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<SEC-DOCUMENT>0000950152-07-000569.txt : 20070129
<SEC-HEADER>0000950152-07-000569.hdr.sgml : 20070129
<ACCEPTANCE-DATETIME>20070129163615
ACCESSION NUMBER:		0000950152-07-000569
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070125
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070129
DATE AS OF CHANGE:		20070129

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:		07561456

	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>l24344ae8vk.htm
<DESCRIPTION>RURBAN FINANCIAL CORP.       8-K
<TEXT>
<HTML>
<HEAD>
<TITLE>RURBAN FINANCIAL CORP.         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):&nbsp;&nbsp;<U>January&nbsp;29, 2007 (January&nbsp;25, 2007)</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: 100%; 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: 100%; 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: 100%; 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: 100%; 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>

<!-- 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">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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 January&nbsp;25, 2007, Rurban Financial Corp. (the &#147;Company&#148;) hosted a conference call and
webcast to discuss its results for the fiscal year and fourth quarter ended December&nbsp;31, 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="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><u>Exhibit No.</u></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><u>Description</u></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" 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 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 January&nbsp;25, 2007</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


<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="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="47%">&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.</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>
    <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">Dated:&nbsp;&nbsp;January&nbsp;29, 2007
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Duane L. Sinn</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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Duane L. Sinn<BR>
Executive Vice President and Chief Financial Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


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


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<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 January&nbsp;29, 2007
</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="75%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><u>Exhibit No.</U></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><u>Description</u></TD>
</TR>
<TR><TD>&nbsp;</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 January&nbsp;25, 2007</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>l24344aexv99w1.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: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 1<BR>
</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>
January&nbsp;25, 2007<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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&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<BR>
Fourth Quarter 2006 Earnings conference call and webcast.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At this time, I&#146;d like to inform you that this is a conference call being recorded and all
participants are in a listen-only mode. We will open the conference up to the investment
community for questions and answers after the presentation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I will now turn the conference over to Ms.&nbsp;Valda Colbart, Investor Relations Officer.
Please go ahead, Valda.</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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&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">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 website,
www.Rurbanfinancial.net until February&nbsp;15, 2007.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Joining me today are Ken Joyce, President and CEO, Duane Sinn, CFO, and Mark Klein,
President and CEO of the State Bank and Trust Company, but before we get started I&#146;d like to
make 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 uncertainties that could cause the results or developments to
differ</TD>
</TR>

</TABLE>
</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: Helvetica,Arial,sans-serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 2<BR>
</FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>significantly from those indicated in these statements. 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 lev... levels, legislative
and regulatory decisions or capital market decisions and other factors set forth in the
company&#146;s filings with the securities and exchange commission.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I will now turn the call over to Ken Joyce, President and CEO . . . Ken.</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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Kenneth Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Well, thank you, Valda and thank you for joining us this afternoon to discuss the
fourth quarter 2006 and year to date financial results for Rurban Financial Corp.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Over the next 20 minutes or so, Duane Sinn, Rurban&#146;s CFO, and I will discuss this eventful
quarter and try to add some detail to the earnings release that went out last evening. I
have also asked Mark Klein, State Bank President and CEO to join us in this process and
provide some commentary on the banking segment&#146;s progress and plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overall, we see this past quarter as a continuation of the progress we had made over
the past several years, which has accelerated since 2006 with the beginning of several
growth and profitability initiatives. Our primary task for 2007 is to improve the
profitability of our banking segment. We have struggled over the last three years with
credit problems that originated prior to 2002, which have taken a tremendous toll on
Rurban&#146;s resources and thus diverting our attention from income generating activities. We
are confident that these problems are now behind us and we are able to enter a new year
focused on growth and profit improvement. Non-performing loan that are below our projected
one percent of total assets and we have virtually no REOR &#151; REOR...OREO on our books &#151; not
easy to say!</TD>
</TR>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 3<BR>
</FONT>
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The actual number of non-performing assets to total assets is 70 basis points,
approximately the same as the median of the publicly traded Ohio banks. We reduced these
non-performing assets to 3.9&nbsp;million as of year end, down from 8.9 or 1.67&nbsp;percent of assets
at the end of 2005. We have not had a significant credit go to non-performing that was
originated since 2002. The ah the high quality of our recent underwriting combined with
reducing problem assets is a clear indication of the success of our controls and our
attention to quality underwriting standards. We have been working for the past 18&nbsp;months to
build an infrastructure that will accommodate the next phase of our recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We have already accomplished several major initiatives. One is we diversified our
geographic footprint to new growth markets. Number two is we brought in the right
management team. Number three, we began the process of creating a sales culture. And four,
we began to grow. We have already increased our loan and deposit portfolios using some of
these new strategies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In June of 2005, we acquired two Lima branches and recruited an outstanding lending
team led by David Anderson to develop that market and grow our presence. We projected that
the acquisition would be profitable within one year. We met our expectations as to growth
 &#151; as our loans grew $20.7&nbsp;million for 2006. The Lima branches turned profitable around
mid-year and are profitable on a year to date basis, including a full allocation of indirect
expenses. We remain excited about the opportunities in the Lima market and expect
continuing growth in profitability. We acquired The Exchange Bank in the Toledo
metropolitan market as of the year end 2005 at an attractive deposit acquisition cost of
about 8.15&nbsp;percent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Exchange Bank operates in both Wood and Lucas county which is showing both a
deposit and population growth. The bank had some asset quality problems, but our experience
indicated that those would be able to be fixed fairly quickly and we have done so.
Non-performing assets have grown &#151; or have gone from 1.5&nbsp;million at the acquisition date
down to 268,000 at year end</TD>
</TR>

</TABLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 4<BR>
</FONT>
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2006, this represents 31 basis points in non-performing assets to total assets. This
reduction was accomplished through a combination of loan workout activity and problem loan
sales.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the time of the acquisition we targeted a net income run rate for the fourth quarter
of 2006 with approximately $30,000 per month on a fully allocated basis. And, we have not
achieved that profit goal. The goal was not met even though we improved profitability &#151; or
portfolio quality, we exercised sound expense control, and we had a 12.5&nbsp;percent year over
year loan growth which was net of problem loan sales in the sale of the credit card
portfolio.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The overhead cost to operate this bank separately is simply too high to overcome in the
short term. Therefore, we have made a decision to merge Exchange Bank with State Bank and
Trust, which we announced in December. We have completed a regulatory application to merge
The Exchange Bank into the State Bank and Trust Company. Subject to the receipt of
regulatory approval, we expect to complete that merger by the first quarter of 2007. These
moves should result in The Exchange Bank acquisition meeting our target goal to be accretive
to earnings shortly following the merger date.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the same time, we plan to merge the trust and investment company, Reliance Financial
Services, into the State Bank and Trust Company. This merger is also subject to regulatory
approval. We have filed the necessary applications and expect completion of the merger by
the end of the first quarter. This merger will also add economies and it will integrate
sales efforts into the various markets more effectively under one single charter. We took
an after tax charge in the fourth quarter of approximately $283,000 to reflect the
identified cost of these mergers. We would expect some additional charges in the first &#151;
in the first quarter when we will be able to quantify additional merger expenses and fully
identify the costs.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We are targeting between $1&nbsp;million and $1.5&nbsp;million of annualized savings from these
mergers. The CEO of the combined banking entity following these mergers will be the current
State Bank</TD>
</TR>

</TABLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 5<BR>
</FONT>
</DIV>


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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and Trust CEO, Mark Klein. A major component of our strategy has been to get the right
management team in place and Mark is part of that dynamic management team. We introduced
Mark Klein at a previous webcast, and I&#146;ve asked him to join us today to discuss his
progress after one year, and his upcoming initiatives for 2007 and the expanded footprint.
Mark&#146;s primary job is to improve the profitability of the banking unit.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At this time, I will turn the call over to Mark Klein . . . Mark.</TD>
</TR>

</TABLE>
</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="2%">&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">Mark Klein:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you Ken, and good afternoon. I am pleased with our progress and the results of
2006 and also encouraged with our prospects for continued improvement as we move into 2007.
While we have made tremendous progress, we still have a long way to go.</TD>
</TR>
<!-- End Table Body -->
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<DIV style="margin-top: 6pt">
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>However, the sales culture we introduced to the entire organization in 2006 was met
with enthusiasm and has yielded some outstanding results which I will share with you today.
I am convinced that this bank wide sales initiative led by our management team and
reinforced with an incentive plan that rewards specific individual contributions will
continue to provide the momentum that will enable us to deliver our goals for 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Briefly, looking back on 2006 our success hinged on several key components. Total
loans grew at $39.5&nbsp;million or approximately 15&nbsp;percent. Total commercial loans grew $37.4
million or approximately 23&nbsp;percent over 2005. $23.5&nbsp;million or 63&nbsp;percent of the increase
came in commercial real estate loans and approximately $13.9&nbsp;million or 37&nbsp;percent of the
increase came in commercial, business, and agricultural loans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Core deposits grew $29.6&nbsp;million or 9.43&nbsp;percent. Individual referrals to our business
partners in 2006 totaled 431 with 134 closed referrals leading to $5.9&nbsp;million in mortgage
loans, $4.7&nbsp;million in commercial and consumer loans, 1.2&nbsp;million in savings and money
market deposits, $3.8&nbsp;million in certificates to deposits and $10.2&nbsp;million in trust assets.
Residential loan production for</TD>
</TR>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 6<BR>
</FONT>
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD>the entire banking group was $43&nbsp;million or a 95&nbsp;percent increase over 2005 volume of $22
million. Commitment to maintaining high level of asset quality with a more rigorous
underwriting process for commercial loans and as Ken mentioned, the improvement in asset
quality to peer level of less than 70 basis points for non-performing assets. We
accomplished these goals by bringing more value to our clients than our competition and
providing expertise as we discussed strategy, financial needs, and loan structuring with the
existing as well as prospective clients.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In fact, the common thread to all our successes was our ability to be in the client&#146;s
home and business as evidenced with over 3,900 business development calls by retail, real
estate, and commercial lenders. This continued focus on assessing and providing solutions
to 100&nbsp;percent of our client&#146;s needs continues to drive our daily activities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Quite simply, our plans for 2007 are to continue building on our successes we have
identified in 2006 with continued efforts on sales calls, quality loan underwriting,
proactive identification of client needs, employee recognition, and clearly defined
individual goals with financial incentives.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At this time, I will turn the discussion back to Ken.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&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">Kenneth Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OK, well thank you Mark and congratulations to you and your team on making
substantial contributions to our progress in 2006. A few words here about our loan workout
company, RFCBC. This company was created in 2003 and it&#146;s handled a high of about $42&nbsp;million
of problem loans. And, it is now down to one relationship with a single loan on a payout
schedule. We expect to see this workout company go dark by the end of 2007.</TD>
</TR>
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Our profess...((inaudible &#151; loss of audio)) compared to 2005. We will continue to
have legal expenses connected to our litigation and collection efforts on charged-off loans
for the next two quarters, at which time we would expect the legal fees to decline
substantially. We would also expect some recoveries in 2007 to help offset these continuing
legal fees.</TD>
</TR>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 7<BR>
</FONT>
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At this time, I will turn the webcast over to Duane Sinn, our Chief Financial Officer.
Duane will give you some information behind the strategy and progress I&#146;ve assessed. He
will also give some additional clarity to the information presented in our recent press
release, Duane.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&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">Duane Sinn:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you Ken and good afternoon. Our fourth quarter and year to date results were a
reflection of several initiatives to improve our core bank earnings going forward. Our
overall core earnings are improving, and this will be more apparent in 2007 as we merge our
banking subsidiaries. As we mentioned in our press release, we are targeting approximately $1
million to $1.5&nbsp;million in annual pre-tax savings as we work through the merger of our banking
group. I want to remind you that our year end balance sheet for 2005 includes the assets and
liabilities of Exchange Bank.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
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<DIV style="margin-top: 6pt">
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>However, the 2005 Rurban income statements provided on our earnings release do not
include Exchange Bank because it was acquired to the &#151; at the close of business on December
31, 2005. I will also point out that RDSI&#146;s acquisition of DCM, the item processing company
headquartered in East Lansing, Michigan was completed in early September&nbsp;2006, so its
results are included in this quarter for the first time. Balance sheet growth slowed during
the fourth quarter, restricted by a restructuring that we completed in December of 2006 as
we sold $17.5&nbsp;million in securities and paid off $9&nbsp;million in higher costing FHLB advances.
This restructuring should have a positive affect on our margin for 2007 and I will discuss
this in a minute. We continue to be encouraged by the loan growth we see in our markets,
and we see additional opportunities to leverage our growth as we enter 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The prime driver of our loan growth is commercial lending &#151; is the commercial lending
group. Commercial loans increased $38.2&nbsp;million or 20&nbsp;percent for 2006. Excluding mortgage
loans sold, our residential loan portfolio grew $5.3&nbsp;million or six percent and consumer
lending grew $400,000 or one percent.</TD>
</TR>

</TABLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 8<BR>
</FONT>
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overall, loan growth for 2006 totaled $43.1&nbsp;million or 13&nbsp;percent. Excluding the credit
card sale and the workout of problem loans, total loans would&#146;ve been well above &#151; total
loan growth would have been well above 15&nbsp;percent for the year. On the deposit side, our
non-interest bearing deposit showed a decrease of approximately 5.5&nbsp;million during 2006.
This decrease was a result of customers migrating into a higher yielding instrument.
Increases in net in &#151; increases in interest bearing deposit accounts were $35&nbsp;million or 11
percent in 2006. This growth was retail in nature as broker deposits were relatively stable
throughout the year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Overall, deposits &#151; deposit growth was $30&nbsp;million or eight percent for 2006. As Ken
mentioned, we have been successful in reducing our non-performing assets by $5&nbsp;million
during the past 12&nbsp;months to $3.9&nbsp;million or 70 basis points of assets. RFCBC at one point
had three loan workout specialists and is now down to a part-time loan workout specialist.
Legal expenses declined but continued to be relatively high throughout 2006, and we expect
that to decrease substantially in 2007.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Let&#146;s transition to the income statement and I will focus on a few key year to date and
quarterly results. We reported net income of $2.8&nbsp;million or 55 cents per diluted share for
the year which represents a $2.1&nbsp;million over the $673,000 reported in 2005. The fourth
quarter results were $710,000 or 14 cents per diluted share, a $1.1&nbsp;million increase over
the loss of $344,000 reported in the fourth quarter of 2005. Primary reasons for this year
over year improvement was the overall growth in the State Bank and Trust Company, namely,
earning asset growth, increased &#151; increase in non-interest income, improved expense control
and the continuing success of RDSI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net interest income totaled $15&nbsp;million on a year to date basis compared to $12.1
million last year. Increases in earning asset levels throughout the banking footprint and
the acquisition of The Exchange Bank were the primary drivers of this increase. These
increases on earning asset levels were offset by the margin compression that was rampant in
the first half of 2006 and</TD>
</TR>

</TABLE>
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</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 9<BR>
</FONT>
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continued to be a problem in the second half of 2006, although the rate of change is clearly
slowing and appears to be stabilizing. This margin pressure is driven by the inverted yield
curve and strong competitive pressures on the loan side. The restructuring of our balance
sheet at year end will improve mar &#151; the margin by approximately 15 basis points assuming no
other changes in rates. We continue to position our balance sheet for growth as we leverage
our ability to fund growth, loan growth with a portion of our investment portfolio and focus
on core retail deposits as we enter 2007. We anticipate approximately $10&nbsp;million in call -
in callable securities yielding four percent to be used for loan funding throughout 2007.
Overall earning asset yields were 6.38&nbsp;percent on a fully tax-equivalent basis for 2006
compared to 5.55&nbsp;percent in 2005. The overall cost of funds increased to 3.62&nbsp;percent from
2.76&nbsp;percent in 2005. The net interest margin was 3.13&nbsp;percent for 2006 compared to 3.14
percent in 2005. Net interest income for the fourth quarter 2006 increased $430 &#151; $438,000
to $3.6&nbsp;million compared to $3.1&nbsp;million for the fourth quarter of 2005. Once again, the
growth and earning assets and the acquisition of Exchange Bank were the major contributors
to this increase. Management recognizes that one of the contributors to our relatively weak
margin is our high mix of investments to total earning and assets, and we will continue to
focus on reducing the investment portfolio and increasing our loan portfolio throughout
2007. The loan loss provision for 2006&nbsp;year to date was $178,000 compared to 583 &#151;
$583,000. The 2006 provision declined compared to 2005 as our loan quality continues to
improve.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>We are comfortable with our overall loan loss reserve at one percent of loans, given
the quality of our loan portfolio and the relative declining risk of that portfolio. The
negative loan loss provision for the quarter is a reflection of selling the credit card
portfolio during the quarter, a provision of $140,000 was essentially moved from the loan
loss reserve to a liability reserve account. This was done because of the credit card sale
agreement has a put option on delinquent transferred accounts. We have elected to extend
some reserve for this contingency through a separate liability account. Net charge-offs for
2006 totaled $1.2&nbsp;million compared to $1.7&nbsp;million for 2005.</TD>
</TR>

</TABLE>
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</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 10<BR>
</FONT>
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    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net loan charge-offs were 33 basis points on an annualized basis and reflect our improving
abilities to reserve adequately for losses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The 2006 charge-offs were all fully reserved. Total non-interest income year to date
improved nicely from last year increasing by $5.4&nbsp;million or 30&nbsp;percent. Data servicing
fees drove this increase, with an increase of $2.3&nbsp;million, or 18&nbsp;percent, above the
previous year&#146;s results. Another important component was a gain on sale from the mortgage
lending operation. We originated and sold $40&nbsp;million in mortgage loans, twice the amount
compared to the 2005 levels. Increase in non-interest income was also aided by
non-recurring fees associated with the gain on sale of the credit card loans, recovery on
WorldCom bonds, and income associated with recovery of impaired loans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Offsetting these one-time gains were losses on securities totaling $495,000 due to the
balance sheet restructuring. Excluding the previously mentioned non-recurring large items,
total non-interest income increased $3.9&nbsp;million or 20 &#151; 21&nbsp;percent. Total non-interest
income increased $3.1&nbsp;million, or 69&nbsp;percent, for the fourth quarter 2006 compared to the
fourth quarter of 2005. Once again, the data processing fees and the previously mentioned
non-reocurring fees associated for gain on the sale of the credit card loans, recovery of
WorldCom bonds and income associated with the recovery of impaired loans were primarily the
reason for this increase. Excluding the one-time fees, non-interest income increased $1.7
million, or 38&nbsp;percent, for the fourth quarter compared to the year over &#151; compared to the
year-ago quarter. Total non-interest expense increased 34 &#151; increased to $34.9&nbsp;million
year to date compared to $29.1&nbsp;million for the same period in 2005 reflecting a $5.8&nbsp;million
increase. These increases are the result of $4.9&nbsp;million in operating expenses for Exchange
Bank, $1.25&nbsp;million in expenses associated with DCM, $215,000 in pre-payment penalties on
FHLB advances, and $283,000 merger related expenses. Excluding these items, non-interest
expense actually decreased $783,000 between 2005 and 2006 results.</TD>
</TR>


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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 11<BR>
</FONT>
</DIV>


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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Professional fees year over year declined $334,000 as litigation expense dropped on
problem loans throughout 2006 compared to 2005. The remainder of the decrease is due to
improved expense controls. The current quarter operating expenses totaled $10.4&nbsp;million
compared to $7.6 for the fourth quarter of 2005. The quarterly increase was once again
driven by expenses at Exchange Bank and DCM as well as the FHLB penalties and merger related
expenses which were recorded in the fourth quarter of 2006.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As I mentioned earlier, we are targeting 1&nbsp;million to $1.5&nbsp;million in efficiencies and
most will come from the operating expense cuts which we expect to complete by the end of the
first quarter. As I have mentioned throughout my presentation, the company had a number of
one-time adjustments during the quarter. These one-time adjustments increased income for
the quarter by approximately 100 to $150,000. Excluding all adjustments, the core earnings
for the fourth quarter would&#146;ve been approximately 550 to $600,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At this time, I will turn the discussion back to Ken, he will update you on the progress of
our fee income business segments.</TD>
</TR>

</TABLE>
</DIV>
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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="2%">&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">Kenneth Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OK, well thank you. I appreciate it, Duane. I think that we had a little cut out
before so I was &#151; we may have missed a little section where I talked about the loan workout
company, RFCBC. Ah, this company was created in 2003 and it has handled a high of about $42
million of problem loans and it is now down to one relationship with a single loan on a payout
schedule. And, we expect to see this workout company go dark by the end of 2007. Our
professional fees, which are largely related to um, ah, attorney fees connected to problem
loans are down by $334,000 compared to 2005. Ah, we expect to continue to have legal fees
connected to our litigation collection efforts, um, charged off loans for the next two
quarters and then, we would expect those legal fees to decline substantially. And, we would
also expect some recoveries in 2007 to help offset these continuing legal fees, although we
can&#146;t define them at this time.</TD>
</TR>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 12<BR>
</FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ah, as I discussed earlier, subject to regulatory approval, we will begin merging our
trust and investment company, Reliance Financial Services and the State Bank and Trust. We
expect that merger to be completed by the end of the first quarter of 2007 as well.
Reliance did well in 2006, turning in a profit of $715,000, which included a one-time item
as Duane mentioned of $105,000 after taxes. Profit is expected to be down slightly for
Reliance for 2007 as it invests in the new banking footprint. The payback on the trust
investment business can take two years to recoup investment in staff in new markets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>RDSI, our data processing and item processing company continues to make excellent progress.
It made $2.1&nbsp;million on revenue of about $16.6&nbsp;million. The DCM acquisition completed in
September of 2006 has proven to be a real success since it has &#151; it is already exceeding
our profitability goals. It has been immediately accretive to earnings and we have been
able to continue to add new clients. The 50th bank was added in the fourth quarter
resulting in the combination of DCM and RDSI servicing more than 100 banks throughout the
Midwest as well as our recent entry to Florida. We see 2007 as a continuation of the growth
story for RDSI.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At this time, I will turn the webcast over to Valda to see if we have any questions from our
investment community, Valda.</TD>
</TR>

</TABLE>
</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="2%">&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">Valda Colbart:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you, Ken. It is now time for the questions and answers session. If you are
using a speakerphone, please pick up the handset before pressing any numbers and un-nute -
mute your phone. If you have a question, we would like for 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
asked a question that you wanted to, need to withdraw that, press star two. So again if you
have a question please press star one on your push button telephone and we will take the
questions in the order they are received. We&#146;ll standby for just a few moments.</TD>
</TR>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 13<BR>
</FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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="20%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>While we&#146;re waiting to see if we have any questions, we would like to remind everyone
that we&#146;d be happy to e-mail you directly regarding Rurban Financial Corps. Corporate
events.</TD>
</TR>

</TABLE>
</DIV>
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<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 a question from George Geissbuhler, 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">Good afternoon, guys.</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good afternoon, George, how you 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">George Geissbuhler:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good &#151; good. Just had one question, really. You were saying you have one
loan, ah, ah, left in the workout 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">Ken:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">That&#146;s correct.</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">Just curious how big that one is.</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">It&#146;s about ah, net of about $600,000 in total.</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, you think that will be done in the next, what do you say, three or four
months?</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">No, it&#146;s going to have ah a period of workout time connected to it. But, ah we don&#146;t see a
loss connected to it because it&#146;s a &#151; it&#146;s well collateralized at this point.</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">OK.</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Um, And, ah, even if things should turn south on that entire relationship, we should be OK
with it. So, we don&#146;t see any um risk in that um in that remaining portfolio with that company
at this point at all.</TD>
</TR>
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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 14<BR>
</FONT>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
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    <TD width="20%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="79%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
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<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">Tremendous.</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes, it&#146;s been a long road and as we&#146;ve said here, our emphasis now is to work on the
banking side and get it profitable. And, we think we&#146;ve got the right people here in place
with Mark and ah we made some changes here in this last quarter to make it head that way. So
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</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">Real good progress and keep up the good work.</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you very much, take care.</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">That&#146;s all I had.</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OK.</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">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 as a reminder to ask a question, it is star one at this time on your touch-tone
telephone. That&#146;d be star one. And we &#151; next question is from Ross Haberman with the
Haberman Fund.</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">Ross Haberman:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gentlemen.</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:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hi Ross.</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">Duane:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Hi Ross.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 15<BR>
</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="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ross Haberman:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">I just had a couple of qui..quick questions. What&#146;s your expecta...expectations
do we &#151; do you see a significant fall off in &#146;07 on what you call the professional fees? Um
ah I&#146;m not sure if that part includes the workout and so forth, from the $870,000 expense you
had in &#146;06.</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">Male:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Do we expect to see a substantial fall off, is that your 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">Ross Haberman:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes.</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">Male:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Yes, we a saw improvement of that ah in 2006. And, I think we&#146;re still going to see some
in the first and second quarter of next year. Ah we&#146;re still in litigation on a couple of
issues. Ah my only uncertainty is are we going to get recoveries that are potentially going
to offset that. I don&#146;t know that at this point. But, following that, a once we get
resolution of that, that&#146;s kind of the last as I see it as a legacy issue a that are active at
this point, so</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">Ross Haberman:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ahum, you talked &#151; I think ah you said I think Proforma year end five to 600,000,
you know, without all of the one-time items for the quarter. Ah, any large expenditures,
expenses expected for the upcoming year, ah, ah and is sort of this the base to grow from, ah
to hit &#151; well, what was it, 100, I think you threw out a couple months ago. You were
shooting for ah one percent return on assets, I think, in some interview you had. Ah, I wonder
if we&#146;re going to see anything like that a over the next year &#151; a year or two or is that
wishful thinking?</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">Male:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Um we don&#146;t think it&#146;s wishful thinking. And, we we see a target of a run rate is probably
80 to 90 basis points by the time we get to the &#151; at least by the fourth quarter and we&#146;re
trying to stay conservative with that number, Ross. Um, we&#146;ve got a pretty good run rate
going right now. Um we think the restructuring that we&#146;ve done on the investment portfolio is
going to add to that. Ah the um loan growth that we saw this year, ah, we think we can do
that again next year. Ah the question &#151; certainly part of the question becomes margin and
what happens to that um that um</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 16<BR>
</FONT>
</DIV>


<DIV style="margin-top: 6pt">
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>margin compression the course of next year? Ah, it looks to us like our market compression
is stabilizing at this point.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>So, that loan growth um a will be a list to earnings. And, as we mentioned, a we&#146;ve
identified at least a million to a million and a half of expenses that a we&#146;re going to work
out of the a income statement here in the first quarter.</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="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ross Haberman:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">You mean you think you can grant &#151; get &#151; generate those savings with &#151;ah within
the first quarter or will they gradually come in over the &#151; over the year you might say?</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">Male:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Good question. That&#146;s kind of a run rate that would be an annualized expense saving number
that I&#146;m discussing and in terms of a million and a million and a half.</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">Ross Haberman:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">And, just one final que &#151; question. How are you positioned on &#151; in terms of
interest rate, exposure, and if we continue to get this in flat inverted yield curve through,
I don&#146;t know, summer into the fall. Um is that 80 to 90, you know, basis points goal &#151;um
realistic expectation based on, you know, a continued flat um yield curve?</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">Male:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ah we would, ah, in terms of how we are looking at next year, we expect to see probably a
couple of increases in prime rate. Ah those are our expectations. Ah the market may have
changed a bit here as you look at it over the last ah few months, it may be flat. Um if it is
flat, it&#146;s going to affect us somewhat, ah we&#146;re going to have to find another way to do that
um if it ah continues flat. But, flat um continuation of its presence, shape of the curve
isn&#146;t going to hurt us much. Ah if it&#146;s continues to invert, that&#146;s another story. Um, you
know, I &#151; we and every other banking organization, I think, would be imperative ah, um, if it
continues to invert. Um. Um, but, if it&#146;s (safe without words that) we&#146;re going to be in
reasonably good shape. Ah, um, if it improves and we see some prime rate increases then that
will be very encouraging for us.</TD>
</TR>
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</TABLE>
</DIV>


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

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

<DIV style="font-family: Helvetica,Arial,sans-serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-size:8pt"><BR>
RURBAN FINANCIAL CORPORATION<BR>
Moderator: Valda Colbart<BR>
01-25-07/3:00 p.m. CT<BR>
Confirmation # 8454308<BR>
Page 17<BR>
</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="2%">&nbsp;</TD>
    <TD width="83%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ross Haberman:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you.</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">Male: OK.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Thank you, Ross.</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 seem to have no further questions at this time. And I&#146;ll turn the conference
back to Mr.&nbsp;Ken Joyce.</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">Kenneth Joyce:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">OK, well thank you very much um and thank you Valda for hosting this, that seems to
be the end of the questions so we&#146;ll end Rurban&#146;s fourth quarter 2006 webcast call and thank
you for joining us today.</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, that does conclude today&#146;s conference. Thank you for your participation. You may
now disconnect.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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