,&#N;PU`\9G#C%MR98I
MY`4-HK9J$W=ALSB-6T9>X&J)0^>&%<)6?("D89*&%9\U:@YI(K!`Q0`VBMRH
MD:&&C4!8P4X"*VB+#Q,^.TZ`XK.$P(.@0A-^[).(#YV'!SCZ4<8L8T6MT3!F
MW`AV6[>I(6F-I&7T)T(^%$(XT"*"U9HTZC0M0$*$0*8_;'(\LO$W:E&BZ-(L
M"3&$E0DR`\@D<'M0UU0^;L0\+,OUX]>RQL1.)`O:CT>TX0P/Y),F0`DV>%FY
M<53")/^?$5>N?/C;08D"!2HHJQXZJ^B:%`J&J%$$!0.;%$J$#[3\T>IFSA*]
MEJ8VE33HTQ_3OEH[_-^:$0X($&C2[L\)#`J4+&?MYL-=%^V30.'GCQ:3F%'%
M4APZ)BQ`011O!./#`$Q\<(5TYU"7T57;;97=1)^5)II"WI4%7D;BN4*>*RT5
M)A1++<4$X!\^6`!3)FZL@80=-&C@`RAI7'"&!D@(EXZ)!PEX"Q\TG.#!$!2L
MDP(43`3``(2X2#B1`*9MUYEV%?JQH3<=@O7A1"&V,B)*:[07%4LF:+#"'DNP
M0@`.&C@P'V;VL=8&2TQ@HL91K@33D@MK&+7248A@%@Q+?2+_QA8(!*0PQ`EX
M(;$`$QA``>4M4BJ4I85=8;CIEM9TJ=67"H6)RIB*'"7"`VD$XZI1[;C1'UM\
MG)`#`R#LT"IF:]QE&Q(I>`+;#B,$H-X$/V'F!A%:I""%#&E$0(`%L46@P`D;
MM(22HK8T@0,<(S"@PP4++&#!I;9DZLVF5WJ:):C79$FJ-Z8N@BH?,MS`P`43
MR$!!HPFDT0`!2E#0DG#]4!!!"@PT<8D2+J@'1:#`+)!$C'&T*@-,.R7+A@@T
M@(&$$6QLP,`>)K34@`8G@#%`'$`*>0X0)JRQP1)K2`%!$JT.IZXU[%ZH4(:@
MP=N,J!S-:TV]BMS+QA47*,%#!S2`_W`"70KX0,`%//O84A&YWE4F/S&UBJ</
M/H#P04O_!=I3LFDDH`4&*@[@@P8F8%9$"&VT0(4:H*SCQANRO&JXJ[@<KOCB
MA_[L3-"=#OUI=_*>%1[C3$SF*I^8D:&$!VI(8<<..F@1P1!`K*%%P,(QP80'
M#/`00@-YLE'22G+\\9_`&5C0P%UU&*%&$PD``;<:*41!0!HY.'`#WNF<<,$:
M/-!@>ZH/9.\!!-EW[_T#$?0@_OCDDU_%]^BG[WT04_4!N6>3?X2T14H[4X+Z
MV;O0?0Z<R['#'EK(P!HF,(0H!,`$>X`-%3X`N%JX#@D/4`,!=L`$&?`L"0EH
MPB3@@@$?:/_!`0J0U0-\,`$R8$`)2>B3&]B@!@6$0`576,``5J"$-[@A``N(
MFP/ZPX<.^-`$2_"A$(?8@1E$SAHO,`,1E\C$(1:@?>_#4H6,YHOY0:1^S2!!
M$WTX`2$&I"J7@,`%+J"#/>S@`30@0A3Z`8814(P6K<K!%4(`@CJDH70E@!H-
M1*"[-,1A'VE8`PMWH`66J<`'.>B3&NI@@Q1<H04!``$(5J``&?"@!#AH0`I\
ML"*"#.@53IB*&=#U"L<U(XKNFB+E*H1%7S#M#_=:`PIXH(0%V"`*#V@`#4:@
M!0^80`LV@`HZ]A0`&\B@"1<(`0,\<`$3]!$V_+C+QA+0@C5TX"G_?5J##A9`
MA@5L0`8L,9`,0H`"$%#A`A'H)'%L$<J/C-(PIO0%*B7WKE5NIY6]>.6]TI""
M$&C`!6HX`146H(0-0``,8/B`ZR#$FC3XP`27:``2FD"]Y520"2E+PP/,-)`T
M@"!W0I$9+=J9D7=&)9Z]F*<WB%86*O;"BMK`)TA24XL=!$PU3"!";JZ`-Y.T
M0B?5@P((?.#3<P1R.2'E5BM(.A&3"@6EO%"I-5@*%I?R`J;9D.DN]&F+-+"!
MHR=Y2:%NQQ8F-`$,/("`!M\BS+<H%15,58A33P+574C5&535BE4U4KGV<=6!
M?#+,XHJR`P7L@`=%+<^0WKJ(N'ICK@BI_ZO[LM0N>JI2?GU%C4@4RUE@7``$
M$QC`&CI[#I&"4I2D=(5D[]J,O')DKWW`:D<L!R*:DM8P*W3H;U*`5(.T`1])
M_:0K'&L-R";.5:NEK-!6&K^Q9#8\MGV%&]K0V]NZ@B6_A4`))(&0-<@AL:MA
MK"*(ZPSC#HD/0C@">1^GW"-.M;FC>6YM-UL+-]C1NF6EP@=I@($W&&0E:D#"
M(8Q2*&'\YU")$NY249LX1K"&!%3RPPR@V%[XU1.SK*0MF*(+BS28@(*LJ<JA
MCL(:SGI5#3D`@0)X@)/2!E()9+B`$:0`-0PD(9H?N(`/1`";;2D8K@RFE9]J
M<`0\'&/"4V&M+_]<:Q'8RE8:6NW#7\D$`0>$@`ALT($/+K"\!Y`+=($=SG^*
M@($`W&,.JTD#(1D``<Q,8`=7.`%,1("#!#`@!6_T)#N#_(I@R($+US$&DC^B
MY%XP&2).EN^&Z8L2-3@@!4C@,0$4$`&(4N$$+9C=K%0#$"U\4`N53/,#8CR'
MNVR``E=811H^0(4TJ"`$:FA#JEPE7CXXP;WE-8?AQ/`#(T]CT!DI-$7@RR%%
MEPJLP'##9!A!8D:D(1X>N(L97="`)D3!=B_L67D"V9(TM$%;I;V$"U80@@ZL
M`0HX<$`'6G*"*Z2A>F_LX0^#N$4CNK.)-8BP-H`]$6$_@]A<,K8WM+C_Q2[Z
ML`Y_84T.J&`'#UA@"%3`@`,2L`=]+##/JGD5B='UDN\R[`,(3\,`%/!MO[EA
M!+!N#Q-$P/($[(#E,(^Y"&+PD23*G`)9R()6^*VI"DMQ.XG.</M,('.9%P'F
M20@*'V`#`7,:80@(=T`+AF`4!WB@K?A-G#5=P(`03*`$*IC`9]EP@@B<`88$
M`*Z>:['>7B31SX`&#<_7Y?-4`MV>I8GRE&&A!A4@X0H,B,,5!M`"+2SA`E`(
M`!ATL.FL#^F.5_!<!7@`M8+*P`<W&,$%4D"MF(GW#VWOA1EXK>^RS!UH=;?L
MW3%\3PV7BL/`.'<(J)!.$>QK!&FP_14@(*O4_SK^#VM86X`^'WI>A&%3IV=O
MA2K+W`L[5^B:58LM%`;>WW/:)\/_<6.G<OPL)?^4J6_^99_?>K_"'A4HLCYI
M$1?</7^D^Q7ZOCS#_U[GQQ?ZT&5TG\.L_OX?1OOCQ7W(1V'+MUSU-W[W5W[1
M-Q[^UX`91WP"Z'T$:"4&B%<`%RH"MS3GYX`<N%@`"'H1&'\36!K,=X"K1WYY
MYWKTLH$=V(()YGX9`7_;(7\I17\6:'_%AG_S)7TNN'["8`.N,R@;%V+!T`8"
M85K#%8(S.(*@48(WB(`YJ(#YQX,HP1)2L`%+H2PE@74]R!I9]E!J0`<W4`(Y
M(`=WL1,EH$$]!@L0^/]^`YAD-MA:%Q@O.KAH5`@+&_,!2)!(H8`"&<`&:T!]
M/=AH0*`%>^``.D`!(;,"#B,#0"!Q&A`P186$"^:&$@B'!8AK<HB#`5>'KZ=_
MFA!0=J`%)Z`(#1`%1%4$.$`&(#"(?-<"!,4&;``$+#0`*0`M/$`&;#``5\!#
M;W`4M59\NR"#I4&#416'2S:'1Y.!W\"%C+!L;5$5:[`''V`(E^``5^`#,K`'
M-@`$>,-_+9@.1D`&..`B@+@&$U<22'`!<:,%<!`XB,`$P:B)OD",<L>$V$&/
MAJ:,5<2,S5`#;A$,R\9L8`0"=B!G:M`"5P`%/D`!=G`(8-`"SNB`K"$'-D#_
M!6=@"5+`,!RSCF[``UH0;]VS/?CS`"KH#/9H>O@(%DZXB5#8B5*8$?>#/T6P
M/YRS!D`P`#A``#=`!B9```SP/^E`!2V@;5V(%S+@&P%0`0I`1M#"!BJ@!6KP
M`0M0)@P1#/-HB2*(B12HC\/&B1CHB?3"A0(I8DH'&SS0,B-``PN@`6<0`%&0
M`VR@!;7A>];U$AN@!%2P`N5T!I)$!'5`!6A$`%H0`"5QE0+".+;FE</XAH2&
MC/L(EG08DV"BF)KS*LX&`BEP!BD`$'-@-VP`!1?``!A0)G9Y6R]1`1#``#?`
M%!#PFA2P!CL@!1TP`2(0D&T8@XX9;)#YE2\9EI3Y_XEWJ`FY=P)(T&)IT`0H
M`!"'50&NJ`DE(4MQ<!?2J!.M$A.X^8'"V`<I"1;&:%>]^6^2N8QBJ8&@F&Q,
MD`,-\!<K)"O]@'&#V!8E,9^NLBO*0AF4"&1:N81<28(5Z)(GF(`I:'[GZ6"8
MZ6SK<*#/R5GYN7W[68PKJ14MF8SCV8_E^0TLN*`<V*`!^*#WV)]-^)\4^IN3
M.:`+*"(::F(EP1*^QZ$@Z*$J":+Y:&$D2I[!N8(%N@AY4GTIB@JQ$2@MFIL3
MT9T[%Z$<,:&16:,6>J/F.9RM`!L\VJ.I$E"8L!*[DB?"T!8^!H-#NIO]%IY]
M<&@7@7??<9(86J"LP0048/\"&X<)?/`&*Q&-&@H$'W`&/M``:@`#`[`V;"`#
M=@8">'J$0JH01,H1WSE9F4BC`1J%)CJ%#-@G;.!E8*`"-\0`E"8#-I`U$8`7
MIXE?'M!-)I`$<J``9$!4PV,'#W`%2N`&<+"E;*>$$"JC+"FB2;JH,-FH._BH
M*#%.&*`"!H,$4H`$5%`!"YEI&P"?/>@!.'`!_)`&27`"/O`'RT(%:_!J,F&@
M;E`XC'-K,.J=1FH12.J;M@J<N%J9C'.9S<8'=:`%##`!K,`&#>`\5)<&#N"N
MG6I=<M`"47`!%2`#,@"MH2`][T8#5FF@'&IKL/JACYFH/Z<A9.HA9OJ/^`F-
MB,/_&C<0`F3``_G@`$B`0'BQ0$;IBO_!``ZP-@%%5*O6:M:Z%"/)/?@#`(S)
MG5[:<PQK=P[+>N6J$#.I/C69/?P#1FL``0J00TEP!2E0`=:V#]EVK[>E`W#F
M`$3`#W8C`RZP`S@P0@JP$L!@!/.V1444LX5J$8?J;V'*CR_EC[Y`<$V4`%ZD
M=&M@`B[0E#2V`&?4`5>6``YP+DQ+6B80`G;``!70*RT`!7)P!2+0`C3``#:0
M!JW*"`ERL-L9MA`QMF`JIMD0=$S:C`$)C87B;`IP!EH``0T0`J1[`2*``G+A
M`4:XMYW5$DH`&T&JG0D;HPO;E8IZLRA8I@3JI*C@"-4E_Z4D@A=`ZE:RVZU%
M*JL22JOBBKL"JKLG*B9=!0>_"[Q`$0P-%"2#Z@V2NV_?"A'A*IY*>K87^H\9
MJJ74>Y?9:PW;FPV46[.JQ[R,ZKR.BJ+GVX$N&KDS2W?N*W[C6J+RFZOT6[\4
MF;XHF;^HM[\F"+^W^K]VJ*L"['_W.[O>BKQ'JKS@V[\VFK,XRKL/7!2*N3G9
MR:6$:L#*9[L-6S0/ZR41ZTKGYR>RPJ*[(L`"$P&RR!]$Z`8\$<*O:KR&VKW:
M\+UE6Z'BF[GDBZ;\4&V70#;(UJ,=("D0)0,0`*R%L@$!$`$Z/%(2?+RUZY\Q
M:[G3@+D:W*0.K`ELT`&:>0-I`/\$*M`","#`*:`!%\!`(``&Z`8$:K`!D.$`
M)X`H;%B\NGF)6QRB76RV5X6V^=3":L``!(582F"I5P`$C:>AY$(`T.(`(U`'
M&@`!:H`>4[D`C1?!/"RV/IP-0.S%T@#&#"R<8QQ[GC,!;I`$49`$<ZG)K(M?
M1:`!(7`#:J`!$2`#"T`$:2"P(!E8?&`!Q@P!$6#,RKS,%A`#7_#,T!S-T1P&
M"%#-UGS-V)S-".#,TMS-T*S-X*S-8V``WNS-`!#.Z&S-4V``[-S.[NS.4Y#.
MZ0P`[US/[DP!S,S,(Z#,,'"3X\8`%O``>Q`35$`$D;R@[T:.=4`#NK(`+L`&
MZZA#>Y+_*AE0T3P0`16=T1J]T1S=T1YMT1\=TB+=T1XPTB8]TCRP!">]TAVM
M,"S]TAH]`ADM!9RS#A"0N"A@!WP@!Q$9I8/(!#S@*$RP``$`!'M``6I0`F>@
M!@/``-@GK2]<:P>-$E.M"-C4)Q/Y%B7@(YB1..#($`_0`?A9U<0I'$D03'U&
MUBCQIGT2-R+F#_0!`8JG!BMP`T9``TE2R]9U-T,`!760`!J@`2D0!SBP,#3`
MT%J+?I_'H%?M>$RPU;^'&6&=U8JU`1:PQ)UE%`,)"VNP`#0P!`R4`"N``Z58
MOQW0`@2P#VZ@`R@@!VS0!(&+`CRSAL"0!C?0`.K'%)C=NHV-_U]&<0,50-GE
M`0/K:7W1`C<=0`0JD,0-D`%`(J5\0-QF4RAX\BJ)C9BY+=SEP7Y9=SB1';)W
M:;ZP@`@P0-,%]MP=G-[JO=[LW=[N_=[P'=^*E0YUN@+R<"M[``9<JP"'F`."
M]`%[4`+3.R1:L`(:@#,G<`9G4`)-<@8X,`)J@`%[L`<XX-.N(`-7L`)O"00E
MA`,#P.'D>!-KL)<:@!`5]"8[N08Y0`.4I`9&X`![X-07,.%[``46W@HN@`-[
MD`)&T#Q[H``=8`1@$.,Y8`,.L`*A>^/R'=ER8`$Y(`5D``'2`P07$`"*QY0#
M4`>*>`8\,."VP`0W0'874(@[\*DRH/\%$Q`!*R`#<2R+NTT+LM1W9)`&--`"
M*+`'4E#G=RX%6C-C"`$0%%`!*$`#;I`V.@`&$Z"9&]#F=P0&)H#>W=(!2:`%
M13!R=0`&5GX!<G`!)]#4R),"D+[D$.PK1G"UE>)J"A`L:5`""\"42!#EH<X6
M,`$%*0`!"Z`&%3`$%]L!<!`%&7`!"]D`LG80/;$&A><&0\!XII/L;F`Z50,"
M'M!LYQ`C>!$!6M`&9%`;!.,`*A":&#!=K`9N!J$3'1"Z5%`";M`HP*$&S0'8
M+7`!+J#7HAY2+2$'#*,&<0;4.@8":I`F1'#K&=NXX\X&HKT!1,".:A`%*M!J
M:H`R+A``/D#_!F_^"GB!`NFH'&FP`!#0&!G/`S$^`%&P`6I=UD"P`/NQ`A`U
M5)F\BU>0)WMQ%W^>!JJZRWDS5!>`6.T&,A=``PD0Z_,>V3VD`%0@!VX0+&P0
M22K&!A[@`PNP`F0P!+/S%D1P!K&9`6!0!SK0&%J0`W4P!,?*#T.`VP>1!C9`
M!@'0#W:``FZ``SFM]CBP!!JP`VI`!;S'<3VD!2"`"6B^!@H`!0XM09UY`PZ0
M`^IT#IL.N&K@`X:@`))DF(TB+)(B[S\?)&O@`V<`!0/P`"K`(RM0`B7`(V2@
M`@U@`39P!I>,$!Z_(&<?`@R#`4/M`T+?)!"O!;Y7!W8P>"<0X0R@_P0:H/N\
MS_<+:0?9@BXE00,.@/D-0`0A``4:D`,)0`,#H`$\Q@`VCA"($/&8'P$J0`8G
MH`&>OP)(H`$J\`$:$`!4H``3/_F^[08M($D@\``RX`$$4`0PP0,$8!^7D`9(
ML+@(`0@4((-(:110`U)K-P-0&VPM!"=);G^6EYB9EFJ#(%!J22<@(J"B(C)`
M2"`E:6I\FK!_?&X#G4UU`2`\,FI$!!ZM`S:OL;%I:2V=.VD?!#QL:BZ_;'+-
M`3F5Q=K;W-W>W^#@?'Q,X^/EY6E,Y>9NYL3?Y'S'?&U,;NKDQ_3FX>OM:<:Y
MP2?PG#QWWN:Q<\/DV+I[[/XA%#<NX#EV%?\?&AP7KJ/'CR!#BAQ)LJ3)DRA3
MJES)LJ7+ES!CRIQ)LZ;-FSASZMS)LZ?/GT"#"AU*M*C1HTB3*EW*M*E3BN^B
MSH/WM*K5J@6E3J5ZM:M7H^-JX!E+=JQ6@A;?H7O'T%S:<P/EY(@J(D>F=P$A
MOIFEU6*^J>S2U-$AKUP#;`T'EB/X#L8-8@75:71GT)UECE^_<CG@I[-G/Y8J
M>J!"!DJK8W#2L%G3D,\:-6[@)*9W;,T:AVH>8)#!<)V/"9G4J'.E!K:Z@<)M
MRTBSAIR,AVO:%(?FYL$"-F[8K/LPH=5M-=H9"I^Z@P!D:-C3R.@`(6":@6DB
MZ%!W#'MFS9P_=P[_S>0!&0MI2-$?!$G$]T`$.2200P<B1+"##@GHP$02"=Q@
M"`4WU&$"#QW<H$83$]BPQF^9&)$`!6G<,($4:2QQ`X<)6,!'!`?F,($.:R3!
M`P5J4$!!!&J@$"$*,D@Q`8\?>+"<#":4H`.%2_`A!00EL%$>,6I`$$$:'4R`
MP@0T[!#'`PEL(((#'R1!H8=<W??49OKM]X<;;S#0`AMX@J#`!U3(L<(`#(#A
MPG\T!.```X!V0$81"_!P@0(B^)!"$180X,8(*I"Q`8E_-+0!#40D@,05@S:Q
M``$*H'D!&W\&ZL(9<EPQJ@D^7%#"!QB,$($/?+B@P@4C<%?1$$A0<$4+_R$T
MV8(21)1WR04#*'`"&`&40(0&1:SQ`1$.E$"#,%H4$0(/;;K9%)QQAI:&#Q^\
M)@,..<B0@@HKR%$+&SA8P,`:4%#J0PEG*'%!``MLD,8".:11:0Y0**$!K<#)
MDL8$"[QWP01R*.'"%6SP,``;#+`*Q`D$K($#&QHH@<$`/K@@AP,YK&&!#VF<
MH`05`PC+AQHG3Y"RG2ZDX(,/SEIBAQ)##W"!"A:$L(8-2A"`PQI4-!GPP.6:
MNQ2Z^H7&APD.1-!!!F!`D,,5-^"@AB@\S^P&%!/,O`09*)A@ZC$70-!!I450
MH8,#$#<Q3'5:&`&##T@`044)#*3!PPEI[(M#S?\@N#%U""50T,1O;/B@`A-+
M^+#!"@U(R]TZ:9"QA@DA/$!!`PMX0`31YEE"1@(H/`#A!4UHD3$!&4Q.Q0YS
MYVX!$UI;Q?5GF/"!K`8$P!X"$FI<(4<+`:1Q10-0N-&L#E#(,(`#5%"@A!QI
M0+!`"`T$8,,5(3`@`A0[*,'#,6JTX$`*-C#@``B<8(,)6I`&$+"!8RWXP`'9
M\($0A.`&]$L#[!PP`2BL`0,..)8*=E"<-3``/!]PP`.AD$$H4"![EO``&!Q0
M!`5H@7H,L%4(%H`!-R`A;/H+`06RECRD+,\SS5N#'-"'I]6P86?B:<@^=E:/
M^@AG.&IHB!I>0\2&4,'_#3)@@VJ6HYI6*(0ODND-$Y9CFV.XP39K@,,4G\B+
M*:8!#OB(CG">R`8Z#'$JEC@-<]801S7$H3ZM*(X,ZE`'5_2P*>.0@Q`6R<A%
M6F0;KJ%/-K11'&*T(2"6P$=V9`"+>3"G-I/,Y!$3T@I8N$$-;3BD*C_R#DVT
M4AOSD,,3N;$&&1##BYED0BW78$K\35$.O,0$&Y;C#?6DH9/#7*4RH=*F5DYE
M(.1HRST",(%TN,.:>)G`#OC0`3?,[Y8I,&`8-7(,%'S"@J?$S`D>H!;*;*0B
M#P#!0<ZA@P&\YYJ7T0<Z$L/#9?HSEF<TSAJ@H08"?$`64UQ#'60@`SD,9*#,
M_YB`!]D``Q00@PUD@,9`;5,<X;A!#E)`0>04.DSD_<$'$!@C'^(PQ38FU!7'
M<%1"V5"'-,AA9G_HZ&V$6(?7M"*+XNFG/Y6I`Q]<@0!-P($/0J""&VA``6<X
M*!]\I@`:7($*`8"``M(`A1-P)P5G(,`#KI"-*T0A!1'```-,HP$,:&`!U#)!
MQ1@P@2M<,&(HC0`84A"")!!!`6"(P+4P0`-*K($'*_"!%CR@&P8@`:<@2`$8
M8``_!OA`#5"`%@H<X`,%W&:HH+T$$]30@0"DX`(6((,,D"`)!6)`JG55`^!&
MX`,>T`P$7IT`'QIG@@LD``0M^`,9TJ"#`!"`!MJ3@_\"Y.,#$U#A#PPP`@V`
MX(`.6`*E/@@`)SX@@A-(Z@,*P&Q*W<"#$*C!!!C(02ZTD`$?,,$$4!#4!3S0
M@2LD805&X.H"3K""XX4VM,6!0@H"<(4,A(`9DB#"NF!+LQ!8P`,H_6`*<KM;
M-_36!!](@'#3H`0%C&"X-",`@)K[7`:\[0-0,"EV/V"O#ZR591\`P1H&\(ST
M@8%)&(""`CQ`@YE)00-$>.T%3!"Y).``")RXP@<^D`.3_M>?ZAC`%6K5-`82
M0`1G``$./N`."*_!P1#.`1E`0`:O`F,!4.AM6H9+@`OX0`,C8H*(U^7<W09I
M"`]0,0]X0`4":$$'4UX`NT#_4#,>3)$'>U`"#48P`$'3H+TP"!@-/C#DD1*`
M`2<P`0U`@`$X/GFH4LQ!?M&WTRPF`3R!-*-TF`.'1^!O#1V@Q#$L,<;7;*`"
M[[F-%SMXQC7H0`/JL$09Y8`CX>0`F`,YI191;00CJ$$&2:A`<0*:,&13XS92
M8!$;C@>;3_L3'\RYY,YJ`YOE@)$^^S@--,+MQH'D,8IJ2$T4@WK*5IR2`N5K
MCB7H(!DY4&<\K!&.$E--1UU_$G\L.$X4XZ!+,PK5VQ"/N,0G3O&*6_SB&,^X
MQC?.\8YS_`U"$(#(1RZ`(U`&H6@\YB7&_8I9!/,2Q5$Y-SP9FN)X_.:0Y(,`
M#/"$_Y[[W`PGWX!$UY"`4,["D'P(0!(RP5"9;T.7P62&#7!.]4[J_`E]R+K6
M#8`9"`QA`FY8P7MF$1`,E$,62$B".<JQKW2KI37RX(,2V!":`#SF+8J916#,
MT09RH,/I51_J*P2`=:UGW0"RL`0$4L``(*Q@#0_0@@-$H`4[I*#E!)`!&"Z@
M@0F`(`K(A0(-,*`&#%R``$O0@A8B4(2V7F`/&,AC"E#`,C(@00X\3D$..`^%
M.!```V08``U2P`9O+4"D@?_OX`MO>,03`P*11<(*W*`%$23@`@?3-Q]HMH<&
M-`$#:Z!!D##0`25$@`HM<`,5&G`#M1*A.!\,#0-,0``71/\N`AHP@AL&S(8%
M%.$*)@`!5U!?/+,!'Y`":I!\H;5\AG=XB?<'T&<LCX<#2@`"'Y`&%Z!]-#-<
M'I0&R*4"_S,*59,&.#`('X`""F!7C2-_]&<!;N`#(Q`"O($!(I`&"A``^V("
M`+0O43`(+?!R"KA,#-B`SJ=X`/1Y:Z``*8`$1:`&-*`"+><#,D`&4]0X%X`$
ML-,(<C""`D9-*H`$5+@`!R4+\R=B3.`#(G`!)S`"+;```1`"(L``<J"#D1,K
MN+4+02AX5]>`?<!U'*$#%#`A[\<''H`$'<`')0"%LK`#3`"%B,@$.G`"':!>
M4)@`:L<'HI(#)C`)7Q-<LE`"26!"`AW0!CMPB!G&!TMP`C#PB$D0B"6P#B[P
L`4;P<'F8&>-P!&9@`+JXBQ)P<K7XBS*1%5*Q%[0(C,9XC,B8C,JX%($``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>c83111c8311108.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311108.gif
M1TE&.#EA)@';`.8``,3,WZVXT:JFI=#7Y>?EXHJ&ANWLZGMV=-S9UK[%UC13
MF,K&PEM55)NIRVQF9=72T4Q%1>CFY<W*R=W:V?KY^<3"PIF4DF!:6'%K:CPU
M--C5U%!*29"+B]#-S!Q`CK"KJBPE)?#P]2Q+C\&]O+FULX%[>O[\_*&=G$$Z
M.>7I\?+Q\/;U]+ZZN=_=W,3`OOS\^[:RL9>=JI:2D9Z:F-G?ZS$J*M/0SG9P
M;^_M[/OZ^H6`?[NXMEISJLO(QXN,F.+@W_/U^/[^_;.OKG"'MO'O[U!KIO/R
M\>KHYYR7EAP6%O7T\_CX]^ON])2/CO?V]7F.NB,<'=_C[?KZ_*6AH*2KNWM]
MAF)ZKV=A8%-.3D=!0%=14'Z0MS@Q,21'CX^2G4,]/?W]_2<A(/W]_/W\_/S\
M_(Z?Q?W^_?[]_?S]_/W^_OW\_?W]_D5BH/S[^_S\_?S]_??X^OO[_61>7:JQ
MPIN@K?O[^F%@:.?HZW:*N!L_C34N+M_?X_[^_AQ!CL3-W____R'Y!```````
M+``````F`=L```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*28"HN8&IG?&"L@GPO9T&JH[2UMK>88#]&9V!\LF*L8$'"PZVXAF!(&R=D
M&DT<+F>N%=`G?,C9VMNW3@<"."\1%1IC8F(2'6W!-A(4;=R")QD,4R\C,S-0
M1ZX%!Q8"L/WA0S">P8,(#Q4<2/`*""PPP&204V/*&0M?,C0A\R'#%QUB#)9@
M4$+,&#!GEGQYT&_$"C$"50E,2+,F,CYGI@T,8B!)$PTXP=2IP`!'$B4Y4+2`
M8F`,"AL&B5P`\0',"PP@;I!Q98$!B`("6>FT2;8L*#[G!HT)<B.)`%\O_\C<
M*-"!RTD(4\*<U`+#H!@"<L(8`(-#`X0)*,&<[)!!($X$D%U(@$RYLN7+F#-K
MWLRYL^?/H$.+'DT:`0G**UP1K'.@Q@PP8DY@,=!!S]V\8\;P-7CDQP$0/PBT
M4:&EAP$$8PR(&9'%<1"!"`C,-$N]^J,%OA:JM7#`08X965J(,0!%B9$O&@3G
M^`(UWA004##P*0$"Q`4Q)*Z`N0$"!8E!ST$GG74$%IC(`@1I)\@%#$`A@`1)
MZ%"``$$4<`$6.H!QP@8,'#"&06<<4<!:LORRREJ]!*'B(0A$8."+,/ZQ0"($
M'("=$AKD^$,O"$PP!BPM:$`&&'Z),>08J\@"&_\K:,42!(LNQBAE=3,B`D8$
M2@23("O!C-$+;&3D9E""9)99)B(M3JEF654J1.8@9IJYYB!ISFGG06W>J4F=
M>O8)29P)7N?GGE$.:J@B(V3P%1GG!"&``],IDN>AD_!)Z:6#&&"`"BCL8!()
M#FP0Z8&84F)IJ92>\0`+&3Q`T!(YB.K(I(3HPDLQQ@RC(BO$$&GGJ:@:RH<.
M&UR@`AP%;2`H(MZ`\\(+1CPPY!(]].#$2>V\<R>PP<:X4$$"P1%""AOX,`!.
M?"@[JR$).@01&`2@D$$0.5RPP08..-'11R']6FBW4H)+$!A`I#"`'W,D#((7
M`0AP1ANR-D+K+SW]A!/_"0)D(,8$4%#P`@H(,.54>W-R"S"!"<*1`@T'^^&R
M'W3888</``2`Q)!3C(H(K7^LU=9;:#TPKQ@%H+#!%`CH!<9N_IY<UIL%N5%P
M%`.T_+(?`%SM,@`#!!AG(BR@IAH?K+GFBP89@$'$!C(4P,`">NG65]-.VT0F
M!>.RC+76?/-][G1O[JSB+(2,P9T#1*(-A@T@Y/;%".JQ-R8%/WS-4*!0UGU3
MH)'R`0<35/<M.M8-/&'ZZ5LTH/KJJB-[8."#,.B@*FB?X406&-RPP1$;=OAA
M/&1(X,`#8Q@AP0+*N7)&!S90H+/)FI]E9AQ`A#[Z]2X/X4$?W'?OO?<A2$JC
M_XTHI;'$!"JV\<`#.:`4Y)`&D:`'%C*`(403!82!@R!G-''%!1CP52&@%SU/
M)"@$5+,:UK*&/=%I[WL0[%[X2&6E"*S`#$$(!DJ^Q(J3&$E,\2C!!4`BAC.(
M@0(H8,D?5@`%(A#@"XY92(MT5L!-D`D("MQ;`['WP`AZSP,>"`$-9:0@.`'J
MB$7,A@:^P)YU6.`"6G""(":@%S%HH06"4)&F:/.`"'CQBV`,HQC'2,8RFO&,
M:$RC&M=HQCL,@($[C*,?>NA#[@%Q`F:L0!+5-`8";*`\;6B!$/1P!(*T(`R*
MP<(/^,<'RE3@`02(I"0G2<E*6O*2F,RD)C?)R4YZ$O^3$\@:'.780#K6D7L3
MR*0>AQ@C>.E`#P@P"1@P4(%SM"$,1]``"I[WKQIR@B!I"`$IASG'[9U2@N+S
MDPP@$`8(B`$#6,A"!HP@!`:\@`09X`('!$@(`OJR$@1A`C&':<I33G!G@W*"
M"VZ0@S,HP08/J`,?C%`Y/DR@!7OTYC?_1!`RI,`/`0@```9:LX`*5(?C+.8Q
MD4G!0RA)#,10!:]2A*Y5<%,;8EC"#X)AJE[N$YQK6$,4_.`#+62A"ED+P+T@
M\`6")C1[QESH.0_!,T&(80<_,(<87B",7N0F-X/['3?4((L,=O2CF2`(#0@Z
M4#U0P:4%P,("7ZK0A?9AIH;_X!E!>L"%+$C@'!\X`$J,4#0+]/%_-NA7R3R*
M5'ZNX6"BK%D&#NJ'!&2!"E1]63GKB-5"3`P,*TC"`22``S#,("/#.``'<G"$
M,6#A`SV`P/[HUM9)\$$*"FPJS5[F@RR,\J5[]6%?"?'7)81A`QIX@1APU!@5
MA$$"`G#"$9*@F`VX8%MLK:PB$H3#EPTT`"A`*5,W@-*\PM2J5U5$V""C!",^
M(`M9L,'9TH:`)-S@!A>00!@@JH4/X%:W?TI#;WT+@(Q4H0H!B$$5YC#7SR8T
MM!$<[2`6L(3ZOJ`08.C*#3Z$MB#\(`E+.$,&6)"$.H`!`B/X+G@9P5N^98T.
M,8AP_P("0(6$#=2WH(WI,>4K"`1A;A`N*,`&2H`&/BA.#!`@`7,,<($IL&`#
M1E#P@G?+!V$B],;7$^5[-6S.9!Z"`QDH@7*NA(0VC"$".BA!:@V@@P/X2,8S
M1L0:Q-FW`,RA`0'`LI:SS&4L4Q6^$.2PC!(!!A=$@%&P64.7=LHE,KAY*Y2-
M,B$2]$_1\:`+>,ZSGO5L!1S+$<S?$W--+X=$RZU5SNPZ0YU%5P0>^Y`'?HXC
MH,'GXX0`ZA%GJE1NP9L@&F"OT5:%M'LE[6C15AHA:*$E%@H0BT>89"UJC80^
MD;H*3W^ZU!`4]8Z1*VB[@>$`%VC!"8;Q"#(80``G.2JB!?\!AZ4V$-0+U?4X
M)\U0=-9D%1&P0)"2[0@5W(`+!T##`AP@AQD\Z0]F^(`<Y'``7B*:(!3([.B@
M?4QI$Y/:W.LU(E;!RD_P@0P,D$,U..J(`FA!R&18P!$(`)PL%J`'8I!GYN1\
MV9:-6FOT/J6]R8GK,)^Z5@98PDW$L.H9E(`/0F5$$U`@5C.8\`5<0$`_3L"^
M&$)GTQ_UW#`S7L>-DQ+?01PB@@J1H#,48`0P684!R&0`(Q`$!Q'88R1P0@`.
MR&!'YVZ$&#@`A9(PR@)8Z%<:7(`$+>A'$+#I@-I9,)G2N/WM<"?-'HC)\T='
M>H?4!F('-N,"!:$<#(&1@Q"N)"__+XU!`TDH@!@^P`4(Z"#KE3##UC6`@6%#
M?A%DB``&PD``,K@-!VK((J,FD`&=]$(%1C""#1"PQ=:[_O6PC[WL9T_[VMO^
M]EL,)=T[[CV?_YGW=O3`'F;O84*</O&I'<,(D)`V,A@!!0XHP!)`0(`5H"<7
M8+A0#YK0BT=H@`57$(P,4`!9(K2`!,M[`-AC2"><:XY,5-Y]J.]>2N#;48B)
M&,$/]B_%RSD`!%.P#B:F,6-P`@=0``7`,6!@!ECP'Y?`!VW`>B.@`2CQ"#"P
M`7IP`F.@`UK0@0^P`!G2!/B"`.[65@1Q!O$G?]%&?SQD?_FF""Z@`BI`!#E0
M""]P`U`P_P7\E38M4`,Y@(!)PPI:(`28L`H7(`,20@R/P!,6X0LY(08NQPH\
MY24E2&M\4&<7=VOSEX4MR&N2\ARR@%\64`+Z,8!CD!=AD`1)<`))H`)!@`(=
M4(0O\`$Z0`0[<`RV,&O=`DPC155U%T&^1VI>V%"&H`7,I(-@H#AD0!`(V`;@
M@04W``^7``9D4`$E4`(2T'VWH(?!4FO&]8>YQH+7@V_)18B%T`,.\`'K``;&
M\P*_LW]D,!0LH`1P9@E!`'!'@`#;U&^=P(EZPBL$9U%D8&MY!8K?$XAXYX*E
M:&V'``8(H`*6<VF7<`8OP``:L``<0`9C40N^:"=H`5&P(`B,DO\#;\2%<62,
MO2>*HT.*^M:,)7038^!M!5!8%S4*W3@G\X0"4+`!),@':_``7^`%%U:,+HB,
M]3>(S)@,A',+/;!NZV8!>,B-[C<H?*!19*`#\L$'0(`%&>`#QN4RZ-@]!MF%
M5M6.":$".9(C!*`8N'"/<\(H8E`".J"1=84%'OF1(<D](SF*RFB2J$:).$$,
M*4<++JDF_R8&%8!:</!&?F"3'^D'.=D'.[F./?EQ@]`+O,A@NN(+BZ`K/$4,
M)M"2$^DG*"<!>M`#F+4W3HF3!:F.#E25ID@(9*`&6;D(06`$`M`!KK((*#<%
M7X`")<`DAM:+8]DG?/``20`#$E`!?F#_!P'0E!YICCL4E5/YE@A)4VXB!@*`
M3X66:840!!:P`Q;@``8P-@I"C0Q0!\_1!D86`4+@`H_#;9Y0E%/"!S_``4U0
M!32#7G[@!7,@F9/9EL#9-^SX<?\&!C!0`YW2!FC0!`Y@#C>``E@@`4'0`AN`
M8$.)=B=0`#>0!12`=AR``%A0`H2005IP@%5!#$=P``R@`DBP%J!`FP'C9O_$
M5/;YB<*Y:R5IG*4`!3?``LHA!!>@,6+``@0@`!=`!AOP`14``6S%!T?P`4U0
M`3KQ:W(P`AA0*^A0`>0P)&ZF`3!@`QKP',V(*\)P;K_P)558*C=$7G`TG%JX
M@C"J-<69""Y@_P0R6`>N$`1.,#_$(P9$@#8#(P8+<`&S]0)!``&WQ2Y3`!LW
M0`0V=01"\``[4)XO<`)<`&XGH397L&XL`!/->`3;-`9M<(MD@*(O@`9:,G&H
MP@=1H`#!!T1R*J=]X`%/X(?Y.6UPB0@[H'8=H`)CTP(H4`-"\@="^@=@H`09
M0`+IH0K=I1!3,`,+P``"(08W$'`%8'QB<`%T80$^10!(H`8FL9"$H`)9D`19
ML'@U$`8W<&Z)6`-Z0`*7)PCR^2)N"J=`=$IVBJ=;J)\R)2FP0Q!B,)J(,X`$
MH0)<H(,]00P04`$.]0(5(`!&X*H80`%@@`9SMG@(D`4%X`MC@`,;@/\"60`#
M:#"K?T"&.K`"9/`#2J`"U_<'8@"'(P!#;,JB;[I00'2G+T69;DF<>XJ9B"`$
MRU0"BZ@X$:`'!;!Z.2`'%D`"&P"HAG`&+@`!T"409.``774#M4(&[CD#@R%+
M$3`%2$>J@\!X5_!3;4`$>K!(?T``4)!1&U":AE"K!L('?@"GQY2OO"JCOKIA
M5BD(.H`"-["2\#(B!'!=<Z$"$7``-Y!6AW`11&`DYS8&%/`!']!<<"(&!S`#
M'(`$2K(".B`#);``)(MV%I`5*+$$!7`%P1`$Z4$,6J!"ST$9DA%W=GNWF[$'
M`8"SNKJK^YJG]^:"'K!WFM%W.G-3TM&9L#/_9R?`J6!A4QR@`QR0J5<I!M:D
M!$V0&`@@`U2+!%R9#!%0`F$@'@>`!6W`)4:1`T8``3&!$[0Z()>"$T``4'Q;
M1SK[M[VJI_AZ54*W1Q"8G9(`@1&WB#;E'6V@L7"B!C#P!5F`?JQPD5CP!>BC
M,SW``A>0!$8`39)!!`^`!,^$!!R@!>Q'JU%'*0E"`2ZSM_CJMPG%KS-Z-7D7
M=*^C,\-0E[NU`!F@!Z5'$(Z2!1N`!(1`!#8PP!WP`^OP+$!:IFV@,S9`+#TP
M!A_``1+\`PCP`?$H`Q;P`^9*LV:1!GP0!W"EOCG+ON/DOCW;8W'I"1?Q`$+@
M`$3P(R_0!JG'31H@_\$2#`/$X`([,`,(^%7;J!:F,`Q?LJ52Z$'U^`<<_#1Q
M8&LU4[L^=+OM"[@<=YE910M@4`$1X`!7L`2E(`,"@(`"D*W9D2`3P*$<2@!@
MRBYQ(A.#V7["X@HC)4HBW+?Z&L6Y&[A4[%>)@)6V"`824"TLP`)C0`9$8,85
M0#)_H"+W10AE;,8_$)&<D,37=H4ZU,3K6\<E+,4_]Z]5C`AB<+J6<`Y(8`&D
M;%:$;,B(+`N4BBY@(`!(>P,5\+FS69BV6F-:8\DCC,DJ6&_]RC<UFI!C$P1"
MH,'U6U$)\ARQD`87Q0=J``9'4`+710P_\,HRL+%7<`4WT*1CT`+5(@$2</\$
MLDR8%$F3MSS'MDO"NZQQO4RCG*S'1-<+0L`%6N`"$2<#-W`.#W`!%]`#$:C/
M+@"\?&`!,_!$`:8"U5(M&E">8S`!'[`#*ZE\,,"=-X`=]BMKM%P@?!!O#F;.
M3XS..Z?)OY?'I,4N9F`$88`!0H#&,,"18)`#66"U#&`$#'`"#BNSGSD%$W`%
M6*`":L,!,W!=%C!G9R`#5U`/7&(.MU@B\7G1UO%OQ'@UN$S'.\O+[ZM7[4Q:
MOQ"&:.<$(*`%Y4`&;2"D"``"K/`%)$!;!Y9@[#(&2\`"-B`00$5L5YE].4`&
M$&D&B7H%]Q(1%0T)DGP0?/#44,W1$03%F7S'4[S_GXE``B[0V)-E(@20`82Z
MP$+:`QF`!F"P`3.`2%;D71'+`BC``,\I"&-P`/Y[`+4R!MQY!3,P),XL`RF2
MQK.<$`$B$PP1$B2ZQY0L.E%]SKK\T8B]R2(]7X&3(,-Z!1A00HH3A&#P!01F
M`@?FK.7Y'$C0"PX`L6?@`$I@0H30`6(@!#V@`>VC&$;@`#=@(Q"UU`F1&S.0
MH$8R!0$G!X65"`1A8[Q-V!!DV.G<<^L,OU<]7XD05AN@`R]@!K53!T?3N"L@
M!UZL!9,U""8Q$EH0G95Z`%=P```\"#MP`!F`@!]@)+K``>=00GW]"']M"6<@
M`5B@!TOB#SF2`[%&='"`_SV]W=&_34HFK+N*#<R$$)U7\`-#0@`ED!,(<`7#
M(P8_0&X2$'IS-@9_?-"^,@8.8`2P,6<76PABH`)RX+^R6N*.<.*7@#:("@86
M(@!1>\0$@5E<6..%[=$X#M*"N.,`>PAB``,L:PEH(0N$<Y$9L`&HG;6UF$6*
MD2+A',E,/0IBW@LZ++H7]+1N(-A]P^;Y[>9RE.-X+.>=_+3$.XV*<0X"$1<D
M7IZ\0B8G>A*^:P1]]QQ<Z1R+Z\8T(:1"'`1MH`<2P$UD`NF1CM_?H]_`S;,Z
M_JLI/#:8<`8[X+\1XR6*`7E@T`8+<`,=L`#$L%,$<,9(0N?+<`(F001(XRM\
M4/\!$GP-]7H0BO,!B[G#>D`$MKX&:;!H-*[K/T3IYPCGR3C<'6;%2*`")G%N
MT,*AJ6RY8RL#SV%L<U$`/GP(0B"=GIL#&``%5=$/-\`!X#ZSARX*$="M)U`!
M,.``!]`!%0@GP21'DK[K\!Z<P1W2F.[.H@`&\'T`!]`O8W")$S)G+R`'Y@T2
MBA$!,J!:H6X((D3@)20!<N#9?V!T+K'I)D(0T:&X2K_T3%\F7J-S(._NW</K
M;U[R<9ZS0G1$Q6<(8>+E^$6)SQ(6-X`#)E&>9V`$/=`!]#@>#)`!Y%?H@F"J
M("`!,"X&00\G39`!8>"I610+2$\`;-ST@G]$9B!U<S;_,&D9]4[<YC=>Z?)^
MD#G+NUJ_1RAAKI$0!"R@!UR@!^=V!C?@]AD*)V-P`0]C`;)@`+DXP,JA,V0`
M&$F``R<A>`,#@7X\+\JS`+A/`BR`^[S?^[[_^\`?_,+?^U1@!<9__,B?_+Q/
M3"'_[HT?[U8_[PN5!R,P_"Z0VZ0],",0`1)%487_8?2-!!6,`41`+_<TP!-@
MY240N3.P52YP`DW0!!RO,[WQ&V@,>!]P!L<Q'F0`""-9?']_06=!?'P(!(J.
MCY"1DI.4CPD>?9F:FYH>8$$T?J*CI*6C``$*G*M]'AY/IK&R?D68K)P\?@"S
MO'Y#MK>9F"&5"XJ%A7Q@8`\;_Q@V9!(Z.AHO$=,_8\C;W'P21Q@W%&(J4Q\<
M'!_;?&(K`B1&9V=@\HJ(A-Q_'UHU#F+L&$B`8>%@3($+6@3@"Y)($:-*$"-*
M5)0@V"H^*7K)0J7*8JM7&GG5\I@IUZZ0IGZ1;$6,DC%\R<`XR8"%PX,?>F9P
M8*!$CHX2&"CDRQ=$R8P"&NB!$8,&#!DQV\`8A+"AP*<Q8,S403,&39"AU@J,
M^3JT[#8$$<RJ7<LV7X(\)%T!06F*8UR0=$V-)&DR+RF5*T.H-=8P)I$D-S34
M01#FAP8M$Z"(`8/B`5L^)TX<P2+TSS*I4)&QD_.9#)DZ.,8@^+`$#,QM04R?
M"=V6&__:VKAS(ZMXUR\INQY=P?(]:J_'OL0!DQ1LEL2"YT22G>'#(LD%(F2F
M)$FRH$<&,&TV5&![1@8.,G*,%"(`)L('`^OX0("@A</D#PY.@+APP`"8H=--
M1Y9N?]Q&X(%JO;62!\2)`IQ%PC4HBG$6(>>;<AXQ5]9+Q_SA2!`60'"`!B#\
MT,,7)-0@AAA9+'!9!')`P((B$Z#P`007H-`",F>0<80+(VB`50=9?`$#"R6H
M,"""9AG(Y).[K92)A`\&$Z&$%`9CH5\86J3A4"Z6I8$%<MS0@1X1_%`9%QU(
ML`$.EUUEWQ@$;)!!`0M`$`$^L^FP`0,ZD"%5!SV(840$8BS_":5M:2T*I8(K
M49G*7<,UF.4M6^;593!?YA/F4#EF(<$2.FBA!1(YC(`%%B309I8B08"A12)B
M1+"#$CD\,%TA08AQ`0<26$"/H[@Y2>R!O$7:8)6W7&DI,!7JTN"FMW3*S:?Y
M@''"!$^.\4(!&X2KAZ)$C4'"$5G((.BQ;1G+;FZ0DB1I1Q#B]>Q*F=)%+2O6
M;H,M-V:\\!^3RQ`2:QOD<C/;#4@HX=IK[P[E;EGVT`.)H\G*N^RDP=E+W*6L
MY(O2OJOTB\R_\4&LFR/)=&A6$"_@(`06!:P8L5H3#R754E@M9?.B\7HT+Z42
MT@*MEM(F=S2G@]W\)#L<Z("$D*XZ_WU6HVN)0<`#8F"EQ`X5:`.TE'T,W7&E
M'R\=<M(7JLUOTU8?J,P'5^#Y2=SYY)Q/!5QHX6$;-VSPQ0RQJ@PO7,H2QRPK
MSJ:-+]M<NETRW$.-\0_>^2CS0`D;S)##P)@7HC<W)'#@-Q\=H'"&"DDLL2N3
M&0N],;U6>NP;R*N('!+)G)A<",K(F&9XW'P$\<$$6)V!!FZP]HK@Z+#MXZ$0
M6ISQ0A@(N-P63!3E(?DF9M>+]NW?:Z*[1KQOXOL?P"L"A@`M-%1P0_:\>\88
M,AQPP`?+X#;;,F1X'M;6(CT^D``+4H%"_(:7.4=(@0E1&$`9RJ>)\-5N?'[!
M'2X@IRD*9O]B?2A3!ABFH`<MC*`-$[C`!2PPAAXP@`$N$-NQ^-`&+8!A!4T8
M5FW&L(0?3$:`M2F@!K[@A".`8`D,J0T?@)`"&@Q@%&4@FP6;9;L,>O!\O4B?
M)D"8.3"H``HW8($!Q*"%*1#@!TO(``MVH(7HL$L9-YB!#G((.K:(00,8\*&@
M"*"D9(AA`BT@0\*@AXPQ[`,,8>B!#B#`!74T$!)J8.(331%%*4V1<57,BP8W
M@45>:/&#@TE$(EI6AQI`P`8O:`$72/`!'#P`!%GY0@_>U;4V:.`'3@E@;200
M!CTPH`UM:$(2/D`6,'P@`US0P1DD-L"7K0`'+SC"$LA```/482C_CX@#$R8Y
MBTHFSC>+6T7CR/>XD[1-2NMS@0'6N826!<$`68`"H9)0@!M<8`$9F(UXWE6!
M<(6K9G5<RP$PH(-EU.$$6O@`/NH`!0/4"!\N0PL#1=,01,R##\OT$,N6Z,12
MF+,4WM28XC@FOJ)MTGP<U)<'/9#.=1J@,QH5@P4PX(`'U,`,?,@`"<(@!C*@
MP`;O,D`/>B`!"4Q@*;CI0`8@T`(QK.$%<G#D'UH0AJ5@X0>\&F6!&K$H93"Q
MHWD)J>Q&2CLJ8E"35TSIR"@X#`:^9"@GN$$6"K`$"$Q!!A=8@19DT(0KM)-=
M-M"?_@3PP]J(80$HR,`TP1!59$R`IV?0_\*._C`=!%C6!1*PK&8WBX`&6.&S
MH`UM:/'`3=^(U2*7%&<FZ7+2DJAU=VSU0`<XRUD7:`\9.D#!#0B@FALD9@P_
M\"T"7F"_('1%`%:IFEKJ<`T](&!%45W&&"@`!1RT``6&@]YI;Z&`HFWW%JGE
MQ#BM6,YI>;`/7"P+&"IPA-#!Q@#VO`$1?M:6&6"A!BAHPV2B:JXKO.\+*-!!
M&IBIEN^NHKL2,O`JPKN)\:*UO$I#)^7*%5#,\0$%)5`"!T"#&QR0P`$J&(,R
M6H`#/N```;&RP0-RD-UF<D/!FT!P@V`,OMD1#4MI_6@')6P6X!5B.A.]&1]^
MT(0#.`"7RC6+3/^:JDL":5=*,B8.C2MHX[.9-,?FY?&&W,N\R8AA!T@H;%OF
ML8PDM\O%VYAR'Z)L6BE6N:0XAO`Y`S-A+MO9R6A&AIK9[!<UE^W-%[RRG".G
M93#=^=!X+C"4O>MFLM[X7GQY+?K.FUY$6YHM3UX)G\/::'"2--!QCK2.55IH
M3[WJ""MPQ,,$I(P@7YI)F2;)INGB9P9W8K4H:6T?.CF+3Z*WSMMH@PY@H(05
MO0`!_CD#`B9`!AF^FEVQ]LBL45)K0)M5T*+.,IU[;)8;A`$"'^AI!Y*P80%P
M00\G:,.S(Q9MBTP[)-5VM)5#?1Q)9Y'2@RE>\9`!!@,D008:Z-H2:L#_``X8
M(0E$,,(7"+#N=[4[&._62+P]759,GI6U6([PMC>$T?YY2"IR"`,+VH`_"]R@
M"6="&`3&T_!C/9R[C+:DM2V.[7J/>JVEY@8+-+L"=RX!`R`00`>X\`,'Z&`!
M7)#*/EM.K)>S(N*]F+A?PBE>7(=$U[R6A:\KG2V3.V`*66"`'C(@!"@L@0)?
MX!;3'>7T`\?\FU/_]+7I':V;PS;G_NKV!4`P@S&,X0PG/\-`^=/DAJ,A48E8
MAAGFP2LRD'F0>2[$GM\N4HH_VG'9UOAR@(T,#=Q@!ST#0PL(\`(QM*D.%7[U
M&!X@!*6PHVN%6,H9U'"YO$7^#Y-/<*?C7G'5_UX\UQF?\^:Y718R_,`(8B`S
M.UPCR-FL70,,R``2U!"!&\B!!.KVC!RV?P+(*UK3E!^KY><-:9MK>_A;+@O]
M@,QJ?:?^TG+0P@UZ0`8,'$`(->BYAY)0`1=DC\!FD7LSMGMY074-9G4:@77V
MYDGX1GQK]R07L`$<@!4@\`"R(@')P'\^E&1MQPE0QPM25X!R1W-TAS1V-VEX
M=S(/""4&H`5AL`-MD`01$`0%P')CP``.$'1\\CH2%8"+IGLR)V]P5GYU=WY6
M@EYN=5N%8#GOMX*%T`85P``@,`8@H`%!<`$8Z"%^-P4,P".+8%D5D%FTI5E;
M\(,#&(3C-X289WZ:=_^$LS6&EZ6$']>$3M@!4[`!>@`&=3,"(&`$%=`!2E`!
M-F!T$-4A/5@6`BAE!$@7!GAKOW=UP4=H'4,,/:8]JD8"C6`/(M1QK]-R3;`!
M*-`J17<!X88$`D`$VZ<#!)!1C/)]LA9^J#5SOE=S1=B&7@)LQ7,&$I`%%]`!
M8L`!5U`"/T`&+2!<SK9N8F`#`B![8T`&;7`5*V)L+>:*T@:+P6!KPH"`O:"`
M)WAO*?@[1'$&3@`%<E`!+0`&,T`!-X`!8@`!`C`%%_!73@A$/@A^0`AW(MA[
M5?>("1B).[9Q8)((\A`33I`$<E`-EB,&0B`'C/$":H`"63B/!]*!,6:-X"7_
MB_M(BR9HA+?88^P7$V+P`%SP!4TU!DZ@!RS@'9^P=!*9:/7XBO=8>;QW>>24
M><*7(6JQ<Y:E!#_F/A;``#?0'IU#!@@PA2S2`2TYD;>7B&V&AC-)?FM8BS?9
MD1R7B]=2``QP`$<``1CP`"V01B/``EB@`DGIDHAHAHKHE/E(D^1EDY*(?F`"
M9!"C!2"P`2V@`?YT`&.`EQ`@`696EDVRE&C9E/C(B",XBR6(*0O8:PV8?D,A
M!O`#F-`FF/9XAH6)$HV8C?RXC?Y(:@!I:F7A=ZXFF<5"F3!IF3*YEE!9DVPX
ME4SC@$0AAZ2IE-3H;A;)"MCX$9LI$IV)<Y]Y+;,9_SH4J0D?V$V+B)F'F9&)
MN3;=R(#?R#[!B3G#F0G%*0LA:)CZ>("[.0O<R)&OZ9C1Z333N6:WN6`8J9T:
MJ9C-R9C/Z6/AZ2&B-!V?H%5\D`;*D#`%8IK5&)/B]Y1JR)I2^98X"9O=P!!`
MQA"RV7`]-06@H5]_%WO-YG>I-Y[5&0O7B9S9Z8CIR9S>62V<%WL/8`!,.!E(
M-8]DX`!)T!A@H`-04`/PX2$&4`-AH`/3^)+[B9K]J9K_V9:M*:!4:6AE@0-:
M<``^9`1-,`5.4'@/.`$B4@=UP*0X\`%=Z!DZ\`%$``%JUXHV:IO\&8M""&I$
MN)&V^)U`N@Y@D`.^-`-"DO\N]O>7Z^8$B>5#^4,&CY4,>L!L!R`#`'B6E9F6
MEQD2F:F;&YH[BZEUC5FFHN%%4(`!`6=38N`$7X!5\W@&'0`!*$``!5``9Q`!
M2>`^88`HF=HR+C5;+E6J+E4&(I"JJKJJJ\H&"?"JL!JKLCJK"8"JK'JKJDJK
MNDJKJ8"KN+H%NQJLL%H$75"LQGJLQ\H#PBJL0X"LSGJL>V"JICH"+@53B3`%
M87`#.%`!$)`H$"F1\S!'.B``#D`&9](S6-`!8.```L`K8*!9F`6'\CJO\^I_
M]'JO^*J3^+JO<.@"&L"O`,M9#R"&`5NP)*!9/+D-8B`#&5`""Y`%I?=3$ID#
MY(K_`BX@!AG`A18`>!.PD">0`0OA&J*S)UTEA\6#`*]BGZ[&!SAE%A+0B2G#
M%FE@GZ^"`$O`0"RS%K`R%$&@`I'7:D$&*VXED*Q8"$O@=3B0!$:``%@@CRLH
M!B?`*DZ!`$CP`0(C`!%@3$B``!-*LE;#$"B+.1V0H(ZR"#<;-T%P**&S`%K%
M#34``B!@`V)``G"[`'3X;,VV``+34V.@7Z5W/Z!1M,C0`D<PFDRB#)**-QH`
MLQ$S9!1@N`C"!T;07IAC`VT;;$C`;%[C!%(AD84C#X?P"!65L]Q``74`N7+#
M!\2%.:>+N@2BNF3;5<85.JV+32N`>J)4..^YN[S;N[[[_[O`&[S"ZS0SH`<U
M<`%@\`,;4`,;D`-'P``UD`5&L!3"%+:X,1GGI@<^I`-O6PW<6X4OX((@P(YW
MNPYDD`'&NP-B@`0UH`?+*``U4`-(T!XHH`=9(&*YP0<8P`4@8!4D4@.!\@/Q
M>P!BL`%P"P4SH!MG,`-<$`9B@1,@<`#.FP$@X`!&\`!ZP`40*;+#>V=$0`%+
M4($Z<`,O@`4P(`,.L*Y3(`:[&`8:H!MB\`)$,`9-@`$$D`4$,`)?$`$XK,-C
MH`4]8%P>=QG-F!K[0`%A,`$24`-D4`-&%08Y<`$,F@-M@+I\0'H/D`%C@`(C
MP,,1D%`XL`$/T`;4!`$OBAMC,/]?*I`!#W``?;<!0M`$.B`&##`%Z/`"-[!A
MKMO!B](U./"I4@R9'(`!,@`&(W`#1N``+N#"NF$:/<4PY'H&AQ')AP$&6"`'
M'*`"8J:SB-`K-?P#L)0#27`$2?`Y)0("'%`"+("_S+,,(P`!9(!P8L"N8=`"
M@B<#*X($#B"X;+$40=`">J('YW@`')"N-%@"+H`"\&BW>\S'W=(334!&"N4"
M!7`%,\`'/2`',X`!8\#(^4O&`H`"8(`$-W`&;I`$Y&S.I=P=X7`WN7$&.X`"
M*J`!&;`B4/``DA$$&:`!25"E4*`$5MQO$"`$L2Q(#".#8)"I]P,!`J$;O:($
M-H)($7#_!IF*`@''`3>`P0Z``A6PR<Z,-T3`'UB!`4T0!`>`!#I0`)C!`1L`
M!6&0!%/J/VT@`R@P1A+``,H6!C>=TU0,7&$P%KI!`AG0`2^@!*WC;V"0!"^E
MM"#0`F_`!1I@Q3A0`P+0C-AS!@S0`USPLE?`/R/``!10OMP0!$10`R?@=PS@
MEU>`!`<P(\1\!0OP!A9P!0_ZT:$C!RB0J3^P`QG``5!``#V``AR`/<G@S6C\
M`=E:``P*`3>`!3+P`HSMV&W``4V`!3,@,$J4O$F``06`!)'E`')P!61P!5?@
M`%HP!@<@!R6@!X^;OR"@!9E*!C(@?Q#P/AMP`%FP#%A0U:X[_P9+I=="70`X
MW`,UP`$6+0!?8`%?T`2L;-=X0P(S$-VDUP,H1P\=T`1VFPQ3`"?Y^P#1/0,P
MD+PS(`#/^`/C+3!"(`,P,`Z\3#%@@`,S@`15^P(&<`)3H`1DH`13<`)C1`$"
M@`0^9,4G\-U.(0`SD`TO(`29.P\G@`.,V\M3\-VD1P(R\%QC,`)-H`%DD`.E
MPP).T-S.;35"ZSY`&RN(T#*NJV\!\@GS0+0/(Y"DJ[.MYAKK5SRN(9_ZAJ#Y
M:P^B].*MUGZQ^T@8->3WB>,8U2LD'N)*ON1,WN1._N10'N52/N547N56?N58
MGN5:ON5<WN5>KN0QKE'XX!J?<2RQ8O]<NZ(,M4<\D_$:[-#>"M-3H>-E2]',
M7UX60#``>K[G`Y`"'?(9)>HH]'`$_D$(JBL!=IZ_1%"XVV`#G-O++:`>F`,&
M+V`#2[#F=PXE(1`+4>`AA8`#3>``1T;D`3+D+2X@H2NT!BI=4R``\I`HONWF
M!=,\/T[C9_XAL8)3-D[F0>`"%J#J&Y"U<KF)BD"B!0!4'H+C#)$&UI5XR[`$
M8_LP'*R)HG2?6!'L')SIFL[IVW``-V`&&XX#*4D.#S`""*`!+/!,&@`#6S,"
M`?,`.X`#8*`!(_`#.``#/_`#["$!,``?&<`-[XJ).>`"Z;X$-C`"-P$#3A`$
M&N"O",`"TTO_`#!P!&?0`NSE!"P@`3A``&1@`^P^!L&NND2``"/00SL@HA$@
M!%9X[+%W!`>[ES#0`A:@BBK``B-0!RZ0U?.^`Q&@2X%(`DMP!!JP`^JZ!#TP
M`AO`Z-J^*)MN"IV.#':Y#)%U`@5P`$,'`R!0`@=@`150`UU?]2.P`U<@!%D@
M!@B,`'HP`A/``4@0I03Q!_^^#0\``0O0`H0\`U=``$E``AN0'_Y0`\>$`1Q0
M``B0`4AG`#5!!%EP`AW@Z\8T`AD0'GO"PC7P'%_@`G*P!$)P(AK`\G]``%B`
M3RT@'AU@`04`V`LPKCEO5%@@!`PP,!X?W1]0`\F,`!S@`$(PRHF^__3(T/2E
M\/2%``$H]D?^\`+R-,<7X`0V4(,8<`9Y5`%S_05:``5@D`%!``,I3`8<,`-'
M(`<7T(7?H4-RL`!F8`!ZT&P70`(0$`1A=`0;``;-7P`_P`<W<`(E!`(5@`%D
M8`#O#PAB%19B&`P@9!L1?W\2%F!-7%HU'4U:>A4%-HQ"(%I<,!=R1!4?:BX,
M6!P1-T$E7UH@9XP2<EH%'R5U,A47/6-91WR,Q,7&Q\C)RLO,S<[/T-`A?M35
M?E'%.@X("`8,/Q(0-@5B%VCC%3=@-Q&#'`5&$T%?8#80*BH<,T@6/W)_&<!(
M,,+H!`<C.+(@^''!QH9U%8YLX*.N0(0S-_]&:%GQX,6-,3DR_#`R2$:)"#7&
M**(U`\R'*TM^/,B@1$NF37\Z,##0PDD$'3HJS%AR`8$`#@8<*!&BP\@/,8SD
M?,CTH0`?"^F0'`$A+)K7KV##BAW[9YHU:E'X#/MC@(,#!Q,^'#B@H84`,`7`
MV'V`!`P2'`]@$"FA0\:9`V#:G"@AY`.)!QAT-`&#(8<>'(Q6'-#AHL.-C#A*
MI$'R(#29O@)PB$'BI(".&Z?;G(%Q8$9@!#=>BRF!@\\9#23`&`$Z@TAN#`\$
MM&"48\K<P3=L1,!0P;F.#R^:<-"LXQ&C#S<*"*AP%\:#![FOX%BSEJS[]_#C
M'S-[-NW:(&=\CQG_DQ@,GSICB%$'&&"<`<8++X"1`WX$'M@&@6*<(888#_)!
MQA@)$C`#&8SP,480_($18HAD.$C@@P^"(49B`8(1!($?[B<&AF-<2"-_09C1
M(!ADB$%&@HR<<09^*19X1HGXX:>&BB[FQT@0/@8X(!@#M@AE$/)EJ>66T*P1
MQY=@QN&&6HR`849^!.8888\JYJ?6?D<:R!\9<I+!!Y1J3,BCBE&"\22!$DHX
M88\3SC@AAF@0&F`;>I:X(G\M>LCG?GS,Z%^!9HQAH(@=OA@BH"!:VD:+!*[Q
M8I!O\`'ABB(Z2&=[7,8JZZQ@`6IDA"_,\D>#RJ@:81"P2EJ@G\Y4ZE\Q_Y*N
M""NMS#;K[+-<?NC`"TX8L1L.6/Y1`0;+)5-I"43(@%.'8!AP@('/\(%!&[`2
M*,`$QT(K[[STUGO&"RJ`0<2+JA8H1@9C<+#`&"PX02`?5W3@H@&^>:@"'T1(
MR,(2-U3@GUK^1?`0&$K(1B41:@5!0;[#\$&/$7?R8<"$!2B\!,H%&K$$L!`#
MJX2;R]:K\\X\)W/%!BA<H05,7Y"QA@/_V@#"%RY<D*`8`H21A08E,)!!#C\'
M/311%%4@!T)7B,&'1'64D`4*+(PA!Q87B+$!%E_`4#(*64"@PQ@87(""$BW_
MH$4636A0@Q8H=-""'@QT4,`&>A`01+8]1R[YSO]R2-"#''4XH,$7:@3A`!@9
MD%%Q.6!PP`$9%SSP6P%<(%#YY9EK<$'7!B'!@EH212!'#BJ`,,8(!<C"0`0_
M8#&WM0S8,$$!&4B@"1A3W'"!!A"(84$3T8&A0186W#`#L).'+_ZSFDN@CN99
M4&#`!:"+[@(8#(Q1005M3+\``PM,K7D/'VG.`$0_V,`7K"4&C1E`#DO`00T^
MX(`*U$`,ZB#`1/[`!Q3@8`P,@$$6*@"!'FCB`$V8@AQD!X89<*`$$C@#`B#@
M@@JT8$+CBZ$,MX0!!$C@`$'`@`9F\)DKO``%8#C!%6K!HP"-T`:WF)H.;U@(
M#<AA#`>H`!FN$+8514#_"V-X#08$P`(&Z``%8D#,$8Q'P2Q\1@<K+,`7),`!
M&[CE`-N0@QE.((,'7$`'X[A!"5Y(K!GZ\8]A\8U_[*26E-&LD/T"5H%>A*6+
MT0QG?##5`1!0R,<QJ))#4HN!R%3(3':R80T+@AI`J4A!JBIG@$RE*G7&!QV4
M`)6KC*4L9RD62<&2EKC,I2YWR<M>^O*7P`RF,(=)S&(:\YC(3*8REYG*`/3!
M`WV(9C0;4`PQY.`#%!@#$4X`Q32]:$<N.E"#6&4@8#'23"4#`_^.(#8AH8%/
M*SH!L#YEH$V)C4Q_$$(/#O:X2D5H6*J2T"F925!E.!.:TNP#-8E!!@F`8`0%
M__Q(0':D)W_5:$26\L^+6(6&DN$-`4O0E)#(T`8RE&@,-U!5@M*THD.Y*%NX
M:!)^?/0"*%7(4/RY94&7>="$*K2:)1A!T8Z0T@SPP09RV(`+IB"`.F!!`Q/0
M@>ZRT`,[:N$"!C#`#2"``"%L`"9WLD`8-H"#$T#``400`!7%]H<;_$8+^!-#
M`0"7@\W$35>X4,$!(,`!)30A"\Z#P`<BP`!Q/``"L]NI8HG1TX0NE!$("-L&
M-$!4@/PA>3G@B@-L@`4+G*`);3"`#1S0@R^,H0!3*,$'K*F%%LS@+B*Z0!`6
ML*Y>6*`$+V#K#2A0`R7\('Y+T$#B+M"!%UR!6+C@0/\37H"!Q1%@#&'X`=X6
MT((K<$`'+]#I8H_96&D^]@\%J`$$N'"`RF;@#Q?(UQ=:X(`#..0&'3C!`5YR
M.3!88`8.(("*OC"#&2P@06-@WQ0X@(86?.&^`1K&#8Q0@R"@X0(_^((`-M"#
M^*UC#(S`15#)P`$9=$`+4T#B7^\KF"9DH`W;56QWITE!57TC01GPS!@R(-<;
M<$`.8N!`%HR+`0H`11OUO2\+M("$'T2F"02@(!@NT`8CR*$)#H#!?<N$4C'H
MH``'*,'F9(""'C`9(\C]P`*(K(4.\)`#%L``8ZY@NPH@00\K2/%.5_Q3M>1@
M`3PB0P5^H+`="&<'`K#6#URG\`(-V*`..)C"`CI@@'TB8`)C6,`)CA"!#PC`
M"4I>`*/L4@$Q/+I,8.C`&)P@!,&\`-`5,,!_0TTL#?P@U"=H@1)((("E".`(
M.1A!K"=P@@YH5\[#3``;ADUL-@2@D$K&&,:,="E$:M(W-#MD)0_9(;6(X9'X
M=+:SR8!M%U7[D^9T)")=]&M@![-AQEB#D\S-;F/Z1E?$X$,:RMWN>MO[WOC.
'M[Z-&0@`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>c83111c8311109.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311109.gif
M1TE&.#EA,`&R`.8``"@B(L/,WYN6E=#-RHJ&ANWLZK[&UN;DXBU.E7IU=:VL
MKM/:YUM55+B^R=;3T928I6ME959OJ'6)MDM%1?KY^,W*R>?J\LG&PNCFY=[;
MVK"LJ\7"PF%:696EQY",C+2RL/+Q\*^VQAQ!CE),2[K!S=SB[,S3X[^[MMC5
MU.#>W*FEI.+@WG%K:J2IMWI\AI^;FH![>MS9UOS\^ZJVTL&]O+JVM+6WO_[\
M_#TW-O;U]+VZN=/0SX6(DX:8P&1[KZ:BH?OZ^O/U^/'P[LO(Q^KHYVML=?/R
M\,/`ON_N[;.OKEI:8TIEH/[^_:&NS<;/X9NAK_CW]NSN]'9P;Z2?GH:`?ZVI
MI_GX][*]U961D+"QMO7T\_#R]K6XO\[1V.+F[QPM6%%/5?KZ^U904&5@7SU;
MG,S-T[>SLHR0GT9`/ZNQO_?X^D,^0<+$RDY*2_O\_;6QL/W]_?W]_/W\_/S\
M_/W^_?[]_?W^_OW\_?W]_OS]_/S[^_S\_?O[^O[^_L3-W____R'Y!```````
M+``````P`;(```?_@'^"@X2%AH>(B8J+C(V.CY"1DI.4E9:7F)F:FYR=GI^@
MH:*CI*6FIZBIJJNLK:ZOJW!Q<["UMK>XN'!RN81P?<!]@L!UOWU,3,5UQ;W-
MSL_`3"DZR'W+UG7)3'UP=<'"IE98:`ETPSIH5"`R.VTJ,E9C0,_T];"R2%)K
M57QF4@D#9`#!PF*#'",O(&R``^=4@@1&#C`1A`*`D#$>X+0Q`@#*E"HR[(D<
M>2H;!#%48LAQL$('`#@)I`P!`(+*F(H'P)7"44,%E#B"7HRILX-!G38Y`#B0
M,HMA,0P#HDJ=2K6JU:M8LVK=RK6KUZ]@PXH=&S6&60K<^D!8XT%.'"9Q_W8`
M8()C2)\$&\3H@,/@@TY2`"#`P`%%D`>F&N=L2""`BHHQ8XAT8Z*E0($-EC-K
MWLRYL^?/G5.@0.&`B.8,,8@0&9+:\H`5!8@X.`"ZMNW;N'/KWLV[\X`,&#``
M25:'"`0`5>+(@8##@PP`*)AXJ%(7CA0!?T=!?YX!F-"5#&;)&4#@!PPJ-;)]
M&P#LE34!$SAP0`*'"1P]'"#$(3!F1/(-D!F1`P0YM$?2@7\`$X,1WQR#1P4,
M`!!''2L!D`,.`S!!!0UM'!''&%5D)XH84PQ@T06C`9`"!![H$0<0#!R@0@(P
MZ"`'.,(,D"`L?1#@`1-RR,&0'"I0T48>$Q:`AO\1!#@@Q@`_J/"6B`C6T\>"
M._[QU@I''#='#%8X```2$!!P```8T(@$`!DT9$H!'*!!@QX$)*<##E+D$(<>
M%R01AQ$,,`#%+\/\H2.5J?2X!@L8V`?'FEJT44<.0TC!`AQ8H'."%%9HX4V5
M!UYI1)9SQ.$!``!H$,=Q.*@`AQ813J%'`<=-(8LF?<@!I!Y`,.1)CEFVXDT,
M0V@``!'%0/"&'6W`(80'(P@@`Q($O`&#"FM,L`%0H(XD:K!_U.'`#ZP4HT$&
M$.CG)B?`(GK*+G#,\=P.<J0``&0`8!%''!3@D((L%7BP`0=8Z-NMMUC^U<<L
MK``S``0:3"'DKX:"&TO_'#JHX`$.6F"!(FEH'$"`!C"((01#'*R``AH0J%#'
MP2)]J_`QK.RR`A%SU"##RYVTZYX<-"3@00YP_.!`J3*X*H`46"`AR`$UW)<$
M`4!P"S,],M\"QPXXX+`&&KI2?.@K=2BG1WTW,!3'+FL#4<<</,M"81QT`$'+
MU5@G?(L=<Z0@F;Q6;^)S+M$<TT<8)FSC+DF&<V/!`G[XX<3D3IA@^>4+9*[Y
M`B5T[GD)7H1NP>A1;&&Z&J@7OO@A6=M2APPI,`W2NH)7O/HJP7@Q@P\(B-"$
M@3#WH4<4)9@0N1\!'*_\\LPCW_SSRY=P>R&MU]+''%6@((!SM.-J.^O`T*&X
M_YO1C,_0-MZ``/PB#0(3Q142D"'"_/,;\$W,[0?A!>3')Y\\]``$X/^4]S_I
M1:)Z/&("$<2`@TL%SGMC,\3"9B(Q.,0`5:BB4`T`,(`Z)``'9I`#"J@@!YXQ
MHG!0,(`$Z,="^@6@&]/C43#<$`7^.2^`.,PA]$H@"02Z)PY"T,(`C@`7L5E,
M$'``@M=>@`Q>_$$'(X@#$48@AB'`@0,.&($>1D"$.,3P<`;P00OG1X8.+$!^
M(D!``-8'C3YL80%.T*$<Y]@\'AY0;[;H@PRF<`'!R*![F1A<(9A`@!=P@(F"
MF!`:=C"'!&"!`T.H`P-H(`8-:$`/>A`1,.IC!R:HH?\)O!LC&9I0`F_4(0J]
M2Z,)O!%#4[1/#<6[(1UG.4<[0@*!N7I@2>1`!!CL0&>ZQ(0@"1$#CHWA!3R+
MPQ%P,(<*S`>2=%"!%"AI2`AHDALE`&4J61@!,V8R&,LH`1H1L``VN@<8:MA?
M'&G)3CK:\A&X/,`0&E:'#6"`"@G@0_<.,!H4X`@(`T`",/@P`$_5`05.',0P
M!X$%''```&OX13$<&0<.X&`,`!@!?>3@`0A=@`/MZX,%X+=-^D6@!TZ80TB#
MX814DL$+K&QES[Y!PUCVKYTXQ>$['=$Z8`#!`PS0@;@$\`*)#.`%2,T!!72`
MA0QL`U=ZT`$$L"``9A!B##C_:(,8]"`(*W"@#4KA*`?$((<#B*%["RW$&`10
M`'UQ30;[4@XDW^:`,<RA9>&Q!A."$,8QBF`)/8@"-MR5#0.D<@E1P(,Y78E.
M+Q@OIY"5XTX;T=,Y#(8!3/01"W!`IQ$0@`!">,$:"&`1F2J"&W%P@`-VL#:U
M:J`8W$*''`3`@CK@@"Z])((;J/<]"0*#CT1(`!PR!H<\=`,.4UB!+`1@A#@4
M@`6J4L,5(N#740KV&W9P5Q_RT`<#F'0+GUJ%&RSPV,B:-X>3/2$>=R&?C.Q"
M#TF!@H]*%0<Q^*D-.C!M(KBQ`1AP8`Q\>"!6&7`$)Q+D42.P#G6FE@$4_+$;
M0CC`_P&.(.$*6_C"&,[PA5<`RNH^H`P:#C&&TV!2$9OXQ"9>01E(P.(6N_C%
M,(ZQC&=,XQJWN`LHQO`0,``"$'@1&"CHV@[@.@<L,&`.!,!!8.*P!BM*`9&!
MS(,&1@B#(!6"-,8JS!\(T@<CC(`)&/#`#A)0A0FT`:'U04(*5D"#%*QY!7".
MLYSG3.<XNYD-9UC"&!'@@R9TX<UNKK.@Y>SF%,R`?DN(0:`'S>A&V]G-76!#
M`R9-Z4I;^M*8SK2F-\WI2Y?!T71.P05V<);Q;6`"+Y'#"\1`!#D`00Y"P`$*
MM`6'EIGP$L=``@:F0,([%((A21&"-31PUB1`X&UP>$$57O]``"R\03W!8(]I
M0VJ!&4B@I//KI@GV$-))?*,#].O!-Q=[P%<^;IT#/*^Z=5KN&*@O&&\!P1`2
M```9O(`!#EB;%H#HKZE"`0<[T.\BW%*,[+Q``&-@@!Y@,(4"X*"A(92#%C@`
M!TJ.@)$XZBT\D^'&OHX1L%O(+KDK88T>T*\#XQ9F,."PA1*@>]TPUV%ZV;=>
M/=`;`/G$X+$&`P`8U&$`2M;/1#C!D%\,?1`IV`!"YY"!`\0A!QMP^GU8,HO5
MSD&EA8H@/,-@`.J*L@E1B&DP>H8'/9A\?AT8NS!AN4[DI3OF<*]C#_&X-C@,
MH2TE#)+>@P0'?>;]+;B2@1;&H(+_&DS(B--6P\>;X(61_RH,*YQ?$Q3K[6^0
M-^Z8E^S<1R5P4"RL"A<X^,1ZIG&>,H&Z?"8E0S9Y"G1Z700S$#@P\%##S-L>
MO9L_8BNLL0/_LL"+B#]@':[0`1.XH=NM[T,4]#P_)SB>MWU@^^VG#\"9GQ:/
MUIL#+T^@!;@&_Y9XB&DM[.`%YHO`!';@J>/:3OWV1R_WG?^$+$RD9!Q@X/OP
M9&4=TL\C.%@@E0A@`CP5!.7E?@9X/-:W7]AW#W&@`C$0!P*`!%2`?U<C4@!8
M2M>$3C9T@!SH!PF("#[D"G"!`BQ``%)P`%-`@<%3!PO@4@9$/780!E[`?AUX
M@!_(.@OH_QY])P1#@"R`)$RE%SS`8`(`>%W?``=10(-O5X.W=X,2E(.NP`T[
M,`$X@`9\<#?L$H1X4P>&149;`$Y!`#E+R(3NYX34`X6M4!\_D`)4I1PJB#?'
M$``F)5AS4`)D>(<>"'^WL#!$L`*-X2NDIW5X0PC=95(VA8=,:(:$N(!]<``7
M(`</)B1#LB]NL39R,`<_Z&UQ0`,98(E86#N".(C#4`=-8%)CB(AEJ(>#D`-4
M8%]R<`$>@`4QT`T_(&9RD`,:0`#T$DS>-@<.,`&QF`S4XRP"-0Q,$`,%L@PQ
MX#9]D`*?N".A.(C!H`9G)P(^$`"GB(I-J(K`\$$@$@=8,`6#P?]18G`J4(`%
M$_`"%G%TEX`',I`#&'``&#!Z@R`'<B$&X``$8K`&`+`#<.`!'#`!<V!6"95U
MN@<SV94',Q@`8C0_UYB-VHAYBJA0>`07',``'C`'>B`D:U(':+`!<\`"%R`&
M'U`'(U`#\3=(<)`"8X`%3/1`'S)6L04V!"$'G(4#O;0"#Y16%1@%QH.-#$D_
M$A"1-JB*?+,"5+@03"`#`.D&T/&/&K`&%5`'3Y:2A!@'5>``S)8'3K0P=:`!
M4J`"8L`M6'!L!1!%4E`%:Y`$'G`$"_$6=6`$P7$$P5&7=GF7>)F7>KF7?-F7
M?AF/70!C#?!Z$F!CAGF8B)F8BCEC7?#_EWA9`;!1`#)0#4PP!&(``&X!5$@@
M`Q@"!U2@`Q-08"!BE0HE!VF"$MZ7('!@!#C@`%4@!CQ#$$R0`PFV`@0P;QHP
M`1/P@-D@&PY0`ZH5G,(YG,19G,9YG,B9G,FY`PW`!3;`!<YI`])I`VE@?A(P
MG=B9G=JYG=S9G=[YG>`9GMK)!6R@G,5)`P.@6E:`#'"``94"`#_%`1D@`S)P
M3$B``RO``AZ@!=!!FL,0!QF@`06P+W<CA3HW!=M`;'7P!F.P"S(@`"K`;`*@
M`1(5;<^'-<'@DS>U/-B(1B+0`41)?1,Y#.XV=FM#!:A"`'2!07W(CS"@![.&
M<T\%@DQ`!VI7_PV`.`S:MP,)%R_#<"M_0&PV-P5"```H:@9Z4`=0P`%`8'$#
M`'S0>)`Q@P=JL($"Y*%-`)$A:EXCFB!X)(D5@`5X$#9_L`MP<8FOPW?A=0A,
M`#A0ZIDK(!^$,`L8P`*8I4_#8`W`(!LBM`)S(`1OX`!"D@<9L`)"L@$+02A1
MZI^LH`<N-T=78'X@NJ42J8H4$B24:`QL4Q^RH#9!HET78)L<,"I_L`<P,`%3
MX`&$"`<'4`4[@`(,$XA2V@S!L`>7-T?),P/CU`'8Z`)@,`%%`)1G\*MC8`!/
M,`%KP`,!\`1@``8&8``,8`!:JHU=&H)$IP%4``%4H"-E:@4_<`0:L/^J)#@"
M"O>,@:2%&!J&.#4#+C4#?A`"!A`"`""M[]H`5P``+0`&/-`".!`"1=`":]`"
M/.`"V$BIS%.M:+@)*_D"0E`%]Z<E6)``S;:JR4555I6%T4@XWR"#SC.MT,.N
M\X,`TBJP`.`_V&@``/``.("-:_``":"R3Z`$`4`"$%FP_A,Y0)FS-FNR#0!S
M",MYHE``!#`%7;(#@B`#,*"3[`@7!9`!,,``,E"0$#2K>=0'=F`!-(A3I1BR
M!J`$.``!.PL&_XH#R#,!/'`%$^`"1<`#`(`#3Y"-!H!J`/"VR',&J/(``0!6
M`*"L8(!S[UH$/JN*H"`$0[L!%3!TIM(U(T#_B&>C??N2B9;`DX1#@#`';F1$
MLP`0`C@+!C)K`&L@K6Z;/&E0!,SZ!`F0C0$@K0^P!I&#LB$`LRM[!JR+KV`0
M`&M``K(463]+M9>PFLU6`SF`1$R0!%B@9<.0`[JR>HQ*B.AZ6BO5'L\;4GL0
M!J@3!$&P!5$0!:-C`:%3`E:J;I;[!4I`;R3@`D]P'"[@`J,KMLZ*C6T0`OR:
M`#P@0"'``V!`L'[0`B5+`OV*`PF@!"[@!'L+!F>PKPW@L9IW1T`;"GU0!1J`
M$=P*@5CP`2Q`"$RP`53@L*STANS3/GA`O6I@O::CO:/3O9ZS.9<S.<V#P.T4
M`";W!3",MSSP!&=0_P0VW`(DD`!%D`;82`+*&@!JB[O0$P`MX+5XZP=/L+*V
M2P)KX+4$>P9*<`9M\`!@P``]>UZ[N[RL0P,$0*X'(`AZ``%.-X$*=0P/+`7V
MP<&+L#\+8#D<.L1P?$-`B;-P-T"1)P(18+)NI[,Z*\=#C(UI4+)^$,@!D`8X
M(+O+2K;)\[)@4+ITU,=T[('UH:<KAS[98:V"(P=#0`#^)`AYL`/DJJJ&4!\R
MH`?F"H09NPC?:[`!E#P-:8TPEP8SW*QI(+,XX`)*``;Z^P!%P+KY.P8!L+9M
MT`*S1`(\?#P&0&D+\(X9\&HR8!JR(`08@%8)JPEUH`('@`;X*0@Q@`&C$?\#
MAV`'3G%K4ZM?J\S*./3*0ZEN/IP`9Y#,RFH`+L`#--L"\WS``?``/"S/1SQ'
M/-`&$6(`D2/%;>"_-```4M`&WHP&:#"5$%``U+S`H``'&[`&O.8`0;$!2$4N
M"O6G&;PMD$MRS:L(YXS.`.1Q(B`!'=`$,W`%]+K"(0J4#/`$.)L\.*``+"`M
M$#`%Q%M(9M`6Y(Q+^R(XA5H#0P,'.8!4&TV(,E`%-2```N`6:DS2)CU+7=="
M"(``9$`&2Q`!$>`#/B`!$M`#/=`!*ST#,_"L9.@_]ZJY."NO"T`C("`&!#``
M@5(%"9`"20`"9RC1X4($1HLK/V`&$P`!.T`92OW_`APM"&V*`C```0U*SM6P
M#'EJ=&+7#5(KN51=U8_LH7[UV7ZEU5TMUF1MUDW`TBY=QS,KMC7M!_I:`AE`
MA3A``'"@`E6`!2J``U1`!<#34\`@`)#$$$)0`Q1A21H`!7,P!%,PS=J%`1"P
M`BHPS5K@`=3M`0)`")>*`6W6IH5P<R\`#DSP`VVKDS3PM6$`!2,P#\R;RIO-
MV7*$C1%`!ED-VO1=WY^MU1&@TC/`PL^3NFL0K'/<`/-:`F;#`$G@%B"0``>`
M`W&``V3JI0N\-H/!`E,@`QC`CX)```P@`%B0U&@P!0"@!9#+!`<P`EVS`G1@
MX?*(`41`"'00!S\0IQ"0_Z-/PP=GHMX7!`*'46M(F0$O\`9\P%OLG0@E[=YR
M9`!7,`.G;=8](-82$`%+(-_V/>7T@]]AG:5TU+?-^@!J"\0R6P)2-0($(@LW
M$0=H<!XYVCH4TEY[`@(GL`89GA'995]Q@%_:]0+YF1+9T))MT`8<0(AU$`-2
MH`-^\D!\L`$>@`;<4@5&H043H`4P4-Y'D`"Z5C;9``168`5#T&-&T.F>_NF@
M[NE=\*RD7NJF?NJHGNJJONJLWNJN_NH&0`)7$`)-P.1-+@%@[=51+M_S/>4(
MT-5AO=(NG>HM\`#&G@9IT`+&V@`&L``QH`%F0`0@(`1(H`%"(`0Q\`,8\.D]
MMO\#!9#IFEH!#%T!-W+A0<$`;2`%?(`&0R`'+/#=B<`$40$!,2((720:X#P(
M0&(%R_8"](A$$#`!!,`M0K$O:X`!#L`"6.`8@9(!V@=FJ@6<YDF<#?"<T'GQ
M&)_Q&K_Q'-_Q'O_Q(!_R'_^<).^<T(F=)C^=R?X$3]#D/@#EV`;:O][5+G`&
M3]`"X$F>JK4#PLGSR(F>ZED-FZC-*F7N?V`$>D`$.!`#M`8!/^`NNR($&<`S
M>O`#+"`%9#P,,C`U&O`&)?1KLQGBRV`&480!9\40(Y0$+*`#4Q`'(N<P%TH]
M"\#?1HY3IWBS..0_3=`#+R_E5(X`^5W6:5VP;B<]WS#_/O>SB.^V24R@Z3``
M`'30GFL`#']T(>B"!?W"'N"S27J:2"<(!R$Q"`P!)?+H(H6@`SL@WCG@U`4`
M`!]%`&XA`R-0`$=`,!2:<4.."$5>]R8=`%?0!$_N][Y.!OG=!%?P@O!$=WW`
M`J@B!;V"`3CP"Q^$<WH`=/<2^8=00IHJ`^"@!RH`48NK[S*P`M2-!5]/"%70
M;+"J`Q<`!QE0'EIPB1E@(Q3P`AU^(P9ISKQ?]^D&"`%^@X,&,QT]$DL((HV.
MCX]+6W^4E9:7E'TQ1G]]F7)P.AYP<G5U,GU,=T@Y<GEP0$AR<IZ8<#(O!+H$
M1)1U+$1Q<Y9]<D8$21=R<9C-_\[/G@.=S\\+A-?8V=K;W-W>W^#AXN/DA`9-
MB#X1BY`B/K74EYJ<\)16G/'YE4Q:22\"2"C!J<*"`!9+=>`DT2!`@!YF^B)F
M^B.M7D1KY3)JW,BQHT=O`:XT2:2.3`^+^>9-J]0'#AR)*<TD:#-B!:4X#^.\
M9#FG`@$I$.+0@1DQVDJ8&#\J7<JTZ3A!@KJ50!E/I4671*GUJ9)!3`)I?^+4
M*04Q$Q,Z,380@<,D:TJ*1R4F=4JWKMV[UTIDM>I6(A,K0BJ\D$-IV0H4,8C%
M2<$@P1A0?;7"I1IO+M[+F#.3TTN4;^1\<#3LB`,#[!PJ5`3\L,0D-`HY6&00
M_MS,*/]E:I8UZ][-FS-,S[2?9>`@Q6".FU0V'.C%4@\*'%+6$!@2')/MK+EY
M:]]>U[=$X-4QU4%RY,6*MG_@"!`C9@PQ.%KVS$'R,#RQR=BYZ]_?U'O137'9
MQ](1+#@@1@&4[)!"!4.`)9`,*7!`Q1C""#A11?GQI^&&&?FG#W@6=O+##GP0
ML`,E*@Q0A09OL`9'`1PP\`)6%EY'5'8<YJAC7GL!>%MU!Z20``P>Z.%+'*VA
MEPD<,0R!!!9R#%,C?C?N:.65@WB8DH\A6N)!!3(40,M-PLA0!T)R"`$!%AOP
M8>24&%:)Y9P<:ED5EUU20L`:(]!T`"4HZ+&"`!4@!,<+*33_-(>2E##!1#%G
M=C*'2XXR44=+>/01*4M4(D7GI_S9J16>F<2A$Y*W+%E':R[5P<>ESW@P1!Q]
MU`H'$6L<X14.*$C)1!P'B('&&'"410D6:$Q0Q9MPF+$&`QC$<0$:"<PR!@7R
M="H7J-QN)RHTI'92`19PZ/'03L7(4*ZYEL)QVP%(R%!J#M'!@`$$2$C9DAP8
M#`""'CM54D$*&P``40H`H`!#`G"PD,$:*_SPPZ6U5DQ1K9WAV.W&W74V#\:9
MT(`##E3`P8<'.-2Z@Q@C,%P!>RP`<5M+M:32!Q`#0`''`<4V"DJQ<4!F2;$K
M&$Q)$F+T44`;5DCQ\!`)Q"&#3H[2_]K'`(YFS/'6=PDRU6^:@&"SK1R,X8$1
M<&0``0ZMC0$0#BL4I`4`#OSX6QQ(H!V#'G=<HH<6$!``T0L<!(T#!A6@`0,5
M/TR`PP&R,9'!"2=40?GEF&>N>1(*=.[YYZ"'+OKHI)=N^NFHIZ[ZZJRG_H'F
ML&]^PA%'Y*!I'1X```,0M&*P1BHX5"`'`35,<`$0$*A@]W<'2`$#%@QH>@D<
M'+`PAUAS(,V$$2.\NC,52;"@PQ1R/-K)U2!_IS'7['?TK3-A5]R'J4S\``"Q
M=?C.A!P)P^&!!FL8`AVD\(+E100^`JC"$#)@JDNT@045&``?:G`$(@`@!A`H
MV2W$<``:N/]-`[2Z4(#TL;[VF;`<[ZL-GFHEAR%0`0!6R-_OX#`!&LA@#$,0
M@P;@T`8=;(HV+1D"!@@`@P9:`@922*(0JE`#.%P@@P5@RP%`F`,J)$`([A*A
M`2]1PA-Z$1PIM`Z>6J."!.!@#;30'Q.F(`8"X"`'4Q@!RH2PQ7RTY@V+&T7`
M[&,C3WWQCQWJ$3T:!0<:2($!,=")$5;3"15X8`=PR($&3`0$1GVF&$`P`P92
M,*D0]7%;@`RE.,(H#SR5#U@7@$,=3#6;H*WR%GJXWJK"HZD8B,$#6*C#4.`T
MPGQT493`)"4Q5BB_8F:BF,:L#BE4$(-<R(`/GM3618!)3:D(LI?_>4H)'(0`
M@S4)34"?G&8UQXD-8;(D7-DL2B%3H)-91#-.?B2G/,V9"72F$S1R<,`$<&E$
M<$J3A/(,*#T[8<][:D4..3C``3"@RG=B$S<!G><UZVC05*1@#%B80B=Y25%*
M_#*B[1LHB`RJE8$XP)D_I.4_?0G2<8HT7!8CJ77J0(0$,(`*`'-H1__PT99N
M[:6#9`F-9*J8`Q2@#@.8FDXSY%-1`C4NDY(748F!@@F,@`-HB.4E?@4'//2M
M$Y1RB5B*U1)+AA.@377J1`7BJ`$(@"VF<)18Z9"0G7[("CJH``9`X$Y+Z$$#
M:+@>)>@P!0!,(`-SH,$:("`'"C``"MF"_R<HTPK(I]:"#G!P``X`((4XN'%D
M+VH##CRPT1J]*`%2J-9L*A$##N`@IW_(```*\).&K0`-*WA!$O2`3/1UM`\+
MB`IE3^BU'HE-?DS@``<\@`$F2(&Y&)@#!#Q0-`S8%31ST$`2'(`"MERB#AG`
M@24TP``X@*`-4$C`#G"P@01800O%HEBM!I`*K0WWCU_[3OR0"P.2F4H*'#!/
M'()'!RK0X+I5F<,.I+`B/:S6%_JK!.'@,(?#H6`$6*!"%4:&6+JNX`(7>`.(
M1TSB$INX!EE(L8I7S.(6N_C%,(ZQC&=,XQK;^,8XKK$.3,SC$Q\!Q%#0I2IA
M```"R$`#6&`!#O^@D+`X>*`**:7E-BM`Y3E8)`Z^TTE"S""&/!!A!#JQ`PK`
M)[XIZ$1^]/UM3^^+I>*"+0;'K9@IAB`%`+@K#D#`00S6D,H$7,`.76*">MG#
M@45=@E\XD,$<F%@``-2``8+3@PQ&0(0C+#<)(9R&9,7)YA-:EJUF$,`$`"`#
M$0L``$"84!4`H(4H5Z</*X`"!C!`A+Y6`@Y&>`'`:K"!.C@@`5@`@:D.4(,Z
M0"'#1H"5IA]:C4Y[\=.=B$,-QC""`30K`01()!`$`(,+)*1++5D!MCWP33ZN
MM#+.]O1:69("'4R5-?7+P-0HO%0YI9M]T!;('!X\U3[,80`X8`"%I.3_STVC
M]=Y<R_?Y$$R;7\EZUG,@N+D-SE*$)WS=[W8&*0Z002KT<^+,=L::+5XGC&<<
M$_N;0@;4<X,]JI3BZ"8YQQ1^<F(P804CH`($M,I1ILJ<6S2O.2'S-P#XNOS5
MYX;HS[L5=*'WP9!2$`,.HE3O>"[]4TVO>1]D0($I2,$,@NVYO:].IZR?G`DQ
M&,$/YB`;B;\\Y,T8.=F]97*AWZ0*;<B[&!Q<]<G.'4MFSWAOK\(6.;Q)%:RB
ML"ED,U0M^OSO5H*V'.[0AP-<@*LN\3?#[0.$*7@@!NC*@`=^`-\#$$`'RW@!
M9.\#<Z5#_DJ2CX,6J""&),BA\QY`@5CL7@GH_U%A#5(5PAH\,($IU($`+\`!
M$@;`@E4A,\WV_91P29[?HNRW5JUQ(P-4,`??)]J2-0]>'-;@`$KH8`)Q0($8
MX@"!`[3AUZV87TOHD`KZ@K\JU@B`_O?/__[KGQ#^%X`".(`#Z`=008`(F(#^
M-P@*V(`-"(`.F"4452MP-C:MH5QZ%#QR0'Y'=W(`P#,$L`&4\`)C<#UK@`$J
MP`!H\`)8X`$)D`/%DC:48SFQ4X.48P9O\`$ZN(,\V(,\J`$^&(1".(1#F(-5
M0(1(F(1!N!!*V(1*R(1.N(-O4`,V6(-)0(4GT&K%D@(CLP+\<P!Z$(*;%QX`
M@%A2D$I]H`(<X!(3H/\%<9`!]&(&'(`%&B!?\Y4^UK<7?U!^1-4'1S!5!5`W
M1&4$*_!;<"</UZ<I?7`'0S!J?```*0`'9^AJ&3<"56!!!9`"!^`````%`L`"
M.B$#";`!9@`!2?`#6;1L8R@1?$A4?TA4@3A5A+B*'X(GJH0!=`8`86")F$B+
MM'$!+%,R5(`%IR$&;5`!%-8\0'``(S`"B50S?8`">)A.?9`!_>8@)"4$&>"+
M^:`%UB53L*8%*]$:'M`&`%`RP)ASF<9[I!`T<X!9":%*9B(';G(J0("(,75/
M^5A1EM)ORD928U-1\B,/XT()<[!*O#<]K2)6EA(E=+`,=T!AY6-6`RF0W)C_
M$M-(C1F930&ICQA#>)&B*1WH=)XP>":9+>=3&V^0`%/@AD!``!Z`!+``DS+I
M+C^@`3^RD9EP`43BAA3`;4C0!WDP!?;2!SZA"W^B%2B1"G,@$P*P!Y?B`01@
M!;0@`%0``L6R`<^CDRE9&W"@`E(P!6P!`E3@`5#0!U:@"R!`!+M`+CE)%9I"
M`T3"!]MCE5#`!%!`E$)0!T+@@NQ$B2!3#S&UCPE)4G!``%4P!E(P!QR`1(76
MF``6<1IP/PC6!S^@`E107@0PAVA@!`(P`LE7`"\P`?_`')TA-1Z@`BP0%,0!
M`V`F!06Q!G'P`2,P!69F5]ND8;=$`7+$`C``!V-`_P4P``P"\`)2@`,ZX1;%
M<)D),`)ZP`(%T09SX!A8(`9:("&%Q4Z%N9W?82IO(`9&``!"0`2=*9[D"1\X
MX!B5&7%(``#G%2W!PP`.0$,Z0(+R1HE5\4IQ<`2R"0`8$)X@<$%6X)\C8`8I
M<`>HH)RD(`<OP`(Q8#!:@`8#T(GCIWMSL#ACLA<`\X8`L($Q,*`'@`9#H`<`
M,`!M<`%SHYW<N:):L6\8Q8G+(`8JT*%Q(`8#P#@D6)FD0"3/P19B(`#(23TO
MH`*.`P&KUQ?PP0(><```L"@XL`--V@<,4`$`@`8X,`*I2!1WL"I6@`9)L`%M
MT!HX`*1LT08;T`<4L`8H,/]+>S$U>K`X==`&M((#0W""<;H!DPD`Y,9O+-JG
MOB`#+"`%4%`T<B`#-MJAACH$`,"3(Y"4RAD'R&(%*Y`R3%![$^!@',!]";$&
M[A89SO48<T,!<?"!LU4'(P"E&Y!G.V!7+6$%$B('T_(K:_`#KQ4'QD,'+L@$
MI?4;](@%$\`[;0@'.#``:Y`"=8`&-#`";X`P2>6GSEH)0-`8.L,$95BG_),!
M=;H"'N`!KG4!D?&F8@"#U%,#3'8`+/`"U.H``,,$[/6H,M`8/AD\LI6F.L"D
M4"`&9L`_,8";!;!/?/`B`(`$.S`"0O"!*3`!2!`&[$681?$+8Z`%BS(!.E`T
M5C#_`AK0:)H516B@`_?WK-L97@S``0G0!S7`'E4`!R4K!B<;-%4PLI&1`1,0
MLAR`!#DD!B\P!P9R2W*@`3'B`?>X%W50``''`4'!93(J`T?``#8K!P/```P`
M`U;F%G!0`4-+`-G%'@>F`RQC!G$0`PQ``94I`VL@!B';E$JK`C)``TZK`4"@
M`F)`'%CDL<[*![.&`07P*[1F"EA&!*8`"CE`1Y'!!T10MU,C!"O0*D:0`:4`
M!"D0#/A94C(PN+3F$H,;@P5P`$C"!$C@A7E@5WA9MS4)+X_"!$3`MW60`R#P
MCT`KN0PU!Y=[*IN+67BCN.LHM[9[N[B;N[J[N[S;N[[[_[O`&[S".[S$6[S&
M>[S(F[S*N[S,V[S.^[S0&[W2>TD6P;`'E#73F[W:VP=JL`7>^[U;$`9]$247
MJ;WF*[=]X`7:8`&9<``;\+YI9I);X2XG*;]<>;[XVZ<6L+Z9<`3'R0$$``<4
M(!LU*AMZ4`</(05@Q7:S<#V34@K%,BEQH`(_<"K&DK\8[*?[FPWLN\`<,`1W
M,`4XP`$'>S\%L#8_(`<*W!)+@P,ZD`%HP``'L`8XT'DX``$T````0!`NG,$^
MK,'\NW`<4`$H@`9`D`004`<U;`4@,*$JG!YQ``4%8`8C``,$(`=E)`,7P`%Z
M(`5#X`$O4+!B\L-DS)T;C`T=7/\)0SP$CS$`'*#$<6`&;M.A*RP#248`;8`$
M!,``1E".4S!\N><!`A`'.C`"'U#&B&QW?7#&#.@':4P)0PP%.#`%8_`"HUH%
M`C#'<R`%^^*;5-`&1_`#(^``&P:,4X`%HCD&@@$!+Y#(KBQXZLO!EW``+KD#
M&``*1/`:&;#+P.(2,B`#.W``*R`$`T`$1E`!!3`'4#``*\<',9#+@?+*T@R.
M6U`"UGS-)3`)0[.@,5@*?"`,[>@2H+`,YJ(3=S#.;.<JUT-AI#"2T_S.M#2-
M\FR_R/0HR#0-V#=X\+S/_-S/_OS/`!W0`CW0!%W0!GW0")W0"NV\\GM,%4G/
M$#TV^NS_T,5DSQ%MT1&=T;U%T1I=O@N=*8(),J=@BG)P!)CF$ON6$$(Q!PRP
M`:;2CD(0+3I!"OOSTB\M`[%$R^;C;]<S-:?"S10F-9,G%GWPS51S!Z-K!WW`
M`8HV/^L<7PFQ#!%<+F-1+,L`SJ^0*F#U*&(5-"^];W)P`%B9>0OM291'#"U1
M*C@@!AB`R:>[`<)FMQ<@!#*P`EI`!$)0`T:`!,(I!$R[`EAV`$-@7D<@:2EP
M`8SQ!EG4!RDP`'*P`D>%`GLM1.J2`CL@!UI0`$-P`')@!69`!'J``6CH*`=`
M!8:'V69@!)=[!W9;2'Z-`1_&!#M@;6%R`1C@UQDP`$"P$W`P_P3:1@.86P,'
MX+HG$-;;)P,Q<`0>K=!]T`0(\-S0C0`S<$PD0P!(A@'+Q0$;0`!B@`5KP`>J
M[`$C(&H5$"/BIG-#P-U),`3+E0`UT`98\`9K``/J<@>?:,4[@%$A.`'04P%5
MD$14,`1H`#V^(P!#\`$`_)LZ,1VV@@4"``$;,`)RP`$$@@5MD`$`9@8'\(G4
M=4MHH`$$(04:5`<;D,E-2P4ZH*0;X$'5J0-KX,48!@)E72,=T`XB,-V5@`,.
M4,E8T()ZP-[(-YU$$-XO8*@H\`]P,'Q)A'PRX`'/9;%MH`+LYP#@W!ANI`<)
M@`90L`%B292*`P-3Z@$R@`R-&3=$8O\P.K%DG0`%+T`%$Z!/W+,!HS4&_YT$
M-T<`JZD"20`'5`!8,`#FE++=$"``J+4#5."@,+!<`&`$$#`$.Z`LT#3C?&0`
M/E#IENX#`4#=&#"9`J`!'J<#Q5$%8X[=%?`_<R`&1TXN#+`6%&#=D)JO5`D"
M3PH!#O"O<3`&-#`'.0`$'#`!.[`!);.M-AH'5C`$+X`[&K"S+.!GG1U+&3`&
M)5D#+$`]*#`%!#`BY47L4K`!<N#K'I0$`@`$4J`!-MK98\5!'R``1\8`=4"U
M!G$'K=#HQD:GDMZ'-$0$0-`&QF=&(Z`%\0T'6$`$+.!6330&,;!>.K!AO!+?
MQN`X,&`&9Z3Y!2@CJC)0`8Z383^@3Q&^UD"`*Z,U`"DL`&9@I55P6S@P&''P
M`CO0%GV``3B`!F(0`QC@GRD_,BG0;4.YUC!@!2K8!AK@\02P*G!@1C8[!CB0
M9$=?`$9?.,GWQV@@!/4.CF(EU5)SP/M&*Z40C_&(TU&2>;.@$QL:2S<]"\5"
MP'80BDA;!7,02X5*]JP2BD$C&Z#`524Y/WSP,[1PU0>9SFL_"T)P`<&"[Q2V
MH:QT"Q'W,T`0)7D@!P])"D6]W%&/CQ&]<!C=6W98]Q!]&/3;T?DX>!13^14#
C`EA``#0`^IS?E9&?O56M=6+5>*G_SV55<_0;5Z]/#8$``#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>c83111c8311110.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311110.gif
M1TE&.#EAK0`L`.8``/;U].CFY=73TF)=7%I55/S\^ZJEHX)]?/[]_=W;VCLT
M-)&-C'IU=+6QL**=G(J%A2HD)+FVMDE#0\7"P,&]O,C%Q1D4%$(\.[VZN<W)
MR%),3&ID9/S[^\/"P9Z:F?+Q\.[M[#(K*^#=W*ZJJ='.S=C6U961D?#N[K*N
MK2(<')J5E8^*B>SKZ?3S\\O(Q_KZ^J:BH4]*2W]Z>?/R\A0/$+BTL^7CXG)M
M;)B3D7!J:=+0S[NXMYV8E^[LZ^/@W_?W]NKIZ+&LJQ81$F]H:(>"@>?EY/CX
M]_'P[]K8U\;$Q'9Q<?W^_>GGYOKY^49!071O;B<A(75P;A\9&;6PKYF4DV5?
M7E=24CXX.%Y86"XH*,._O[&KJ92/CL[,RZRGIC<Q,8R(AN;EXX5_?G%L:V=A
M81P6%T4_/TY'1_W]_/[^_?W\_/S\_/W\_?[]_C4O+_S]_/KZ^<_-S/W^_OGX
M][6OK?S]_:.?GE9/3_S[_)V7E,S*RB4>'\?$POW]_?[^_O___R'Y!```````
M+`````"M`"P```?_@'^"@X2%AH>(B8J+C(1]'"<+,2EE%C0T99EE%S$R.'0"
M/V@<:VII!6B-JJNLK:ZOL(T("`I"$%D+'1%:'4$=-0M@"@HIF%<#"R1J:ZFQ
MSL_0K7YI?6D(T8<(,D(Y+`!^X.'BX`$"/$02%D)2R%I`?6Q]"&A^V/;WKVGZ
M?7WX@WT#("`I4$\1.'X(CD08H0)+%B@7#NPXPJ^@OXL8!86C,&)$B3[@_`&\
MTD.-Q41IV)CBQZ\`@@`KK@BYXB#!N(PXL2'XX>32I0T@T+#!U\>#!10@H7&P
M\0"*$"5'Z!',2346&P-7M!1)(H-&"#XGH_59,RSILSYHU`"@8"&+'9-A_ZO*
M980`APMP".`X@/(E`9MFC=0@0,M$3X8$)OG)08,"`@$F\IZ%0]#%21D82^+.
MW7PHC8X?@O2Q\5#&#(`"JTH%P:(@4Y886`XT8%*`@Q<+%P2LL>='Q!D(0#1S
M'JZ10QJ-(-40H>$!,%T<F,Q8L:+D@14%%LHH(;&F00H+*TZ(<Y:Y@@4'PK&-
M2T\<$9HY.2RP6-6@]`SG?OJP<`'!PA,T)Q!@00@&&#$6-'Z,X09[T,R#1AIK
M,-A>(6J@00$-':R"11D`J-'/('YXN$8+7I2!11UHQ)$##5"``0*"*T`AH3-]
M!)$!2#-.J)$?)=``PRH*Q(!`2(2(@P8&-#C`S_\:%=R0`A0Y4("0/#GZ@08:
M8(10CQ]LY#<+`FGX,621U'CXH2(Z0)$"!?3HR$H+%BP`I`9G(N)'"PI<,=A8
M:)!PP!=E5,&##6J8I,J5<;B!PY9MR%-`"0XD<0(:=5K)1!$<.(<($`RD8("A
M^*Q'Y$U_D&H(.#V:L.-ZA6P@!0A$'N)'`01<D$:CL_3AH1<RT7!!#7.$2>HX
M".P0`@$$39,&"#*XX5,*2%1*%@TU'`>B'S^$$YH^8ZX:*RQ\4II`MH)0JD8\
M@B"P!C]M&O)&`2C04(%&*\E332$32$%`6HG<"<$(9A62A@]>?,'B$Y^5<N\?
M+/U0`P1"#-!$IO-L40;_#5)H@(4;0E2A1I$)7&)&#T56D06$']NYC!H<U/D*
M&C9LP44,-)APS1\9##`%#U'TS,`63!1J+84]*$``!\AQ($(0(J"Q&R%H&$`#
M%B_:J<(>+?!S"$(_"``&%)A8@8,--R-0PP80T,``'TT@P(%))M!@1@0GJ"&"
M.@-4BH84ER11Y"5ZM"MK#S'D,0`)@W!AQPP5LDLI-5?F5P0%'APP`-]9$$##
M!H-ID;9/&(-MP15/1##8/FFH,<,0>Q3!#S4PI$-#"E4P@-R0<!B%11<>YO>@
M/CRX,8*VIVJ+P`<KA'")!1HP<,!#=WB`*:7@I%%$GBW@U<3%"GAA0YM6:B$$
M_PU5C&!H"]QO\(`'8%#G`0QC^A$!#5\\`04(0UY@`18\U+!+#0W@`0\6\(0;
M/$$#K<&8!@Y0@Q(4@096`,`*G@2%$&Q`!B;H@@!0L``L0*`,!.`!1=;%`3!(
MP0!.2PL7+'$&S:E-(_PJ%08DD(4#,&%=IO#!$T)`A`BIH@\'X!OH?`(!!DQA
M!FCYD!I8(($08*`)V,J`LV@@A"_$8`P](T`,QD?%&'C1"4((@04^-T01;.D$
M%Z`B#5Q`#P%H8(AP#($$-%`%,8B`)?P(``UNH`0:0$``U*@&`DPA)C^`X``T
MRP(86H"``Y`O+9:BP1XRX`<87&('X&C!!JH`A_S(0_\&*9""`^90@0U<`@R]
M^Y:H_)"!BUT"`G>H@AFFZ!,EH(`%!^E#!,CH$P68P`IN>,@KKY"##(QA&'N0
M0@@.L(8ET$,%5!A"'3^U)6OL$`HN``D:"O"##F1`#UWP@@[@\@A=":Y4:-#C
M);(P`T98"0=IM,"*[@`K0:R!!S300J&><`D"X&``/KG`%&S`!`0D``-9`%T.
M#":!"8"`&D4:!;;XH`0A9F$,3'!:2W[``"N`S2=F6``2UL6$,U00%P*@U"@X
MP%(TO($#6[K&K!26(P04H``X"M<:!ED-82$D1$,K51K4>89W,&(L".@!!ER9
M`\@(H@\D".4`GJ"`(=+.E4+_$$(9QE<&8EPBF2!E0<HT\H,MC"%M4E``#L;H
M!0Y\25W5*```D.`!,B24BF<H`J5:IBN8EDDPZUJ##TN5'P^EX9R*@!`]8+K*
M49F*L&M@@`J"(R$KH>$#8B#?&82@@!4TH1I]F("SI%`&(JB@"E7`@0_\D(`.
MB`&U,I!!`P3@AR/$(0(/&$!/+C'.(H'!CP/``*QJU)\![,!#HT@=2'#4M0-8
MH1N-;:RWQM,(5D$C<JKPPPL*P(`RB&$&"K$"#0B`!#/YH`-=R*:NU#"5/SA-
M#6TX+'Q+A5-Y``$8*IA#I2A7`DH]E0TD>,`5RC``(KB`KWI#PP]^X#(WQ4(>
M<G`G_SC4L"(R6*.O`A@?#/2[TW7-PUX%.:P?\&#800PF/]38J37(5"%]P)"G
M.QA`%H1P`3$XP`;:4A90';P9#P%`<W9XD","<`8:G($)F7)3(-=0@#64@`0M
M0"R/.<,!'VC``D$8B[34(`,I9($/FAI.B`93@'@4ZEM3EHN7PF"%$$R`'JH$
M!QHFT!H44&]"TDTS9]`B`@_NH&6*6(8`KI`"%1@A1WI.-&_\`(`O0`$#'U;$
M&QX$@C0&84B(5K2F7\$!N=ZA#!-HIBH@M`8S6""C#=ZTJJ'1AP+(H`Q:2.*H
M^4$!""C@IJO.-3;ZL`,(4`$NJPB'&AY`K53K^MBK:($98N+P@:>Y`@T@R(($
MPHSL:O<+'&#8@Q9F`0M*F3(`U@[W(O+S@3+((-.G6L+\2B#N=F>C#W&@`1]N
M!HLP18$&[':WOI'3@3(4`=V%Z,,,LG`%T.Q;WVAY@`5*`'"H*5R?!]=W&I:@
M`QJL`$=H+L0J32F&)=`[XN$&QQPT((0GI*'3$+73NJZTAAZDT00-!_F4/<F"
M(4C!"500P`?2DQ\6Z(`'!)!"0T$E<W&+XP=3&$`9H!`#!MBA`U#O0!*ZT`$8
F+&`(%]B#!?PIGI@7/=%C*0(/!J``(0YQ0`JH@@."YM^O4R40`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>c83111c8311111.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311111.gif
M1TE&.#EA[P`N`.8``+&LJV1=7!<2$^#>W)*-B][;VE-+2C,L+)J4DJ.>G+FT
MLVME8]72T7MT<XJ$@JJEH]G6U$,[.L&]N]'-S%M44^CFY3LT,^SJZ2HC(X)\
M>O[]_?S\^\W*R,G%Q/OZ^<?#PK:RL)60CLS(QZ6@GL3`OKZZN/#N[?;U])Z:
MF/S[^_CW]NGHY^WLZK2OKB$:&^[M[/7T\TE"075O;?3S\N3BX4U%1'=P;I>2
MD)V7E:ZJJ?KZ^+VXMO+Q\-30SH9_?>+?WOKY^=?4TO'P[ZRHIJ:BH/;V]>KH
MY]O8U^;DXG)L:U9/3E=24?7T](^*B&=@7O?V]7!H9N?EY'YW=H>!@'%K:5!)
M1X!Z>/CX]_GX^$8_/F%96"8@('AR<(Z'AN/AX#\Y.6UG9EY75DQ$0E]967)L
M;#`I*4Y)23@P+S8O+TM$1$]'1V!75"\H)T=!03XW-DI$0_W]_/[^_?W\_/S\
M_/W^_?[]_OW^_OS]_/S[_/W]_OW\_2TF)K"IIOW]_?[^_O___R'Y!```````
M+`````#O`"X```?_@'^"@X2%AH>(B8J+C(V.CY"1B7YP.UM@47%R,@5TDI^@
MH:*CI*6FIX-^.Q@X0'Y]*5H7GJBUMK>XN;J(<7T@!R5^PG0M77UQN\G*R\S-
M?QHE9Q)P?G]^,#4]?LC.W=ZUPN'AWX_A/Q$(<!KA-SCCY/#QD7US]'!]PO*+
M?G)R;C[5K/69@89'0'T($QJ*HX%%$@P*UBD\Y&>#DP`7^@AJ:("#Q(G*-H@#
M68A2GSXL*&21@2!?+C\:\'TZ":>%&!;"&)YP0,`ER5US[L4Y^),?'"9C%C!(
MTV&H+GXB/_$;@.9#M5<;$,A0\1.2,!,0PIH0-S)5."8>-7:UYH?)D@4J_T2<
M4>'SEI\!<H@^BG,B`()U.4.H*<!M[;X@3ERXP+!E"X8P"IX<ZZ.!$*4X++Y8
MZ&68'P4G0/J00:'7[IHYI1OU2:#&PRLY&QQ$$$+-,*,A;&Q,$#+G1`$(,C!\
M47",Z"LC:%RDZ=<Y&HP^)0+03>;'0&U)5-/VB7U30TS;BPI4P$?6SP\";@*P
MP*>VK1L'3L!LZ_J*080=,1TXR$L]AIU(KVC@1`CT]!$$%R&$]@YXB1Q#$1P0
MI!?%28*<((42%[AP@U,_]2$'%P%L<%($)%RW2PRI*>+''``8P((<,)!@P!`J
M#)4B@X3(9,@V?<"AA734^!%"#2J\@$80=4VD@?\(;0R@01P).$'7C:?XX1^5
ME@E3!`9!]#$!!0W0$&1YC20I")D3P?%#%2'``0<`$:BP@0P+I&!8'&8,(0B>
M$C#CQQDP8)D*:CB$<0$.!X"@XYXG$*##HHCX<8<8,^P(1PJ4"=J-FR)L8<(`
M%B0@!QPN`*`I/"W"($@!6:BZC!\^*'"J!G`<(4`59=R@`FQ$R;$""C!\-`D>
M$-A9$AQ2*,"A0L+T$4(82H2@PP;1F$!991.]<@(:/<`A1Q]5*.KG!Q201Q%-
M<\@Q0AMN)(`$69;549:*>L4!AQ%5"#`$I)+T$A!,<?@KS#V?:+"""Q%<(,<<
M7R1P$G/9RO&`&T!H`H+_`!441AT3%*`0VB$QR7%$"#*X\$4!_+W$!!<"Q`"#
M'6J!$D<]S:8`1U!>A`6!"0`*8X0`87C+@0LH_UHI6U?]6QZ:XRCMQPPIG"J,
M!DQ8T,,=?1Q\QA,WSCO**R]DT8`(Y3T!`0HRH$&%"A$D\%V6"[YC)MP#AR"`
M`$?T@BTC2YLM0@XHH$"!`19HX<8!&&!0Q0.11-V'`QD<P$,*2BS0!PQ0H*'#
MGG"<D,4$V%(&@!AN]D("%S.XU..W[6U@A0LM:*P(/1IPH<0]M0LP@!ZR6\;0
MJ8^8T`(;&"AA@PU?8%`&!@B@#&420!QR4A\(:&/-!D(DS2\AO=C;QP<N"'!#
M_P-&S/U@;T$T\,46BQEO@P)!!'%!`5'/'+,C_)1@Q0P"D%"`"RS8@`($8`!L
MQ2$%;C!`L`2!$@S4X!@>Z,(>(A"H@,1!!#%(P`88N`.3O<L1##E"DSQ4`A>$
M(0YTV-N.FI``X#DB)DP(0N!:0((@O`!3ZKA`!!APOU3T000"D)4U9-"%JXB@
M)0UBP0.@E@8!L($-`MC!LO91@"Z@80MJP$$/:(,M/]#!0W9(FAPB08<!:&$]
M9LB!%62@`2,)``!PV-,`>\"A/K1``+'30`(PT(403.T>/S!`#(Q`F:R507S;
M2P6M9D`3*P0`4WW(@@NT,3?OA,`%0Y`:A?:QM&8=(_\.54@`0[[5*R.L!`CW
MN-@/*/.#,OC1&NK00`<^<`(`=,$!)9B#`^ZVA2JP(7NOP`=#3A(3]G@)#!&0
M`@FB(`X.,<V%?Y`##D;@H27XP`T]D,/K8J"".0C"E!33$1R4X`(3P&$`6>""
M$RYPIDM1``/9O(>SG`@!$^UH!CN8P#W\4`,1S$$##`":L`R!DN7AQ!&%%(6'
M^L"`+=P`!2"(0M0((8<F;($&HUI!\8`PAQDLP`('I80<&(`&-`1`"0F@#0P.
M*8`SH&$$5TG!"$`@!PCT8`.C2H$<+I"``V1`G\6QB[P8P(5=]<$,+E@`A`[@
M`@<$Y1474Q1Y_,``#%@@!1K_:$`$FM"M<,"A`:5ZTC%@$+X'!,PXX7B"!*`P
M`,K$80@-V,`7`R``AY4F''&P@0"^D,A#R($$+`"%5SO`U#$$(`9;"`%.P@$"
MYL$$#G;K5A\>4,X[Y.1L;%#;`.S@IC[<X&YN$$``IKI+!PQ@"U]0@AN&T,8W
M6.`#'E*'^491A^T$@&R"@&(+4F`!*&"@`PR$@1(L$#V!I"`+3;!`/19C@PT$
MA2&[]($.`C('(#K!`R"KAP*40`0\J"4.;@#N,UR0A$?=50X[N5L3)MJ(%VP!
M!%*)R0NH(``UL.`>(G/`%A#PA`V0P`5*Z(4<B`#@D_S``ES`#`D:4(;%8$`"
M:H'#_P9.<#<J<&`//.A1"B8@``J08`L"B``*G&`!!&QA"49X$G4T<`0$?$L0
M)H1!"=H`A@5@]P\"%(`/U**!.=@``3D`PVH$L(0K;.!)'G!`^":PR1=HX0L?
M,\0<;$("(=0A!=P`0`"*"P#=^6M'+*@!%(B\GD=,00!6B.\%T)`$"Q0`O[W8
M`)-\8`(T"(`(;AK`(3D0E"2$P5E;8(,40#`$#<F!&]MAF0N\L($+B,A9+NAC
M^*2`2AS<[0%`B$D=J#.'&D2AF`70EQ'V(((#W"`@?0`#-T^R#09``0A@($$?
ME/"Y'O6!"5VP0AED,"T-I$`"^6J3'&(23`AHI0GO$L=)#O\@ZWYDP65-$TH<
M%`"&(3A!`!V8SX[Z0`>]%2$!;-A""29A(WP`QAHKB($$%N#'\FA@`#&P\Q)>
ME((EJ"$"=(###2#2!R1`0`A]Z($+V%"!G-3A!PVX&PCL->$<U$``,KC!I!_5
MES)8Q6NX8*@4Q-H'%+#!!$W0`A($,`%4?\$!PWQW&"8PAS:P@,`/@,,=+M6%
M!DA``*N4@Q&(D`76T-%>WH*``[0PA?'T$`XK*`,,Y)""#]0UCJD8%?6@P(`!
MW&T`DU@="Q)`@0H7]UPTN8`*9.*'!C2!`0:H@/3@D(&[#:$?(AA#$I(`(1>H
MP02([D"^B'`5.'C!`'?#P',NL`/_"NP!<4[(@A6F4(0>P5R%NQ#&"60PEFY'
ML@$34,,/@%@^81#`!22@E1].``91#B$`$@A?!0Y]`K`2(``42`$+=N"&!8AI
M`3B`0/QR$&]=40-FA>@##GQ0CP$<H']T*,\,`@`&R3@!`R[@>R?Y(0$'[.$+
M.`"Q%6S4R1-`8`@^X((7R,.!N3@!`,8:Q%#D4`(!8"`+5^B#$3```0SD@`5[
M0(,#]ND'$%C``1:0%\+0`GO@`!@@`&@``0YW``3P!-!7`R;P)!I`!P&U`%&Q
M#)0Q!"@`=7'@=!V@!$T`!QR@!3J5`C_@`A90`5'C!V'0)GX@`WN`1P(0!1`2
M`0"@!'>S_Q@68`51L`%P$`<08`")(P934`"PH`@PL`<3(@=D<#<5X"T]<A0X
M$`$@X%Q.5P([P`8`(!D>@CX`X`1H<`8VP`%`\%DHL`50$`1'H`<#X`&Z%P0/
M8``-P`<S<!TG(0,)(`$4D&F6<1(;8``R,`8&X`%R,`4$X`%[``)E``!+D`/'
M(`?/8@2O=Q(7$`9H4``L$P(Q@(`*4`]]8`!$D`>6,0880#:0IPLH`1=JT0=4
M@`%4H!YR(`(6,`-RP`)*H!F9L`%*@`,>4`]+@`$[(`=;H`6#<P1P,`0"H`4X
M4&4I)$_#U@LGT3V*(`)H@"D(X`)VU@+U(&$WD`4.\`2CL@$+\/\%O0@`5>`8
M8]`&^6<!-U!E;C)L;$!W/X`#%O`%51`!:X`"1!`$J*13L;0G$Q`#?7``3*9"
MK\$%7W`%((8$"+`$NX(&-5`"<K`$.%!3@^-H!%`%```%!X``'J`!!\`%]1`%
M_4`-H_)/EA$`)4`/F[8,<D``-S`]`'4W!P`!`5,!6]`"')`&#C`!+I`!*``%
M`.`:PD`#`_`*(@!15R`,3W`$6#!]G:0()"!D(N!+(6`%9X``!.`$,2!^9/$`
M%^<'9J,S$+`"G30"!0>52[,G1``%5F`#*\@]2.<"';`"(:8&:G"4?M`!#*`.
M'1`!9U`#"@!,/P`B">`%@*$`%Z"6)8'_<;KP`@&0"15Q`@N`.'AF#U-P.&3`
M2)D9`=,`*?P0A=#T"#<P!2=0`U;`!C\``V@C!410`+1B&3CE0J^`&@5#`"55
M/H9`*S[@,J%6`U\P`1OT!Y3!.D'P`20Y42OB@YND`2]6%'Y@!7:U#03X`[3"
M.L)P!$A0!_W`<=M`%,06C;A``&"P!$-0``B`#]0`C7.@,7Y0!P/%-YGR"7(`
M`EE0(G>5`FG0`B>1`0'0!=[23N1A:Z^0-':P?F>R22"A`4>&`;KY!W/@!B$X
MFMT``'OP`%A%'_V02'Z0`FO``\,4!P9!H0PR%`X@*@'Q`!3``O5@&P7R-B0A
M3S:R(RD@(L*0G`>3T3LXPC<KL`<90QE'L`4[8"Z=X9C,<A44D0]KN:->T0))
M\"025@4RX`I,6J56:@M^<``2T#T`X`981:)7&J9B^@<38`%N<HQ;@'5CNJ9L
MZ@@(8#EP4`)9T`)CU*9V>J>I``=@$`)+D@5$H*!X&JAC.BI+,`4<L`5-T)Y@
A*JB,J@_W$`;A8P69IFV-6JD[*@Q>@`+B9:F<RB"!```[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>c83111c8311112.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311112.gif
M1TE&.#EATP!``.8``*RKJQ<6%I.3DYR;F[*RL@,#`Z.BHNGIZ?7U]?'Q\6)B
M8HJ*BE124NWM[7Q\?'-S<H.#@VIJ:N7EY2,B(LC(R-[>WLW-S5M;6\'!P>'A
MX?KZ^OCX^#L[.]G9V2LJ*D-#0]C5U-'1T6)=7,;%Q7%L;)B4D[V]O4U+3+FY
MN>CFY9"-C3(R,HB&AM;6UJ"=G;"MK8%^?5E556AE94E%1#DU-+BUM<&^O>'>
MW5%,2\O)R</"PBDB(N3CXM32TGAT<_S\^\G'QM#/SO[]_4$]/3,K*ZBFIMS:
MVO[^_=/0SKR[NLS(QG9P;[2PKOO[^[NXMNKHYZ2@G]?4TL/`OIR8F.OKZ_'P
M[N/@W_7T\_/S\O?V]N_O[Q\<'??W]\?$PVYH9V9@7EY86*JHJ!$/#Y21D.;C
MX]W<V]K7UC<P+WMX=_W]_/S\_/W\_,_,R_[]_OW^_?W\_;^[NOGY^?KZ^?S[
M_/S]_/W^_OS]_3\X-T9`0.[MZ\3#PXR(B$Y'1_W]_?[^_O___R'Y!```````
M+`````#3`$````?_@'^"@X2%@GU-#7%^AHV.CY"1DI.4E9:7F)F:D7X\%Q2,
MFZ*CI*6FIZB.?GXJ8@P;JZ&IL[2UMK>0JQU#!5MZ?:NXPL/$Q9:K#@7*(K"R
MQL_0MK'!N'Y]%`'*RBC4T=[?I=;3U0TGVLH,!\[@[.V4:AI-L;>K`N?*8E,:
MW9?`?AH93``84`1%AD7\P*W"$B)$`GY^#C3DPBX8HU@./"A`*"WBBGOHU*VK
MY*=)"@,QMH@I("9`C#`BW?U9%8+&$!T0`0SAD&%DL6E]U,124.`#+'I<2H!4
M%J`(L$NQU)A@L'+"!QQ#MA0(H$`HM)&Q*+`DX&Q5"3%B.D`5Y!.3-34\_UY8
M"$;4:-MP?O1,6*J,`Y6G)/VH&:.5PXL#"1`D2.%BR`/`@ZA-"S6.$\1YAAB)
M%4.@T=FTF7U.QIQ+5N55#3B(&1.J[H:9%^^Z]9/@@C8Q'^^Y\!>XQDH&5$;W
M:=#`6B'*D]F2?K0\<B/-8SVC54NHN?+1DKI5GDEE+VM!KN<EW"1NRLIE'D!Z
MJ&!=587T,W@DC+6AA\,#+VI@`7:%`@`#-50@SP85V%!<;`<$D85D'=C0P2I:
MC/"?"<4=]\=FG1WWV8.H85!$$29($`M#(1!(@`D26?`:;&JTT,$^%\5A@1Y4
M9&$!`2[(E84:&6"@%1HA6""!:PU@$$81&.P'F?\FJTB0GC(*1,`7!#!2XH=2
M!;C07B<?K"!`#"WYD((%,4R`5@`T.)!`&1]L\8)%":#A`0#4-"'#%@^H@<$)
M9K;$0`X68GC<E=/Y$4<-#*@DQA8?&)!%'SEP0$,8'RPZA`<<4+=*!ARLP.$J
M%9RPA0L1>!``6A,\T`(:>VWE@0<0R%`4`**BM44,%2R924GV*#,!"D^J=X"N
MS#%0P`0Y;%G!7NFM%$,2YFP1I3EBJ,##7@Y,$\)',7CE!P(?L=`"!P5H)$-Z
M"L0TTX5C->'NNVH(4"@&Y*Z@@`(T]`)`'QB<^M%*Z05`UBIJ$+"2`=/4L`57
M!=#PP`+40E"$`BMQ$$'_!``0M84'$UR@0&Y4RI:='R%HU8L.1"GSZCTL5"E)
M`EJ=("(DR_9B@!8$Y/!!42+Y\<)*!*!1``<2`-,'"_B$L,HU!:Q@PT<7!.?'
M%>2RP!MT6TV@]=839)-6S1<T$\<"6Z'0[[$V'%!#!OE&T$P#QA8@LS5]/"!W
M!D4L:*BL$U#170$"#*7,!0_YL8%M$\S,Y#\Q,.6"">=-X(-Z2HLLR`$K12U;
MS3+$`<P"*_402Q\:2,F!!5O1V4<"EQJ[`"Q]3!Y!$2R)OK2\'XC';M9<:^UU
M!\EX4/DJ!Y![`0'9P*"&T1`TS5X?(XA19@`O]-%'%JH-L/0J<<@;0`Y_L[8*
M_U$!B!A+$&B!0EX<!N`S0`KYEFM`JV*T6D`$5XQG"!6_I;#Y7MICQ`R&)AD_
MY(`E0>"%`E8!A0#X(`EB\$`+(I*>%Y"@%R_(8`8A4#\L4(9=G'F7".4EAFT5
M8".C:P+9)C"`;-A`6UH)0Q\V\``Q6$!6,;`&"B)XH!`((%%,&4'X!D&4(7"!
M&AG02@TL]X@^A(!<!6#!`7JUA2DD@R4/P$#\?D4L0W`A/2N8(,WV@C!&?(0!
M!>1?`6K``C$0(0MQ8,"OG)2E/NA`#*=K7`1?]2HS3:!"Z\+0:`@EAA%@:S0`
M:,D"M#*7BVC!6%VIP`IH@+,`3*`%3;!;!/K``QBLP/\J#FAC`(3H'2(6I1F"
M2&(!R+*)/I"M80TP0OP>D(,G<8`]/U-&!!:1'3UR0W]_J)D!!G'&`B9@)2_`
M@)E:H`5&'4`-1)%!%NSA@PH8:P4PR*8V8:""(UX$A`,KQ&?T4@`(B",6/PL`
M"QAI&M"M``L0C$`3$K""?&!A"&*`0A.$%H`%:,$/(PC`*(<(GE/*0I6L=,L?
M+)`>#_1``\WCF="V8@'K<>&*`5!:=@"@2R[H*AC"A`TO9C":#K!D!`DPUA@X
MNH!5B,4#>C"'";`@I0\(99`6`:=T;)@>$MQT:5/HA0"R88'J4,!,(XA``%Y8
M-[D9(0`<:`'D"J`Z-21RH*7_+*A1")&!O60(-DR$#?E,X`>&EJL#1V7)"Y;'
MG[C)0!Z<.,!'`J"E/@S*#R%=A92VT`QQN.!8[%&!W$[PO54@@`9B>(`EM="'
M,;#$",@YC4X-L2%C?4!J,\F"K#@0!J)6IP&-<X!5/.<'%&QA"_9`PQ6:1X,4
M6$\#LL)J`<9@RJT.HJNKI$P7,V-5F\'#'!,(01RH)<.G-,E88D`!;U31AQYH
MI5H'HH^0\@K0]$"@KQ+XB`_V$80G12`!AVC%2EBPBC)DXP+FLT8<-F#7R`B*
MLM.!8#ZFH8=L",`$GAT$(HJ`E@*48$2Q+8`.N-`\#_2D#TG(QB@;D!X?",ZV
MJ=S+_PL(L%(,(,``5]AM+#@EA@5@P:KU"T,<#"8&!R"@O<JA`"\8D(#=PJ8/
M`,B7&$X@@!J,``4#N(`''"#,6'!!E!"P0`B28"RBK2(!4BH`"M3`E@X082M!
M6,4&QH"6"[P@2`"0P0(`X]+H5(>0+:!I_5Q@`0L4@5PQD(`.\JL<(Z1G`CTP
M[@N4,81G^J8`#\#Q"E0CAAIPH7$K,($%4&`;N]S6JRU80!A(,`(&'$@5JT#:
M`XI3/#&4(`X-V)D,U!69)N"W`'H`)EC+JE1\G*HO+J@9%"S2@`5D8V,K64&R
M9@+C8SV$+7VX(`<*UP<$J."Y'.N%U6(#T+&4Q0\D[$`?)/_@@ZJ8J0`Q*(,?
MSM9(Y<#VA!SQ0W8+H`+//1(?8E!`?:/8!Q/L)0`+R]<'O#D3A!Y@`!B`P0/0
M\.CG^*&K1.B)'V@G@N#L<`65>TX?DN$##XI,O2_`UZN(,`,52/L`#Q!!J"FC
MAB*<X%4K(`&'8),!$4R!R]-6@`'L&A4"Q&`%KXJ!G\M2AB@%`3*K,$$$9""B
MU37F51Q@00.LUX$(*(`]D37!!5YHD2RX0`83!$8&=+R"!R0@3@H8@`;Z</.,
MLT`!+3,N%2(>A`3HP`@4>`$*#.Z(/F#!`5L8`3`.X`$:B.B>8M##3>T-MRU@
M0-37$4P"#B"!!NAM:=8SC36X<(#_%.P<,P1#/,&,.XT--*#O^UCNTM2P/(@$
MY:<+.<`!/CP-RB\G\04,BC^D?(`&R.,M@3>[X9L@>O$(IO*!/V=;^O""%=S=
M[`ZX91_B,(4M$&#N]AX.#6*P'^S(Y/C()\D?,J"`2UL/!1^P`3!"\($Q+*@T
MJT#!#$8>D0R0/?G@#[\A@*$"&.3/#UJ(P`"6UP0(D``!VPG-*EQP@B9<@04^
M"`/>Q<]_<#B1!0;G!RY@``AA`A#@02C&"6H0!R[@`CW@`"0@`"[6?Q08#5P@
M`.;3!UPP!L-2#Q6U?X1@/5G@``?@`"H``1-8@2I(#`F0*[%0`<-B/5J0*PDX
M"4LC`1*0_P(=<'XKV(/>X'FQP'K^`(2SH0:GUQX^F(0=@5.CMBOC$%9*&(52
M.(546(56>(58F(5:N(5<V(5>^(5@&(9B.(9D6(9F>(9HF(;]YP=MX`="<`1(
M2!Y+`X=M(`1^`(>DP(:QT`;`<`1X&!EN&`MVZ(9M(`AP>(=NF()J*`1&R`9>
M<`)>@`2I8`TUL`16T`<WL`0E8#UY>`1FD`,/`00[``5+X@=/L`2D>`1I\`-+
M,`5'<`@PL`1+@`9*L`8UJ(;CUP0E(%!9L063F`9ME`-ID`,S9@>WZ!9]``9B
MD`-VE`]](`35$05B``9'$!1IX`KMY0<[@&YHP0+0B(O,$0<3L/\#4I`&5U`"
M5"`#(K`$)Y``>W`&.X`#0/`$)T`"?3`%)]`%5X`#*K`!*D`#.W`"2D`9;>0$
M*>`$,Y8&0``&.T`$:)``-P"),N``:!`#:U`#)^`":0`&,?`$7^`!.X`'!``"
M9C($,*`'TH,'1*`"@`$"TPA6KB`+.T`#:W`#8H`#4&B&?F"3,9`&:3`'/P`_
M`<`')]!`8%`$$S`#3W`'?#4#8K`$;)`/!K,'-D`$?$"0;D0#1)"0?#`!4-!L
M+N"2`7`",.``8D`&,N`*3R`&7E`%)5`$);`%#/`$^.0`-8"2>``#'.,5?^"2
M8`"3:#0(#9D#+B`&,I"397@$1C"-/GG_!&L`/S20!G[@!6*@!'T`)EU@'C:P
M!3-P!\W6`S"P*`NS`UA)`GM``C/6!`'``#_`/S+@DB=@A[X1!AZ`!UO@&_I1
M`CN`%B?@!\K(C"@Y`$<@`F)`#7XIB#$9"[N)%D00`L<(CH;X`Z<E?7$``T]`
M`S0P$\UF`W.``]_3`V[$![[A`6>P!FT$!RF0`C>`E8!"C">0!EN``VO``T\)
MFXR`!0&PE35`GF*0`(5)`EA``^_YFT*`DE/P!\1)"'[9!XZY!MA(!VEP!#MP
M!E%0!FOP`VD`G:J0!@;0$C1P6M>9G7X@!1L#!@$@`QL@H6(``_@I!NL'`N@&
M!B=P!^SY!^[9_P>4&0.()07V:0U+(`9WD`9?(`8SL`:)=`8F>@)]<!9X``$&
MBJ!BH*`ML0,-Z:`!0*4[0`4S23>VJ*&0T`5[L`0JH`18X`*I^`-L$(M3D`=K
MD`8`H`(]\`-OVA-'<`,JL`00X`07T0==H`)DT`=DH`)AD`958``^``,ZH`94
M(*BV.`=(H`)`T`=`H`(Z<#U%X`,&X`)A(`0(4`(L``!VB@07J0*2R1TJ<*HJ
M,`9-@*JGF@!3D(J(F8:K&!2VN`9"D`9JD`9]D`:VB*NXJHIKT*N`EZNEZ@>X
MV@=K0'E]\`/(ZI-],`?6\P:\FJS+8XN[RJ#(6JUJ(`1"\(S(:JN\ZO^3>_H&
M%_&3%_$#R5J-NAJK:#@:@Q@,1S"(<-B'\SH-\AI9B`B'T.AZJ[`&T^"'<%B-
MJW"(HS.P0&$1=Q@9KW@=]^JE#ONP$!NQM>`':V``RM8'11`%U8BLNZJKUA.N
M<?&Q$?JQW>J8%^$$MO@#-="FNNJ3QZJKS/H&#%JKR%H![/4"<-"KWP@'4T``
MNJH&;7H$.5"-M[H\X=J8R\JQ)&L&:2`$4[`?;N"QUM.FUKJK:_`"2A"&QKH#
M:&`2._!Q:G`%&H"K:Z`!6<"ICQ(%+)`%5W"K:X`%[+4&T.HM8#"U#!`43<`%
M/LFLN=JFWXJK7*"W:L`"*?`#+#`%"-`$NBK_"$J`!T5PK%?`JS2@M&SJD\K:
M!W*0`"W;8D*P!C+`JT^+")'+LE50K1L0N<#X`EJKC5[0IRXP!7&@`CAP!V8P
M`GB`!SLP!G=P!U80!0PP`V?0!7V`!CC`!TA@!EX0`TMP$6#@LG>;`[OK`FK`
M!RI`!%\0!E5P!KJHJ7@P!"4``D1@DBS0F6?P3X8H`B"0!D2``V<P!D$0`'@`
M!4:``PS@!5S@!25P!DS`!SA`!&S0!S+0F3TP!B'Y`F=`!]"+!RH@!&CP!7C`
M``A0`W<P`TN@`2R@NF*X`TX`!GR@`U/`!%Z0`B#@!1@0`WP*`T=0`GL0!3Z`
MIC@0!#!PD&`0!3(0_[D7H:/8B0-]\$9I$`-!<`=&0'MHX`1\X(B1>@-`@`-/
M0+A',P9SX`.5RA;H.P<3$`<@\`4_,+ESX`4@D`)@,`(BT`-J@`1>T`1*``9^
MD`51X`)@(`0R8#T[(`0BD`!NP`=!L`3E^"=J\`30:P87/(8[(`<*T`4>/`4Q
M,`53X`0Z(`*0H@)K,`4LH+:`2@,V(`.(7`-JRZO,.P=NL`:LN0-I4`<BH`.1
MF08WX`4D<`-AR@4RP`).P``I0+A'<+AJ4`(Z\(U^@+X2*@0IL`1J0`.J"`8#
M@,@\(`(7B@1+L`91``9<P`>(W,9O+`0[T`=?L(JCO`1(T`<BD`,J(`-,,/\$
M(/#'8+BU0I!A&#`%0!`#40`"08`!(B`$W)P&D!P%$5`&4Y#*,0`"40`':EL=
MS<N@#+`&.*`#(,``-T`#%T$"/8D#,+`&1!`%7<`'*;`'-<`#AYL&)8`!"\L#
M#&`#/[`#0;D$:3`$;/`$,#`%5@`'9&#,8[P$0K#,9@`&(#`&S:O.3[`#:T`"
M!%`&=Y")2#"<.2`#7<`&%"K.7^B&)#"P(``':<`$).`%-@`"FV@$2P0'+T`&
M)""+*2`$4$`")'#5&,P68Q"N+(F\7E`#1X`&%_$"^S(%-I`&+S"1+%`%02`#
M.0('?N`$(!`*4"`#8Y!K?E`%4'`$!$`"-2`!:.`T`TM`!B5P!&I@!5`@!&0P
G!FGM!3#`&B5``E)``D<``EX-`%QM!2E<!E+P!8I-!B\`*,00"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>c83111c8311113.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 c83111c8311113.gif
M1TE&.#EAS0`E`.8``,7"P9&-C&)=7-S:V;&MJ\C%Q()]?*FEI.CFY3LT-**=
MG'-M:U),2TI$1-'.S<S*R6ID9%I45.#=W/[]_8F%A/S\^S(K*[VZN4(\.ZZJ
MJ?;U])Z:F7IU=/[^_=72T!H4%;:RL2HD).SJZ>3BX8:!@2(;',"]O._M[-G6
MU+BUM.GGYIF4DLO(QD]*2O3S\G9R<?/Q\:RHI]30SIF5E/#N[OCW]H:`?^;D
MY.[LZK2PKL3`OU=24OOZ^I:2D181$G5O;OGX]W]Z>960CF=B8::AH/S[^^+@
MWM?4TOKY^)F3D/7T\R<A(?'P[_GX]F]J:N;CXHZ)B.KIZ-S9U^/AX#XX.!\9
M&<_+RKRWMIV7E8Z(AOKZ^5Y85GUW=IZ8EM?4U"\I*<O(R!0.$#<Q,5903V%:
M6&UH9]/1T#0N+EU75T9`0"0>'QT6%_W]_/W\_/S\_/W^_?[]_OW\_?S[_$4_
M/RPG)_S]_65?7OW]_OO\_%-/3RXH)YR5DQ0/$/W]_?[^_O___R'Y!```````
M+`````#-`"4```?_@'^"@X1];&T$5'PA`29L?H21DI.4E9:7F)F:FYR=GI^6
M?2XO/D$`1S8E#GV@K:ZOL+&RLX03;@4[:#I%?GYL8V43M,-^?<:LE,5MD,/-
MSK)L(%1!,&Y]<().:,C/KVXB02)ME7YMO-WHZ9B]?B,A-FP='7',.SX%ZJT5
M&7P9PLE90##+%XD=.U@'R1FT9'`@H5Y,0I#H,$D`GQ0$/Q79TN_?)`!\!#C,
M^*?/!`18D(S\9&A<LCY7?JC@)LG/A`K&5OYI-X9,&XJ2=O0CV:D(&3Y6:$8"
M:4=G/E]$^(!1^LE/"@GD-#18XL$-N2)2*BR+-$'>D#,B)N@$82`*44X3_Q+P
MN<%FTH0^.D(Z5=<!A@`?$O:NZ]`FQQH2Y+#P>?%S$@(T""!\*$'&A4-C+'RP
M@--!YYM';S?UX?-%`]4_=S?PZ1):4!L3:UJ`!F631X,03\@=M=+&(Z$+?!I\
MV$)!#80^`_O<:+"##3V=.5MGHL$GP1N=</H$X$-`,+H^"OA<67;0>T$W!SXH
M.-W+RF01'93V&L*'3Q4`?5A\*`#T#YL`:K#QAG2Q@+1`![X-XD<%`?B@@W1]
MS)$&$B9),$4%LVGBAQMVH*%$79*P400)?`2QDB]&E%"?$&ZP44$""@QTA!X_
ML'$:@9WD5:-.Y>RP!A[F/9,"'T*454$+$[H1I/^"3*A707^$L"'!&GR@<&(;
M%@7'QB$=M!``),8(\(4#O>#X2@]\L%!F37WLL,18)-D$0P,)2&`C%SZ(M"8F
M=_D100E`^`'E($BLP,<2-3C$S@`AU!>8H&TD\.6&-"S!A5=FOK(="N3TP4`:
M2A+E!P]0\/%#&Q7`H`<?!G1REQ%K<+'7`XT&D.%.\1W%AQHT"#)!#6MD`.D!
M/EQP8Z:;0.##`)5T4,$:.\#93$,-(:%&%3J(4$-X(3P(EQ)E?*#"B8)R49\*
MH>ZT4Q\%^%`?%)WY<4<*5:BP4QL,;(`3LJ[XN)>S:W"P)RWEC%!$&_%,<#`B
M?%"P1146J,AB)VT<P$?_%LA-HN02P5D#B:`;9D!'?6?4T)L<.50Q!')^1+%?
MNOQ^DD`#>_719`"83MO#!Q$0(8,Q;(A``,<?U%>?&"H,BHD1<_`A@;0*%I'E
MI6H)4LP4>1B=A345Q$`'`S6P;(4%"<6\22]N0/LO`7S$4,1U0$U@XP1W]2%/
M9YSX<4,`#*CA0P*`-QI<!F"`@`$?=IBF87P&\-$"$!D/(O<$7:SQ10E&L&,W
M&T<D4,*J/D!Q@@ED+&$`#AG[H8``9G\2'PX?++#7&VSO,H$+'CR@^P8!]+[`
M#CN0,6[>;;C!A!4Q_/`#%8>?,8(;19C`AP\.M'%L07T,0,<7^,'AD-P(?$%&
M_QXO`.6"$`%`(88:4,CE0PES5''&"BX@*$@-=B31NB>^[,''#-3JA094<`%S
M-<UH"$S@K@*3MU[$!SD54,$2?``".=PA"FD(R=S6`9'#40$Y<OA8+U(E@!+(
M8`X>`)$*%%$%,D3!8CXX@^ENT`$;K4D%?-#?_CCA+!OP`0!LX($;(LB"%U!!
M<$9;PQ*^H+P`Z.Z)3T3`.6C3(D/E02QN@$T58+`DN4D@!`O`P`&@I`P$X,D!
M-J!"YGR%`Q:$K0+T$4`?S*$3%/#!!#OD1!\JP``^L`$`,]B!!8I6G^',@`X-
M0``-"&,]J%F-#3#CGQM4H`8^'``G;"A#2"*'"3<88?]F4FA!$VCB"PE\@0\K
M,`+UBH`,-UACCD,3%\*<-8DC\`$!>3Q;$1J@!H[QH00M($$`+D`#!R:@!0&<
MQ$)HHX61E<%D?[2/%1*DS#Z<H`!C2(`*Q/""#3UD0PJ801LHD("$]((-$]#`
M&'RP@89,0@H?P$$N-92"HH5@"RMP@!(P9#?7'#,C?HB!#SY@ACZXH0T-X,,V
M\,:0(Z1A"72X@AUU8(R'(,@04Z"##4[$!@+XP`+7$P0.<R,+:@'44"6Z0-BX
M5-$_N"`$97B*'X"04"$(:@(W^,`'B+`A[_BA!D$@@0HFD(0JH$Y1UC/H!M;`
MA!-UX`?_HV9-MH`/671`"@S_B`(Z`;J=#[AK"65X0&]:B@`^Q%0=$VB#:ACP
ML0H$@0\0D*HE[@*$%N[%#358`@1N9;5(E2`IZ]B"#F/1`8LH@*_?:4$_1G"$
M#%#``F)8`>1$:JI\L$$.>:C7QP90!3[\K!-S[($%+%.)/A"!#E&HP(G@&00D
M@(@A*P@!#4SB"EMXX)='%80QY%$,0]"M-_&1FP8D,(].^$&Q'F!9!T;0@P3,
MP01SO.T/'F(,)+CA+FQ`@@B809CLW.6!QPCNQ^C!KBJ0@`UU,(D/R["O3)3#
M$"?```%N]4"Z:<$.=K`>.VS$LCRH@06.5*8)?&`')2R)$FR@`03X$($^Z=9C
M!N4G_PX(D!9TTD!](`CI)!2+@#*5PPT2&,,9"E"!)%1600GF0`X,P88NC(%9
M_G%E\5B<5.LAZ&/9@<$0Z(``=+:A#19(0(_ERB;KS:`*'BL$$HY@!1V`(`0$
M4$+J$&8C''PA".A46DW88`<^$(%E#`E@+_H@!'=]8!7QBL(%RF*%!8S`%\+)
M01HPH`$GU(<*6F:(8F?R,;58(P@6.,(*PC#=G?3B"'OPP1(*<(,,4`D`-IG`
M`>Q4@1Y(`0P*@$$?<)`#*_`"9$A``Q\X8+T*H(</&^A#$1YA$$Y:K1=FN,`,
MSD`&)K",'1U@00+5<(8$<*%W+!A`?%1S`)"MPQ@M*($"?O\\5T-48`,%H)`U
M6%`%*A2-`,:(`4358X4S^(`(;G!`<`KP@340:WHI!*T/?)`T1<TT`"5HW`%\
M]4<ZO*"/=.AL?08@%@/X@`(\H``?QD"B7W.,W:YM`Q*R9(+XM(%6%VN!$QR`
M`QL5X;JNEA(5UK`&=_&!#GJP0`.HP+PYG($/6#C"$A;0@I9SO&@^P#85?."%
M`\?'!6-`^?6*IX$LK!L`O6'!UT0@<"GFP*LVN):*&("#&F1P`3[<%1\^0('>
MN*HZZ'1W!Y0@ZJ&@Q@V][I+(&Z"`&*CA"V;@QVK4CH63&XT*90`C&P9@[1!8
M0`*NO(+@EF"'!%RK!2#``89XX)#_+F$`!CH0`QI8D(,`*$`!!DA`%51TQS'L
M0`/\M=$(G/`%!3A`B0%6B!\&H"P(2.`$OK6>W(#P``Y8H#X$B,,(,A"",WCA
M#0#X@!VLS0>A`BX(<YA#`#+(!PM4(0*\],$73"`"_I8ESP^ISL!>W0<OU"<#
M@NB`R@DP@BH8ZYQTP,`5NK[Q._-A"!E0@QIRT+0$V"$$"2@``RS0%=B(/`#C
M&CT'SK"&,P3``@7@$&Y@`'/0!V/0`"C0&6K!#E/P!`*W5#%@"]2B:3Z$!5.T
M"=;C`BL@!@F``780!!1``2_P`D[0`"5P!GH`!3J`!&U@`!]`!;R!*@I`!1$0
M!%3P!4/P_P$$4`$.8&T^8`,Q<`8,(`$BX``_H%,-\`,9H`!=\"%\4AWD(")-
M@WT[X0%58`!.T`(U`")N4`4?4`5KP`"*]@(DL&X"P`1M(!E#X(73@P$D5@8^
M(`8ML`88(`$XH%_K,@`QP`$1L`,X<!E@H`:"Q`);,@E]H`%#L`80``1R8XA"
M<`9/<(&:\$`(\@`48`<M,'EJ$`("D`5'`#3!]0#K4003\`9V\T`68RIUL"43
MH`(;D%36\%T>L`-S:#1)4`28,`!\0`:=@@<F1H7%L"IB<`)WX1H@\`,;X#U0
M4`!SE`,9L"5](`>-8@<78`-$H`(_T0<K,`0"8`-T40Q`\5Z^T&D';\!05M,!
M!2``R64-AB@/*Q8=-2$W\7%@Y-`!+E`#-4`A](@:N>8`DL@0-J,#'-``&>`2
MEO``J(8)44&%;S`!1A!E^^@K9I`#6G`=\Z0.T\=!9>->#A0OF*`"`2`#&ED0
*1#:2%PD*@0``.S\_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
