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<SEC-DOCUMENT>0000950152-06-008353.txt : 20061023
<SEC-HEADER>0000950152-06-008353.hdr.sgml : 20061023
<ACCEPTANCE-DATETIME>20061023172113
ACCESSION NUMBER:		0000950152-06-008353
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20061019
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20061023
DATE AS OF CHANGE:		20061023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RURBAN FINANCIAL CORP
		CENTRAL INDEX KEY:			0000767405
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				341395608
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-13507
		FILM NUMBER:		061158420

	BUSINESS ADDRESS:	
		STREET 1:		401 CLINTON ST
		CITY:			DEFIANCE
		STATE:			OH
		ZIP:			43512
		BUSINESS PHONE:		4197838930

	MAIL ADDRESS:	
		STREET 1:		401 CLINTON STREET
		STREET 2:		PO BOX 467
		CITY:			DEFIANCE
		STATE:			OH
		ZIP:			43512
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l22847ae8vk.htm
<DESCRIPTION>RURBAN FINANCIAL  8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Rurban Financial  8-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<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: 12pt"><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: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Date of Report (Date of earliest event reported): <U>October&nbsp;23, 2006 (October&nbsp;19, 2006)</U>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>RURBAN FINANCIAL CORP.</B>
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 60%; border-top: 1px solid #000000">&nbsp;</DIV></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 valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Ohio
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">0-13507
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">34-1395608</TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction <BR>
of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Commission File<BR>
Number)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(IRS Employer<BR>
Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">401 Clinton Street, Defiance, Ohio 43512
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 45%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Address of principal executive offices) (Zip Code)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">(419)&nbsp;783-8950
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 45%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Registrant&#146;s telephone number, including area code)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Not Applicable
</DIV>

<DIV align="center"><DIV style="font-size: 3pt; margin-top: 1pt; width: 45%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>

<DIV align="center" style="font-size: 10pt">(Former name or former address, if changed since last report.)</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the
filing obligation of the registrant under any of the following provisions:
</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</DIV>


<DIV align="left" style="margin-left: 0%; text-indent: 0%; margin-right: 0%; font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; 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>

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<DIV style="font-family: 'Times New Roman',Times,serif">








<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item&nbsp;2.02. Results of Operations and Financial Condition</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;19, 2006, Rurban Financial Corp. (the &#147;Company&#148;) hosted a conference call and
webcast to discuss its results for the third fiscal quarter ended September&nbsp;30, 2006. A copy of
the script for the conference call and webcast is furnished as Exhibit&nbsp;99.1 and is incorporated
herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information in this Item&nbsp;2.02, including Exhibit&nbsp;99.1 furnished herewith, is being
furnished and shall not be deemed to be &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities
Exchange Act of 1934 (the &#147;Exchange Act&#148;) or otherwise subject to the liabilities of that Section,
nor shall such information be deemed to be incorporated by reference in any registration statement
or other document filed under the Securities Act of 1933 or the Exchange Act, except as otherwise
stated in such filing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Item&nbsp;9.01 Financial Statements and Exhibits</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(a)&nbsp;Not Applicable
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(b)&nbsp;Not Applicable
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(c)&nbsp;Not Applicable
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(d)&nbsp;Exhibits
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Script of conference call and webcast conducted on October&nbsp;19, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">SIGNATURE
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto 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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="46%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">RURBAN FINANCIAL CORP. <BR><BR></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Dated: October&nbsp;23, 2006
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Duane L. Sinn<BR>
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Duane L. Sinn<BR>
Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">INDEX TO EXHIBITS
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Current Report on Form&nbsp;8-K<BR>
Dated October&nbsp;23, 2006
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">Rurban Financial Corp.
</DIV>

<DIV align="left">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center"><DIV style="margin-left:15px; text-indent:-15px">99.1</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Script of conference call and webcast conducted on October 19, 2006</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l22847aexv99w1.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit 99.1</B>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 1</FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RURBAN FINANCIAL CORPORATION</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Moderator: Valda Colbart<BR>
October&nbsp;19, 2006<BR>
3:00 p.m. CT</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="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operator:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good afternoon and welcome, ladies and gentlemen, to the Rurban Financial
Corporation third quarter earnings Webcast. At this time, I would like to inform you that
this conference call is being recorded and that all participants in a listen-only mode. We
will open the conference up for question-and-answer after the presentation.</TD>
</TR>
<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>
</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">I will now turn the conference over to Valda Colbart, Investor Relations Officer;
please go ahead, Valda.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Valda Colbart:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good afternoon everyone. I would like to remind you that this conference call is
being broadcast over the Internet, live. And will also be archived and available at our Web
site, www.rurbanfinancial.net until November&nbsp;9, 2006.</TD>
</TR>
<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>
</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">Joining me on today&#146;s call are Ken Joyce, President and CEO; Duane Sinn, Executive Vice
President and Chief Financial Officer; Mark Klein, President and CEO of the State Bank and
Trust Company; and Hank Thiemann, President and CEO of the Exchange Bank.</TD>
</TR>
<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>
</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">But before we get started I would like to remind you this is to give our usual Safe
Harbor statement, and remind everyone that comments made during this conference call
regarding Rurban&#146;s anticipated future performance are forward looking and therefore, involve
risks and</TD>
</TR>
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</TABLE>
</DIV>


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

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 2</FONT>
</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="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&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">uncertainties that could cause the results or developments to differ significantly from
those indicated in this statement. These risks and uncertainties include, but are not
limited to risks and uncertainties inherent in general and local banking. Insurance and
mortgage conditions. Competitive factors specific to markets in which the company and its
subsidiaries operate. Future interest rate levels, legislative and regulatory decisions or
capital market conditions and other factors set forth in the company&#146;s filings with the
Securities and Exchange Commission.</TD>
</TR>
<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>
</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">I will now turn the call over to Ken Joyce, President and CEO. Ken.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Well thank you, Valda and welcome to Rurban Financial Corp&#146;s third quarter 2006
Webcast. Thank you for joining us to discuss this quarter&#146;s financial results. We look
forward to spending the next 15 to 20 minutes providing you with some detail and color, behind
the results that were released last evening, following the close of the market.</TD>
</TR>
<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>
</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">There are a few key points that I will cover before turning this Webcast over to Duane
Sinn, our Chief Financial Officer, who will provide some commentary for this quarter&#146;s
numbers.</TD>
</TR>
<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>
</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">First, we are very pleased with this quarter&#146;s results. And they clearly show the
tangible, measurable results of Rurban&#146;s strategies. While we are not yet where we want to
be, we are making good solid progress. The difficult strategic decisions we made in 2005
are beginning to pay off, and improve our profitability. We believe we are leading the
organization in the right direction as we diversify our business geographically, to
strengthen our revenue stream.</TD>
</TR>
<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>
</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">We have made significant strides on the banking side to improve our sales culture, and
move away from an operational orientation without impairing productivity or asset quality.
Asset quality continues to improve and we expect that improvement to continue, until we
equal or improve upon the median ratios for banks our size.</TD>
</TR>
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</TABLE>
</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 3</FONT>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
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<!-- 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">Finally, we continue to make progress with our data processing subsidiary. We
completed our acquisition of DCM this past quarter, and it was immediately accretive to
earnings. We are very pleased with the initial results of this acquisition, and look for
them to make a positive impact to 2007 earnings. These factors resulted in earnings for
this quarter for Rurban of $814,000, up $322,000 or 65.3&nbsp;percent over the third quarter of
2005.</TD>
</TR>
<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>
</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">On the banking side, this improvement was primarily driven by the 2005 bank acquisitions,
plus organic loan growth since the year end 2005, as well as good expense control, and a
continuation of asset quality improvement. Partially offsetting these positive factors, our
net interest margin reduced 15 basis points from the previous quarter to 3.10&nbsp;percent.</TD>
</TR>
<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>
</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">Loans grew substantially during the year. They increased by 37.4&nbsp;million or 11.4
percent, since the beginning of the year. This is all organic loan growth since the banking
acquisitions were completed by the year end 2005. These acquisitions expanded our franchise
into new higher growth markets. And we are leveraging these opportunities as we shift our
culture to more of a sales orientation. As a reminder, in 2005, we acquired two branch
offices in the Lima, Ohio market, and we brought an impressive team of lenders lead by David
Anderson into that marketplace.</TD>
</TR>
<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>
</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">The the second acquisition is
Exchange Bank, serving the greater, Toledo, Ohio
metropolitan market. This acquisition was completed on December&nbsp;31, 2005. Average assets
have grown at an annualized rate of 7.9&nbsp;percent from the first quarter to the third quarter
of this year. We view this initial progress as a fast start from the transition team.
Profitability at Exchange Bank has improved steadily since our acquisition.</TD>
</TR>
<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>
</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">Expenses in the banking segment continue to be well controlled. They decreased to a
third consecutive quarter, despite growth in loans and assets. The efficiency ratios of the
banking segment also reflect this improvement as the banks grew revenue improved and
improved their</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 4</FONT>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
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<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">operating efficiencies. We continue to control expenses, and reallocate resources into more
productive areas.</TD>
</TR>
<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>
</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">An example of this is our recent announcement to consolidate one of the plan- one of the
smaller branches in the Exchange Bank network, while at the same time we announced the
planned acquisition of a branch site in the Fort Wayne Indiana market. This branch in the
Fort Wayne market should open in the last quarter of 2006 or early 2007, subject to
regulatory approval and completion of conditions ordinary to any purchase contract. The
Fort Wayne branch will be a strategic extension of our loan production office, open in a
Fort Wayne market in 2006. The plan is to consolidate the existing LPO into this new
branch.</TD>
</TR>
<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>
</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">Asset quality improved substantially from the year ago quarter. Non performing assets
as a percentage of total assets improved from 3.43&nbsp;percent, to 1.07&nbsp;percent over this
period. The linked quarter was essentially unchanged at 1.07&nbsp;percent, however, we expect to
resolve a number of the problem loans in the fourth quarter, to bring up below the one
percent level as we discussed at our annual meeting, which was our target.</TD>
</TR>
<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>
</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">The controls, training and emphasis on quality loan production have resulted in strong
loan growth this year, while maintaining our desired loan quality. We do not plan to have
any additional acquisition initiatives in our banking segments through 2007, as we work on
building profitability within our expanding banking footprint. A little feedback here. Get
that fixed. Not yet.</TD>
</TR>
<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>
</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">At this time, I will turn the discussion over to Duane Sinn, our Chief Financial
Officer. Duane will provide some detail and a perspective to our operating numbers for the
third quarter. After Duane concludes his remarks, I will discuss our data processing and
item processing business with particular emphasis to a new acquisition, DCM. Duane.</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 5</FONT>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Duane Sinn:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you, Ken, and good afternoon. Our third quarter results were encouraging but
they do reflect the change &#151; challenges the banking industry is facing. We were successful in
executing several of our major initiatives during the quarter, which include our increase in
quarterly earnings, putting our capital to good use with the acquisition of DCM, and continued
momentum with respect to loan growth. Our increase in earnings is encouraging, despite the
fact that our margin, as expected, declined 15 basis points. The good news is that we did see
some relief in September as a result of several initiatives that we executed internally and
the Fed&#146;s position to pause with interest rate increases.</TD>
</TR>
<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>
</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">I will also remind you that the 2005 company income statements provided in our earnings
release, do not include Exchange Bank which was acquired after close of business on December
31, 2005. However, our year end balance sheet includes the asset and liabilities of
Exchange Bank.</TD>
</TR>
<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>
</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">I will start with some high level balance sheet highlights. On a year-to-date basis we
have increased consolidated loans outstanding by $37.4&nbsp;million. State Bank and Trust has
accounted for the vast majority of this growth. They increased loans by approximately $33.6
million during the first nine months of 2006, while loans at Exchange Bank increased
approximately $6&nbsp;million. This growth was partially offset by the pay off of approximately
$6.2&nbsp;million in commercial credits at the end of the third quarter and the decline in
problem loans within our loan work out company RCBC. The increase in loan balances was
primarily driven by our commercial and agricultural lending efforts. The majority of
residential loans that are originated are sold into the secondary market. And the
production that we have generated on the consumer side, is offsetting the planned run off of
our consumer lease portfolio.</TD>
</TR>
<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>
</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">Total deposits have increased $27.3&nbsp;million year-to-date, which is driven by a $9
million increase in money market accounts, and a $26.1&nbsp;million increase in timed deposits.
These increases are offset by a $7.7&nbsp;million decrease in internal demand accounts driven
largely by the payment of</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 6</FONT>
</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="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
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<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">the Exchange shareholders totaling $6.5&nbsp;million. We continue to see migration of deposit
accounts, out of lower yielding DDAs and into higher cost funds, as short term rates
continue to rise. We have named a new Chief Deposit Officer at State Bank and Trust
Company. And we continue to look at better ways to increase our core deposits.</TD>
</TR>
<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>
</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">During the quarter, the corporation paid off FHLB advances, and executed a structured
repo which decreases our funding costs. As Ken mentioned, previously, we have been
successful in reducing our non performing assets, by $8.9&nbsp;million during the past 12&nbsp;months,
$6.1&nbsp;million or 1.07&nbsp;percent of assets.</TD>
</TR>
<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>
</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">Let&#146;s transition to the income statement, and I will highlight the quarterly and
year-to-date results for you. We reported net income of $814,000 or 16 cents per diluted
share for the quarter. This represents a $322,000 increase over 2005 third quarter results,
and a $100,000 or 14&nbsp;percent increase over second quarter 2006 results. Our year-to-date
results were $2&nbsp;million or 41 cents per diluted share, compared to one million or 22 cents
per diluted share a year ago. The primary reason for this year-over-year improvement was
the increase in earning asset levels from the two acquisitions we completed in 2005, and the
monthly results of our new item processing company DCM.</TD>
</TR>
<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>
</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">Net interest income totaled $11.5&nbsp;million on a year-to-date basis compared to $8.9
million last year. Increases in earning asset levels from the acquisitions completed in
2005 was the main driver behind this increase. Net interest income for the third quarter
decreased slightly compared to the second quarter 2006 results. As a result of the
previously mentioned decrease in net interest margin, this decrease in margin is mainly a
result of rapid increases in short term interest rates, and the competitive pressures
occurring in all markets for retail deposits.</TD>
</TR>
<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>
</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">Loan loss provision for 2006&nbsp;year-to-date was $337,000 compared with a negative
provision of $30,000 last year. A minimal provision for the year reflects the overall
improvement in asset</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 7</FONT>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
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<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">quality. And the third quarter provision of $35,000 was a result of both recoveries and
improvement in non performing loans.</TD>
</TR>
<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>
</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">Total non interest income year-to-date improved nicely from last year, increasing by
$2.3&nbsp;million or 17&nbsp;percent. Driving this increase was the continuation of RDSI&#146;s strong top
line performance which contributed $1&nbsp;million of the $2.3&nbsp;million increase. These
year-to-date results were also aided by the increases in service fees, gain on sale of
loans, and other income related to sale of OREO, plus income associated with the payment of
impaired loans at Exchange Bank.</TD>
</TR>
<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>
</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">The third quarter non interest income increased $635,000 from the previous quarter&#146;s
results. This increase was driven by data processing fees which increased $500,000 for the
quarter, partially driven by the initial monthly results of our DCM acquisition. The
quarterly increase in non interest income is also a result of the increase in gain on sale
of loans, which is driven by our improved mortgage banking operation, and the gains realized
from SBA loan sales.</TD>
</TR>
<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>
</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">Total non interest expense increased to $24.5&nbsp;million year-to-date compared to $21.4
million for the same period in 2005, reflecting a $3.1&nbsp;million increase. 2006 results
include $3.6&nbsp;million of expenses related to the Exchange Bank, and $300,000 in expenses
associated with DCM. Excluding those items, non interest expense decreased $800,000 between
2005 and 2006. Professional fees, year-over-year have declined $172,000 as problem loan
balances have been substantially reduced. The current quarter operating expenses totaled
$8.5&nbsp;million, compared to $8.1&nbsp;million for the link quarter, and were driven by the $300,000
in additional operating expenses associated with the first month&#146;s results of our
acquisition of DCM.</TD>
</TR>
<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>
</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">The performance of our banking group continues to improve on an individual bank basis,
despite the margin pressure that we have alluded &#151; that we have endured. Third quarter
earnings for our banking group increased $177,000, or 39&nbsp;percent over the last year&#146;s
quarterly results. Reliance</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 8</FONT>
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<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="12%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
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<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">Financial Service reported an excellent $75,000 or 42.6 improvement in earnings over their
previous year&#146;s quarter.</TD>
</TR>
<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>
</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">At this time, I will turn the discussion back over to Ken. And he will update you on
the progress of RDSI.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OK, Duane. Thank you very much. I hope that information will provide you an
improved understanding of Rurban&#146;s third quarter results. The acquisition of DCM by RDSI was
completed on September the fifth, and our September results include approximately one month of
DCM numbers. If you missed the announcement, DCM was operating in a number of mid western
states, with its principal offices in Indiana and Michigan. It provides item processing
service to approximately 30 banks in five states. The integration with RDSI has gone very
well with great acceptance of the new RDSI relationship by both the employees and customers of
DCM.</TD>
</TR>
<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>
</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">We are excited about the potential offered by the alliance of DCM and RDSI because of
potential synergies of these two companies, and the sales opportunities opened by this
merger. The DCM acquisition was accretive to earnings for the quarter, although there were
additional expenses incurred by RDSI during the quarter that were not capitalized or
recognized in the purchase transaction.</TD>
</TR>
<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>
</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">RDSI&#146;s revenue continues to
grow organically, since over 20 banks we signed for
either data processing or item processing over the last 12&nbsp;months. We see a continuation of
RDSI&#146;s growth into 2007 as the pipeline for prospects remains very encouraging.</TD>
</TR>
<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>
</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">At this time, I will return the Webcast over to Valda to see if there any questions
from our investment community. Valda.</TD>
</TR>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 9</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Valda Colbart:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you, Ken. It&#146;s now time for the question-and-answer session. If you are
using a speakerphone, please pick up the handset before pressing any numbers and unmute your
phone. If you have a question, we would like you to press star one on your push button
telephone, that&#146;s star one if you have a question. And if for some reason someone asks the
question that you would like to, and you need to withdraw the question, press star two. So
again if you have a question please star one on your push button phone. And we will take the
questions in the order they are received. We&#146;ll standby for just a few moments.</TD>
</TR>
<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>
</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">While we are waiting to see if we have anymore any questions, we would like to inform
everyone that our Web site has a new look. To check our newly designed Web site, go to
www.rurbanfinancial.net.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operator:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And we do have one question. We&#146;ll go to George Geissbuhler with Sweney, Cartwright &#038;
Company.</TD>
</TR>

<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>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">George Geissbuhler:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I just had one little question, guys. What kind of economy does Fort
Wayne have? How are they doing compared to the rest of the country? I know Ohio&#146;s been
struggling. How&#146;s Fort Wayne doing?</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Well, the the location of our branch that we&#146;ve selected is in a pretty
good growth area. It&#146;s in the north Fort Wayne area. The the residential up there has
been &#151; continues strong despite some of the downturns. Although they really never had
the bubble that we&#146;ve seen elsewhere. The entire area up there is is growing from a
retail perspective. And all of the demographics that we&#146;ve seen and looked at and kind of
the local information we&#146;ve got supports that area. It&#146;s one that we&#146;ve looked at constantly.</TD>
</TR>
<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>
</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">We&#146;ve got &#151; George we opened a loan production office there early in 2006. And
we&#146;ve been very pleased with the loan production results that we&#146;ve seen out of there.
So for</TD>
</TR>
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<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 10</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
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<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">that reason, we think that there&#146;s a reason to be positive about that area, and
we continue to get very good feedback on our potential there.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">George Geissbuhler:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And just also I want to comment, great quarter. That&#146;s really why I called
in, not so much for the question but just a great quarter, and you guys are making real
progress, I think.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And your name is Geissbuhler.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">George Geissbuhler:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Right. Yes. It gets mispronounced all of the time.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I&#146;m sure it does. OK. Thanks, George.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">George Geissbuhler:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All right, you bet you. That&#146;s all I had. Thanks.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operator:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And once again, that&#146;s star one if you do have a question. And we&#146;ll go to Charlie
Crowley with Ryan Beck.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charlie Crowley:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hey, Ken.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">How are you doing, Charlie?</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charlie Crowley:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good. With the non performers getting so low, would it make sense, at some
point, to collapse RFCBC?</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ah Yes, it would. And we will most likely do that at the end of this year. The
assets that are sitting in there now aren&#146;t any more than about 1 or 1.2&nbsp;million, maybe,
1.4 at most. And we expect to clear the majority of them out. We have a strategy to do that
in this fourth quarter. I can&#146;t guarantee that will happen, but we expect to. Ah and then
for all practical purposes,</TD>
</TR>
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</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<P><HR noshade><P>
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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt">RURBAN FINANCIAL CORPORATION</FONT><BR>
<FONT style="font-size:8pt">Moderator: Valda Colbart</FONT><BR>
<FONT style="font-size:8pt">10-19-06/3:00 p.m. CT</FONT><BR>
<FONT style="font-size:8pt">Confirmation # 4444041</FONT><BR>
<FONT style="font-size:8pt">Page 11</FONT>
</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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
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<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">RFCBC will be going away, our workout company. So that will close a very
significant chapter. And you can see from our numbers we&#146;re moving ahead, and we expect to
be able to continue to move ahead.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Charlie Crowley:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OK. Sounds good. Thanks.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All right, thanks, Charlie.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Valda Colbart:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thanks, Charlie.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operator:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">As a final reminder, that&#146;s star one if you do have a question.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Well I don&#146;t see any questions so I would suggest that we stop the call at this
point. I want to thank everyone for joining us. Valda.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Valda Colbart:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you everyone for joining us today for the third quarter Webcast.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Operator:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">All parties may now disconnect.</TD>
</TR>
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