<SEC-DOCUMENT>0000018255-11-000013.txt : 20110608
<SEC-HEADER>0000018255-11-000013.hdr.sgml : 20110607
<ACCEPTANCE-DATETIME>20110608144954
ACCESSION NUMBER:		0000018255-11-000013
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20110608
FILED AS OF DATE:		20110608
DATE AS OF CHANGE:		20110608

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CATO CORP
		CENTRAL INDEX KEY:			0000018255
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-WOMEN'S CLOTHING STORES [5621]
		IRS NUMBER:				560484485
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0203

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31340
		FILM NUMBER:		11900744

	BUSINESS ADDRESS:	
		STREET 1:		8100 DENMARK ROAD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28273-5975
		BUSINESS PHONE:		7045517352

	MAIL ADDRESS:	
		STREET 1:		8100 DENMARK ROAD
		CITY:			CHARLOTTE
		STATE:			NC
		ZIP:			28273-5975

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CATO STORES INC
		DATE OF NAME CHANGE:	19701002
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>cato10qqtr12011.htm
<DESCRIPTION>10-Q
<TEXT>

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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Table of Contents</font></u></a></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">UNITED STATES&#160;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">SECURITIES AND EXCHANGE COMMISSION</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Washington, D.C. 20549</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'CG Times \(W1\)'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:14.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">FORM 10-Q</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'CG Times \(W1\)'" lang=EN-US style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:583.200012pt;">
 <tr style="height:16.65pt;">
  <td valign=top width=8% style="height:16.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">[X]</font></b></p>
  </td>
 <td valign=top width=4% style="height:16.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'CG Times \(W1\)'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=88% style="height:16.65pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">QUARTERLY REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'CG Times \(W1\)'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">For the quarterly period
  ended April 30, 2011</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'CG Times \(W1\)'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">OR</font></p>
  </td>
 </tr>
<tr style="height:5.35pt;">
  <td colspan=3 valign=top width=100% style="height:5.35pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'CG Times \(W1\)'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=8% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">[&#160; ]</font></b></p>
  </td>
 <td valign=top width=4% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'CG Times \(W1\)'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></b></p>
  </td>
 <td valign=top width=88% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><b><font face="'Times New Roman'" style="font-size:10.0pt;letter-spacing:-.15pt;">TRANSITION REPORT
  PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face="'CG Times \(W1\)'" style="font-size:8.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face="'Times New Roman'" style="font-size:10.0pt;font-weight:normal;letter-spacing:-.15pt;">For
  the transition period from ________________to__________________</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=left style="margin:0in;margin-bottom:.0001pt;text-align:left;"><font face="'Times New Roman'" style="font-size:10.0pt;font-weight:normal;letter-spacing:-.15pt;">Commission
  file number </font><u><font face="'Times New Roman'" style="font-size:10.0pt;font-weight:normal;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;1-31340&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></u></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:346.099976pt;">
 <tr>
  <td colspan=2 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" style="font-size:18.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">THE CATO CORPORATION</font></b></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(Exact name of registrant as
  specified in its charter)</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=59% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Delaware</font></p>
  </td>
 <td valign=top width=41% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'CG Times \(W1\)'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">56-0484485</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=59% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(State
  or other jurisdiction of incorporation or organization)</font></p>
  </td>
 <td valign=top width=41% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(I.R.S. Employer Identification
  No.)</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">8100 Denmark Road, Charlotte, North Carolina 28273-5975</font><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">  </font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(Address of principal executive
  offices)</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(Zip Code)</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(704) 554-8510</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(Registrant's telephone number,
  including area code)</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Not Applicable</font></p>
  </td>
 </tr>
<tr>
  <td colspan=2 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:8.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(Former name, former address
  and former fiscal year, if changed since last report)</font></p>
  </td>
 </tr>
</table>

</div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such
shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:180.250015pt;">
 <tr>
  <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Yes</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">X</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">No</font></p>
  </td>
 <td valign=top width=29% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">Indicate by check mark whether the registrant
has submitted electronically and posted on its corporate Web site, if any,
every Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter
period that the registrant was required to submit and post such files).</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:180.250015pt;">
 <tr>
  <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Yes</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">No</font></p>
  </td>
 <td valign=top width=29% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company.&#160; See
definitions of &#8220;large accelerated filer,&#8221; &#8220;accelerated filer&#8221; and &#8220;smaller
reporting company&#8221; in Rule 12b-2 of the Exchange Act.&#160; (Check one):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Large accelerated filer&#160; </font><font face=Wingdings lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&#168;</font><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&#160;&#160;&#160;
Accelerated filer&#160; </font><font face=Wingdings lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&#254;</font><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160; Non-accelerated filer&#160; </font><font face=Wingdings lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&#168;</font><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160; Smaller reporting company </font><font face=Wingdings lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&#168;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">(Do not check if a smaller reporting company)</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">Indicate by check mark whether the registrant is
a shell company (as defined in Rule 12b-2 of the Exchange Act).</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:180.250015pt;">
 <tr>
  <td valign=top width=23% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Yes</font></p>
  </td>
 <td valign=top width=30% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=18% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">No</font></p>
  </td>
 <td valign=top width=29% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">X</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">As
of May 26, 2011, there were 27,751,515 shares of Class&nbsp;A common stock and
1,743,525 shares of Class&nbsp;B common stock outstanding.</font></p>









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</DIV>
<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:char;">THE CATO CORPORATION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:char;">FORM 10-Q</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:char;">Quarter Ended April 30, 2011</font></b></p>

<h3 align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;text-align:center;"><b><font face="'Times New Roman'" style="font-size:11.0pt;layout-grid-mode:char;">Table of Con<a name=TOC></a>tents</font></b></h3>

<div align=center>

<table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:641.950012pt;">
 <tr>
  <td colspan=5 valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Page No.</font></p>
  </td>
 </tr>
<tr>
  <td colspan=6 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=6 valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartI"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">PART I &#8211; FINANCIAL INFORMATION (UNAUDITED)</font></u></a></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=50% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#Item1FS"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 1.</font></u></a></p>
  </td>
 <td colspan=3 valign=top width=83% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#Item1FS"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Financial Statements:</font></u></a></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=83% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=72% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#IS"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Condensed
  Consolidated Statements of Income and Comprehensive Income</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">2</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#IS"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">For the
  Three Months Ended April 30, 2011 and May 1, 2010</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=72% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#BS"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Condensed
  Consolidated Balance Sheets</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">3</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#BS"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">At April
  30, 2011, May 1, 2010 and January 29, 2011</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=72% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#CF"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Condensed
  Consolidated Statements of Cash Flows</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">4</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#CF"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">For the
  Three Months Ended April 30, 2011 and May 1, 2010</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=72% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#NotesFS"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">Notes
  to Condensed Consolidated Financial Statements</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">5 &#8211; 16</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#NotesFS"><u><font color=blue face="'CG Times \(W1\)'" style="font-size:10.0pt;layout-grid-mode:char;letter-spacing:-.15pt;">For the Three Months Ended April 30, 2011 and May
  1, 2010</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:24.6pt;text-indent:-24.6pt;"><a href="#PartIItem2"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 2.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;margin-left:.6pt;text-indent:-.6pt;"><a href="#PartIItem2"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Management&#8217;s Discussion and Analysis of Financial
  Condition and Results of Operations</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">17 &#8211; 23</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIItem3"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 3.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIItem3"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Quantitative and Qualitative
  Disclosures About Market Risk</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">24</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=72% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIItem4"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 4.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIItem4"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Controls and Procedures</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">24</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=5 valign=top width=78% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartII"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">PART II &#8211; OTHER INFORMATION</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem1"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 1.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem1"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Legal Proceedings</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">25</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=7% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=3 valign=top width=65% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem1A"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 1A.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem1A"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Risk Factors</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">25</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem2"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 2.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem2"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Unregistered Sales of Equity
  Securities and Use of Proceeds</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">25</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem3"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 3.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem3"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Defaults Upon Senior Securities</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">25</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem4"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 4.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem4"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Submission of Matters to a Vote of
  Security Holders</font></u></a></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem4"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&#160; Removed
  and Reserved</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">26</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem5"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 5.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem5"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Other Information</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">26</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem6"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Item 6.</font></u></a></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIIItem6"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Exhibits</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">26</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=11% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=72% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#PartIISignatures"><u><font color=blue face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">Signatures</font></u></a></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">27 - 32</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=6% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=4 valign=top width=72% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td colspan=3 valign=top width=17% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=61% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 <td valign=top width=22% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:char;">&nbsp;</font></p>
  </td>
 </tr>
<tr height=0>
  <td width=6%></td>
 <td width=7%></td>
 <td width=4%></td>
 <td width=39%></td>
 <td width=22%></td>
 <td width=22%></td>
 </tr>
</table>

</div>

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</DIV>
<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><a href="#TOC"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;font-weight:normal;">Table of Contents</font></u></a></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></b></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">PART I FINA<a name=PartI></a>NCIAL INFORMATION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">ITEM 1.&#160; FINAN<a name=Item1FS></a>CIAL STATEMENTS</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">THE CATO CORPORATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">CONDENSED CONSOLIDATED
STA<a name=IS></a>TEMENTS OF INCOME AND</font></b></p>

<p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">COMPREHENSIVE INCOME</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:469.500000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td colspan=5 valign=bottom width=41% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">Three Months Ended</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom width=17% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">April 30, 2011</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;border-top:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-top:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">May 1, 2010</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">(Unaudited)</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><u><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></u></i></b></p>
  </td>
 <td colspan=2 valign=bottom width=17% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">(Unaudited)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td colspan=5 valign=bottom width=41% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.0pt;">(Dollars in thousands,
  except per share data)</font></b></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:11.0pt;">REVENUES</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160; Retail sales</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">270,933&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">259,040&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160; Other income (principally finance charges, late fees and</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;&#160;&#160; layaway charges)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">2,727&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">2,923&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;&#160;&#160; Total revenues</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">273,660&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">261,963&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:11.0pt;">COSTS AND
  EXPENSES, NET</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160; Cost of goods sold (exclusive of depreciation shown below)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">158,405&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">149,860&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160; Selling, general and administrative (exclusive of depreciation</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;&#160;&#160; shown below)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">63,316&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">68,080&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160; Depreciation</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">5,404&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">5,271&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160; Interest and other income</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">(957)</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">(892)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;&#160;&#160; Cost and expenses, net</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">226,168&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">222,319&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Income before income taxes</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">47,492&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">39,644&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Income tax expense</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">16,971&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">14,610&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><i><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></i></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Net income</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">30,521&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">25,034&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Basic earnings per share</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">1.04&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">0.85&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Diluted earnings per share</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">1.04&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">0.85&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Dividends per share</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">0.185&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">0.165&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Comprehensive income:</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Net income</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">30,521&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">25,034&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Unrealized gain (loss) on available-for-sale securities, net </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;&#160; of deferred income tax benefit</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">274&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">(87)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=59% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Comprehensive income</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">30,795&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=7% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">24,947&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">See notes to
consolidated financial statements.</font></p>









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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of Contents</font></u></a></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">THE CATO CORPORATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">CONDENSED CONSOLIDAT<a name=BS></a>ED BALANCE SHEETS</font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:504.000000pt;">
 <tr style="height:9.0pt;">
  <td valign=bottom width=51% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=top width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.0pt;">April 30, 2011</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=top width=14% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">January 29, 2011</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=top width=14% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">May 1, 2010</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=top width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.0pt;">(Unaudited)</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=top width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=top width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">(Unaudited)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td colspan=8 valign=top width=49% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">(Dollars in thousands)</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">ASSETS</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=top width=51% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Current
  Assets:</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Cash
  and cash equivalents </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">$</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">81,173&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">48,630&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">53,731&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Short-term
  investments </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">180,113&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">181,395&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">166,404&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Restricted
  cash and investments</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">4,818&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">4,826&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">2,565&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Accounts
  receivable, net of allowance for doubtful accounts of $2,861,</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;
  $3,230 and $2,985 at April 30, 2011, May 1, 2010 and</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;
  January 29, 2011 respectively</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">39,694&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">39,703&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">40,742&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Merchandise
  inventories </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">125,182&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">144,028&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">114,540&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Deferred
  income taxes </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">3,513&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">3,660&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">7,875&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Prepaid
  expenses </font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">5,108&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">3,199&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">5,006&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;
  Total Current Assets </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">439,601&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">425,441&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">390,863&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Property
  and equipment &#8211; net </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">98,476&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">99,773&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">101,469&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Other
  assets </font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">7,582&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">7,545&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">7,541&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;
  Total Assets </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">$</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">545,659&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">532,759&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">499,873&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">LIABILITIES AND
  STOCKHOLDERS' EQUITY</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Current
  Liabilities:</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Accounts
  payable </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:8.5pt;">$</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">92,513&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">103,898&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">85,671&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Accrued
  expenses </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">36,021&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">35,318&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">34,457&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Accrued
  bonus and benefits </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">6,924&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">22,841&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">12,895&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Accrued
  income taxes </font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">28,384&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">11,861&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">26,516&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;
  Total Current Liabilities </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">163,842&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">173,918&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">159,539&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Deferred
  income taxes </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">9,540&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">9,540&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">7,254&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Other
  noncurrent liabilities (primarily deferred rent) </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">14,749&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">15,287&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">16,468&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=top width=51% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Commitments
  and contingencies:</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;-&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:9.75pt;">
  <td valign=top width=51% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Stockholders'
  Equity:</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:9.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Preferred
  stock, $100 par value per share, 100,000 shares authorized,</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;
  none issued </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;-&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Class
  A common stock, $.033 par value per share, 50,000,000</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;
  shares authorized; issued 27,657,989 shares, 27,844,023 shares</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;
  and 27,758,123 shares at April 30, 2011, May 1, 2010 and</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;
  January 29, 2011, respectively</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">922&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">925&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">928&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Convertible
  Class B common stock, $.033 par value per share,&#160; </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.0pt;">&#160;&#160;
  15,000,000 shares authorized; issued 1,743,525 shares at April 30, 2011,</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;
  May 1, 2010 and January 29, 2011, respectively&#160; </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">58&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">58&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">58&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Additional
  paid-in capital </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">69,294&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">68,537&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">65,706&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Retained
  earnings </font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">286,705&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">264,218&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">249,473&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">Accumulated
  other comprehensive income&#160; </font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">549&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">276&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">447&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=top width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Total Stockholders' Equity </font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">357,528&nbsp;</font></b></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">334,014&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">316,612&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Total Liabilities and Stockholders&#8217; Equity </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">$</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:8.5pt;">545,659&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">532,759&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:8.5pt;">499,873&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td valign=bottom width=51% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=top width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
</table></div>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:9.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">See notes to
consolidated financial statements.</font></p>









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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">3</font></p>



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<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of Contents</font></u></a></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">THE CATO CORPORATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></b></p>

<p align=center style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">CONDENSED CONSOLIDATE<a name=CF></a>D STATEMENTS OF CASH FLOWS</font></b></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:457.500000pt;">
 <tr style="height:9.0pt;">
  <td valign=bottom width=60% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td colspan=4 valign=bottom width=35% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">Three Months Ended</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">April 30, 2011</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">May 1, 2010</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">(Unaudited)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">(Unaudited)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td colspan=4 valign=bottom width=35% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">(Dollars in thousands)</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td valign=bottom width=60% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">Operating Activities:</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Net
  income</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">30,521&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">25,034&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Adjustments
  to reconcile net income to net cash provided</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;
  by operating activities:</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;
  Depreciation</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">5,404&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">5,271&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;
  Provision for doubtful accounts</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">530&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">824&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;
  Share based compensation</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">506&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">493&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;
  Excess tax benefits from share-based compensation</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(34)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(82)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;
  Loss on disposal of property and equipment</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">283&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">53&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;
  Changes in operating assets and liabilities which provided</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;
  (used) cash:</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Accounts receivable</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(521)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(1,412)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Merchandise inventories</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">18,846&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">15,108&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Prepaid and other assets</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(1,920)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(1,768)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Accrued income taxes</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">16,557&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">15,659&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  Accounts payable, accrued expenses and other liabilities</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(27,137)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(25,729)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Net
  cash provided by operating activities</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">43,035&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">33,451&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td valign=bottom width=60% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">Investing Activities:</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Expenditures
  for property and equipment&#160; </font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(4,391)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(4,024)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Purchase
  of short-term investments</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(9,374)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(35,960)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Sales
  of short-term investments</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">11,052&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">17,347&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Change
  in restricted cash and investments</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">8&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">10&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=60% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Net
  cash used in investing activities</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(2,705)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(22,627)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td valign=bottom width=60% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">Financing Activities:</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Dividends
  paid</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(5,458)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(4,882)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Repurchase
  of common stock</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(2,583)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(3,111)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Proceeds
  from employee stock purchase plan</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">220&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">192&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Excess
  tax benefits from share-based compensation</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">34&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">82&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Proceeds
  from stock options exercised</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">-&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">241&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Net
  cash used in financing activities</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">(7,787)</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">(7,478)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td valign=bottom width=60% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Net
  increase in cash and cash equivalents</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">32,543&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">3,346&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:9.0pt;">
  <td valign=bottom width=60% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:9.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Cash
  and cash equivalents at beginning of period</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">48,630&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">50,385&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:14.25pt;">
  <td valign=bottom width=60% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:9.0pt;">Cash
  and cash equivalents at end of period </font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:9.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:double black 2.25pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:9.0pt;">81,173&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:9.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:9.0pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:double black 2.25pt;height:14.25pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:9.0pt;">53,731&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:14.25pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:12.0pt;">&#160;</font></p>
  </td>
 </tr>
</table></div>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">See notes to
consolidated financial statements.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">4</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">NOTE 1 - GENERAL</font></u></b><b><u><font face="'CG Times \(W1\)'" lang=EN-US style="font-size:11.5pt;letter-spacing:-.15pt;">:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'CG Times \(W1\)'" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">The condensed consolidated financial
statements have been prepared from the accounting records of The Cato
Corporation and its wholly-owned subsidiaries (the &#8220;Company&#8221;), and all amounts
shown as of and for the periods ended April 30, 2011 and May 1, 2010 are
unaudited.&#160; In the opinion of management, all adjustments considered necessary
for a fair presentation have been included.&#160; All such adjustments are of a
normal, recurring nature unless otherwise noted.&#160; The results of the interim
period may not be indicative of the results expected for the entire year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">The interim financial statements should
be read in conjunction with the consolidated financial statements and notes
thereto, included in the Company&#8217;s Annual Report on Form 10-K for the fiscal
year ended January 29, 2011.&#160; Amounts as of January 29, 2011, have been derived
from the audited balance sheet other than the retrospective application of the
change in accounting principal.</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:.0001pt;margin-left:0in;margin-right:0in;margin-top:0in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">On May 26, 2011, the Board of Directors
increased the quarterly dividend by 24% from $.185 per share to $.23 per share or
an annualized rate of $.92 per share.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">CHANGE IN ACCOUNTING PRINCIPLE:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
Company elected to change its method of accounting for inventory to the
weighted average cost method from the retail method effective January 30, 2011.&#160;
In accordance with ASC 250 &#8220;Accounting Changes and Error Corrections&#8221;, all
periods have been retrospectively adjusted to reflect the period-specific
effects of the change to the weighted average cost method.&#160; The company
believes that the weighted average cost method better matches cost of sales
with related sales, as well as having an inventory valuation that more closely
reflects the acquisition cost of inventory by valuing inventory on a unit basis
verses the product department level under the retail method.&#160; The cumulative
adjustment as of January 31, 2010, was an increase in inventory of $11.7
million and an increase in retained earnings of $7.3 million.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Additionally,
the Company has changed the classification for certain balance sheet items to
conform to the 2011 presentation.&#160; This change in classification will reduce
accounts payable and inventory by $1.6 million as of January 29, 2011 and $0.6
million as of May 1, 2010.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">In
addition, the Company has changed the classification of certain prior year
first quarter income statement items to conform to the 2011 presentation.&#160; The change
has no effect on net income; however, it does reduce retail sales by $720,000,
cost of goods sold by $241,000 and selling, general and administrative expense
by $479,000.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">5</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:.7pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;">
 <tr style="height:12.75pt;">
  <td colspan=9 rowspan=3 valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As a result of this retrospective
  application of the change in accounting principle and the change in the
  classification of the Balance Sheet, the following items in the Company's
  Condensed Consolidated Balance Sheets have been adjusted as follows:</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">January
  29, 2011</font></b></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(Unaudited)</font></b></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(Dollars
  in thousands)</font></b></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:38.25pt;">
  <td valign=bottom style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As
  Previously Reported</font></b></p>
  </td>
 <td valign=bottom style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total
  Changes</font></b></p>
  </td>
 <td valign=top style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As
  Adjusted</font></b></p>
  </td>
 <td height=51 style="height:38.25pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Merchandise inventories </font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">132,020&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">12,008&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">144,028&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Deferred income taxes</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,001&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(1,341)</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,660&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Current Assets</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">414,774&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">10,667&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">425,441&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Assets</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">522,092&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">10,667&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">532,759&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Accounts payable </font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">105,526&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(1,628)</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">103,898&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Current Liabilities</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">175,546&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(1,628)</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">173,918&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Deferred income taxes </font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,695&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,845&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">9,540&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Retained earnings </font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">255,768&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">8,450&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">264,218&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Stockholders' Equity</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">325,564&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">8,450&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">334,014&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Liabilities and Stockholders&#8217;
  Equity </font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">522,092&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">10,667&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">532,759&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:457.349945pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top width=60% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">May
  1, 2010</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top width=60% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(Unaudited)</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top width=60% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(Dollars
  in thousands)</font></b></p>
  </td>
 </tr>
<tr style="height:38.25pt;">
  <td valign=bottom width=40% style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As
  Previously Reported</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total
  Changes</font></b></p>
  </td>
 <td valign=top width=6% style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As
  Adjusted</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Merchandise inventories </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">106,710&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">7,830&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">114,540&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Deferred income taxes</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">7,821&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">54&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">7,875&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Current Assets</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">382,979&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">7,884&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">390,863&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Assets</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">491,989&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">7,884&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">499,873&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Accounts payable </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">86,267&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(596)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">85,671&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Current Liabilities</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">160,135&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(596)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">159,539&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Deferred income taxes </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">4,086&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,168&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">7,254&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Retained earnings </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">244,161&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,312&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">249,473&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Stockholders' Equity</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">311,300&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,312&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">316,612&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total Liabilities and Stockholders&#8217;
  Equity </font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">491,989&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">7,884&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">499,873&nbsp;</font></p>
  </td>
 </tr>
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<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:.7pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;">
 <tr style="height:12.75pt;">
  <td colspan=9 rowspan=4 valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As a result of this retrospective
  application of the change in accounting principle and the change in the
  classification of the Income Statement, the following items in the Company's
  Condensed Consolidated Statements of Income and Condensed Consolidated
  Statement of Cash Flows have been adjusted as follows:</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=bottom style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Three
  Months Ended</font></b></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">May
  1, 2010</font></b></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(Unaudited)</font></b></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=8 valign=top style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(Dollars
  in thousands, except per share data)</font></b></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:38.25pt;">
  <td valign=bottom style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As
  Previously Reported</font></b></p>
  </td>
 <td valign=bottom style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total
  Changes</font></b></p>
  </td>
 <td valign=top style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As
  Adjusted</font></b></p>
  </td>
 <td height=51 style="height:38.25pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Retail Sales</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">259,760&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(720)</font></p>
  </td>
 <td valign=top style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">259,040&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total Revenues</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">262,683&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(720)</font></p>
  </td>
 <td valign=top style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">261,963&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Cost of goods sold</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">146,854&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,006&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">149,860&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Selling, general and administrative </font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">68,559&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(479)</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">68,080&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Cost and expenses, net</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">219,792&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">2,527&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">222,319&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Income before income taxes</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">42,891&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(3,247)</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">39,644&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Income tax expense</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">15,831&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(1,221)</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">14,610&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Net income</font></p>
  </td>
 <td valign=bottom style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">27,060&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(2,026)</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">25,034&nbsp;</font></p>
  </td>
 <td height=18 style="height:13.5pt;"></td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Basic earnings per share</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">0.92&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(0.07)</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:13.5pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">0.85&nbsp;</font></p>
  </td>
 <td height=18 style="height:13.5pt;"></td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Diluted earnings per share</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">0.92&nbsp;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(0.07)</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">0.85&nbsp;</font></p>
  </td>
 <td height=17 style="height:12.75pt;"></td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:457.349945pt;">
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  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
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 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
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 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
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 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
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<tr style="height:12.75pt;">
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  Months Ended</font></b></p>
  </td>
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<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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 <td colspan=8 valign=top width=60% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">May
  1, 2010</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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 <td colspan=8 valign=top width=60% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
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 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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 <td colspan=8 valign=top width=60% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
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  in thousands)</font></b></p>
  </td>
 </tr>
<tr style="height:38.25pt;">
  <td valign=bottom width=40% style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
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  </td>
 <td valign=bottom width=6% style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total
  Changes</font></b></p>
  </td>
 <td valign=top width=6% style="background:white;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:38.25pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">As
  Adjusted</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Cash flow from operating activities:</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=top width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Net income</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">27,060&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(2,026)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">25,034&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Merchandise inventories</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">11,918&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,190&nbsp;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">15,108&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Accounts payable, accrued expenses</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; and other liabilities</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(24,565)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(1,164)</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(25,729)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=40% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=6% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in .2pt 0in .2pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
</table></div>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">7</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
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<tr style="mso-yfti-irow:2;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">NOTE 2 - EARNINGS PER
SHARE:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">ASC
260 &#8211; </font><i><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Earnings Per Share</font></i><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;"> requires dual presentation of basic and diluted
Earnings Per Share (EPS) on the face of all income statements for all entities
with complex capital structures.&#160; The Company has presented one basic EPS and
one diluted EPS amount for all common shares in the accompanying Condensed
Consolidated Statements of Income.&#160; While the Company&#8217;s certificate of
incorporation provides the right for the Board of Directors to declare
dividends on Class A shares without declaration of commensurate dividends on
Class B shares, the Company has historically paid the same dividends to both
Class A and Class B shareholders and the Board of Directors has resolved to
continue this practice.&#160; Accordingly, the Company&#8217;s allocation of income for
purposes of the EPS computation is the same for Class A and Class B shares and
the EPS amounts reported herein are applicable to both Class A and Class B
shares.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Basic
EPS is computed as net income less earnings allocated to non-vested equity
awards divided by the weighted average number of common shares outstanding for
the period.&#160; Diluted EPS reflects the potential dilution that could occur from
common shares issuable through stock options and the Employee Stock Purchase
Plan.&#160;&#160;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:460.500000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td colspan=4 valign=bottom width=37% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">Three Months Ended</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">April 30, 2011</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">May 1, 2010</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td colspan=4 valign=bottom width=37% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">(Dollars in thousands,
  except per share data)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">Basic earnings per share:</font></b></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:8.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Net earnings</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">30,521&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">25,034&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Earnings allocated to non-vesting equity awards</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">(524)</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">(420)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Net earnings available to common stockholders</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">29,997&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">24,614&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Basic weighted-average common shares outstanding</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">28,946,814&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">29,014,934&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Basic earnings per share</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">1.04&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">0.85&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">Diluted earnings per share:</font></b></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Net earnings</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">30,521&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">25,034&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Earnings allocated to non-vesting equity awards</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">(524)</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">(420)</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Net earnings available to common stockholders</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">29,997&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">24,614&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Basic weighted-average common shares outstanding</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">28,946,814&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">29,014,934&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=52% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Dilutive effect of stock options</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">6,344&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">12,686&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Diluted weighted-average common shares outstanding</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">28,953,158&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">29,027,620&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=52% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Diluted earnings per share</font></p>
  </td>
 <td valign=bottom width=8% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">1.04&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=15% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">0.85&nbsp;</font></p>
  </td>
 </tr>
</table></div>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">Income
tax payments, net of refunds received, for the three months ended April 30,
2011 and May 1, 2010 were $416,000 and $188,000, respectively.</font></p>









<a name="_bclFooter9"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">8</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader10"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">NOTE 4 &#8211; FINANCING ARRANGEMENTS:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">As of April 30, 2011, the Company had an
unsecured revolving credit agreement of $35.0 million.&#160; The revolving credit
agreement is committed until August 2013.&#160; The credit agreement contains
various financial covenants and limitations, including the maintenance of
specific financial ratios with which the Company was in compliance as of April
30, 2011.&#160; There were no borrowings outstanding under this credit facility
during the three months ended April 30, 2011 or May 1, 2010. &#160;Interest on any
borrowings is based on LIBOR, which was 0.21% at April 30, 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">At April 30, 2011 and May 1, 2010 the Company
had approximately $2.9 million and $4.4 million, respectively, of outstanding
irrevocable letters of credit relating to purchase commitments.</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">NOTE 5 &#8211; REPORTABLE SEGMENT
INFORMATION:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company has two reportable segments: retail
and credit. The Company operated its fashion specialty retail stores in 31
states at April 30, 2011, principally in the southeastern United States. The Company offers its own credit card to its customers and all related
credit authorizations, payment processing, and collection efforts are performed
by a separate subsidiary of the Company.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The following schedule summarizes certain segment
information (in thousands): </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:399.750000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Three Months Ended</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">April 30, 2011</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Retail</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Credit</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=bottom width=43% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Revenues</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">271,708&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,952&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">273,660&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Depreciation</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,400&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;4&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,404&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Interest and other income</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(957)</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(957)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Income before taxes</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">46,853&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">639&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">47,492&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total assets</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">470,141&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">75,518&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">545,659&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Capital expenditures</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">4,346&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;45&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">4,391&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Three Months Ended</font></b></p>
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 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">May 1, 2010</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Retail</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Credit</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=bottom width=43% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Revenues</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">259,741&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">2,222&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">261,963&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Depreciation</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,265&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">6&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,271&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Interest and other income</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(892)</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(892)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Income before taxes</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">39,015&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">629&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">39,644&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total assets</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">426,840&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">73,033&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">499,873&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=43% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Capital expenditures</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">4,024&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">4,024&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company evaluates segment performance based
on income before taxes.&#160; The Company does not allocate certain corporate
expenses or income taxes to the credit segment.</font></p>





<a name="_bclFooter10"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">9</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader11"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">NOTE 5 &#8211; REPORTABLE SEGMENT
INFORMATION (CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The following schedule summarizes the direct
expenses of the credit segment which are reflected in selling, general and
administrative expenses (in thousands):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:417.000000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=58% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td colspan=4 valign=bottom width=39% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">Three Months Ended</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=58% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;">April 30, 2011</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">May 1, 2010</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=58% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=58% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Bad debt expense</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">530&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">823&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=58% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Payroll</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">242&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">235&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=58% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Postage</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">201&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">228&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=58% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Other expenses</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">336&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">301&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=bottom width=58% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=16% style="background:white;height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=58% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Total expenses</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;">$</font></b></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;">1,309&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=16% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">1,587&nbsp;</font></p>
  </td>
 </tr>
</table></div>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">NOTE 6 &#8211; STOCK BASED COMPENSATION:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">As of April 30, 2011, the Company had three
long-term compensation plans pursuant to which stock-based compensation was
outstanding or could be granted. The Company&#8217;s 1987 Non-Qualified Stock Option
Plan authorized 5,850,000 shares for the granting of options to officers and
key employees. The 1999 Incentive Compensation Plan and 2004 Amended and
Restated Incentive Compensation Plan authorized 1,500,000 and 1,350,000 shares,
respectively, for the granting of various forms of equity-based awards,
including restricted stock and stock options to officers and key employees.&#160;
The 1999 Plan has expired as to the ability to grant new awards. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The following table presents the number of
options and shares of restricted stock initially authorized and available for
grant under each of the plans: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:464.250000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=47% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">1987&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">1999&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">2004&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=47% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Plan</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Plan</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Plan</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Total</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=47% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Options and/or restricted stock initially authorized</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">5,850,000&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">1,500,000&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">1,350,000&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">8,700,000&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=47% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Options and/or restricted stock available for grant:</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=47% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; January 29, 2011</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">18,627&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">627,872&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">646,499&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=47% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160; April 30, 2011</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">19,677&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">628,621&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">648,298&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">In accordance with ASC 718, the
fair value of current restricted stock awards is estimated on the date of grant
based on the market price of the Company&#8217;s stock and is amortized to
compensation expense on a straight-line basis over the related vesting periods.
As of April 30, 2011 and May 1, 2010, there was $5.4 million and $8.0 million of
total unrecognized compensation cost related to nonvested restricted stock
awards, which have a remaining weighted-average vesting period of 2.1 years and
3.1 years, respectively. The total fair value of the shares recognized as
compensation expense during the first quarter ended April 30, 2011 was $467,000
compared to $454,000 for the first quarter ended May 1, 2010.&#160; These expenses
are classified as a component of selling, general and administrative expenses
in the Condensed Consolidated Statements of Income.</font></p>





<a name="_bclFooter11"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">10</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">NOTE 6 &#8211; STOCK BASED COMPENSATION (CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
following summary shows the changes in the shares of restricted stock
outstanding during the three months ended April 30, 2011: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:405.000000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Weighted
  Average</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Number
  of</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Grant
  Date Fair</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Shares</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Value
  Per Share</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Restricted stock awards at January 29,
  2011</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">509,456&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">20.32&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Vested</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(183)</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">20.90&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Forfeited or expired</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(750)</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">20.07&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=59% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Restricted stock awards at April 30, 2011</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">508,523&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">20.32&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
Company&#8217;s Employee Stock Purchase Plan allows eligible full-time employees to
purchase a limited number of shares of the Company&#8217;s Class A Common Stock
during each semi-annual offering period at a 15% discount through payroll
deductions. During the three months ended April 30, 2011 and May 1, 2010, the
Company sold 10,616 and 11,363 shares to employees at an average discount of
$3.66 and $2.99 per share, respectively, under the Employee Stock Purchase
Plan. The compensation expense recognized for the 15% discount given under the
Employee Stock Purchase Plan was approximately $39,000 and $34,000 for the
three months ended April 30, 2011 and May 1, 2010, respectively.&#160; These
expenses are classified as a component of selling, general and administrative
expenses.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">The following is a summary of the changes in stock options
outstanding during the three months ended April 30, 2011: </font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:620.000000pt;">
 <tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Weighted</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Weighted</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Average</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Average</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Remaining</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Aggregate</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Exercise</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Contractual</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Intrinsic</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Shares</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Price</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Term</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">Value(a)</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Options outstanding at January 29, 2011</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">21,675&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">13.86&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">2.78 years</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">228,434&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Granted</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Forfeited or expired</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;1,050&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Exercised</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Outstanding at&#160; April 30, 2011</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">20,625&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">13.96&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">2.41 years</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">215,001&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.0pt;">
  <td colspan=2 valign=bottom width=41% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">Vested and exercisable at April 30, 2011</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">20,625&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">13.96&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;">2.41 years</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.0pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;">215,001&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:4.0pt;">
  <td valign=top width=31% style="border-bottom:solid windowtext 1.0pt;height:4.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 <td></td>
 <td></td>
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 </tr>
<tr height=0>
  <td width=31%></td>
 <td width=10%></td>
 <td width=13%></td>
 <td width=2%></td>
 <td width=2%></td>
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 <td width=2%></td>
 <td width=12%></td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-align:justify;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">(a)</font><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp; </font><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">The
intrinsic value of a stock option is the amount by which the market value of
the underlying stock exceeds the exercise price of the option.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">11</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">NOTE 6 &#8211; STOCK BASED COMPENSATION (CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">No options were granted in the first quarter of fiscal 2011
or fiscal 2010.&#160; No options were exercised in the first quarter of fiscal 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
total intrinsic value of options exercised during the first quarter ended April
30, 2011 was $0 compared to $158,000 for the prior year quarter ended May 1,
2010.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
Company recognized additional share-based compensation expense of $0 and $2,000
for the first quarter ended April 30, 2011 and May 1, 2010, respectively.&#160;
These amounts are classified as a component of selling, general and
administrative expenses in the Condensed Consolidated Statements of Income.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">Stock
option awards outstanding under the Company&#8217;s current plans were granted at
exercise prices which were equal to the market value of the Company&#8217;s stock on
the date of grant, vest over five years and expire no later than ten years
after the grant date.</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">NOTE 7 &#8211; INCOME TAXES: </font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">For the quarter ended
April 30, 2011, the Company&#8217;s effective tax rate was 35.7% compared to 36.9%
for the prior year quarter ended May 1, 2010.&#160; The current year quarter was
impacted by the reduction of a reserve for certain unrecognized tax benefits
from the closing of a state income tax audit.&#160; During the next 12 months,
various taxing authorities&#8217; statutes of limitations are expected to expire
which could result in a potential reduction of unrecognized tax benefits.&#160; In
addition, certain state examinations may close, the ultimate resolution of
which could materially affect the effective tax rate.&#160; As a consequence, the
balance in unrecognized tax benefits can be expected to fluctuate from period
to period.&#160; It is reasonably possible such changes could be significant when
compared to our total unrecognized tax benefits, but the amount of change is
not currently estimable.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">12</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">NOTE 8 &#8211; FAIR VALUE MEASUREMENTS:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:9.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:9.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
following tables set forth information regarding the Company&#8217;s financial assets
that are measured at fair value (in thousands) as of April 30, 2011 and January
29, 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:489.750000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Quoted</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Significant</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Other</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Significant</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Identical</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Observable</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Unobservable</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">April
  30,</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Assets</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Inputs</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Inputs</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Description</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">2011&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Level
  1</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Level
  2</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Level
  3</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">State/Municipal Bonds</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">132,262&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;132,262&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Corporate Bonds</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">31,946&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;31,946&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Auction Rate Securities (ARS)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,450&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,450&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Variable Rate Demand Notes (VRDN)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">17,769&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">17,769&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">US Treasury Notes</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,054&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,054&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Privately Managed Funds</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,937&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,937&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Corporate Equities</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">506&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">506&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Certificates of Deposit</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">100&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">100&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=33% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=33% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">189,024&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">19,429&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;164,208&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,387&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:486.750000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Quoted</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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<tr style="height:12.75pt;">
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 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Significant</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Markets
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 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Other</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Significant</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Identical</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Observable</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Unobservable</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">January 29,</font></b></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Assets</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Inputs</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Inputs</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Description</font></b></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">2011</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Level
  1</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Level
  2</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Level
  3</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="'Times New Roman'" style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">State/Municipal Bonds</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">129,678&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">129,678&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Corporate Bonds</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">34,288&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">34,288&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Auction Rate Securities (ARS)</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,450&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,450&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Variable Rate Demand Notes (VRDN)</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">19,308&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">19,308&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Privately Managed Funds</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,925&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,925&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Corporate Equities</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">480&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">480&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=32% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=32% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">189,129&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">19,788&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;163,966&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,375&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=32% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=1% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=12% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
</table></div>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">13</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
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  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
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  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">NOTE 8 &#8211; FAIR VALUE
MEASUREMENTS (CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company&#8217;s investment
portfolio was primarily invested in tax exempt variable rate demand notes
(&#8220;VRDN&#8221;), corporate bonds, and governmental debt securities held in managed
funds with underlying ratings of A or better at both April 30, 2011 and January
29, 2011.&#160; The underlying securities have contractual maturities which
generally range from 50 days to 30 years.&#160; Although the Company&#8217;s investments
in VRDN&#8217;s have underlying securities with contractual maturities longer than
one year, the VRDN&#8217;s themselves have interest rate resets of 7 days and are
considered short-term investments.&#160; These securities are classified as
available-for-sale and are recorded as short-term investments on the
accompanying Condensed Consolidated Balance Sheets at estimated fair value,
with unrealized gains and losses reported net of taxes in accumulated other
comprehensive income.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Additionally, at April 30,
2011 and January 29, 2011, the Company had $1.9 million of privately managed
funds, $0.5 million of corporate equities and a single auction rate security
(&#8220;ARS&#8221;) of $3.5 million which continues to fail its auction.&#160; All of these
assets are recorded within Other assets in the Condensed Consolidated Balance
Sheets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Level 1 category
securities are measured at fair value using quoted active market prices.&#160; Level
2 investment securities include corporate and municipal bonds for which quoted
prices may not be available on active exchanges for identical instruments.&#160;
Their fair value is principally based on market values determined by management
with assistance of a third party pricing service.&#160; Since quoted prices in
active markets for identical assets are not available, these prices are
determined by the pricing service using observable market information such as
quotes from less active markets and/or quoted prices of securities with similar
characteristics, among other factors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company&#8217;s failed ARS is
measured at fair value using Level 3 inputs at each reporting period.&#160; Because
there is no active market for this particular ARS, its fair value was
determined through the use of a discounted cash flow analysis. The terms used
in the analysis were based on management&#8217;s estimate of the timing of future
liquidity, which assumes that the security will be called or refinanced by the
issuer or settled with a broker dealer prior to maturity. The discount rates
used in the discounted cash flow analysis were based on market rates for
similar liquid tax exempt securities with comparable ratings and maturities.
Due to the uncertainty surrounding the timing of future liquidity, the Company
also considered a liquidity/risk value reduction. In estimating the fair value
of this ARS, the Company also considered the financial condition and near-term
prospects of the issuer, the probability that the Company will be unable to
collect all amounts due according to the contractual terms of the security and
whether the security has been downgraded by a rating agency.&#160; The Company&#8217;s
valuation is sensitive to market conditions and management&#8217;s judgment and can
change significantly based on the assumptions used.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company has two
privately managed funds.&#160; The privately managed funds cannot be redeemed at net
asset value at a specific date without advance notice.&#160; As a result, the
Company has classified the investments as Level 3.</font></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">14</font></p>



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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">NOTE 8 &#8211; FAIR VALUE MEASUREMENTS (CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'CG Times'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The following tables summarize the change in the fair
value of the Company&#8217;s financial assets measured using Level 3 </font><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">inputs during the first three months of fiscal 2011
and fiscal 2010 ($ in thousands):</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:485.250000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=17% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=8 valign=bottom width=54% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Fair
  Value Measurements Using Significant</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=8 valign=bottom width=54% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Unobservable
  Inputs (Level 3)</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=3 valign=bottom width=20% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Available-For-Sale</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=17% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=3 valign=bottom width=20% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Debt
  Securities</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=19% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Other
  Investments</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">ARS</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=19% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Private
  Equity</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Beginning Balance at January 29, 2011</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;3,450&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,925&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,375&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total gains or (losses)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; Included in earnings (or changes in
  net assets)</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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<tr style="height:12.75pt;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; Included in other comprehensive
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">12&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">12&nbsp;</font></p>
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 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=44% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Ending Balance at April 30, 2011</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
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  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,450&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
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  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,937&nbsp;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
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  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,387&nbsp;</font></p>
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 </tr>
<tr style="height:13.5pt;">
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  </td>
 <td valign=bottom width=14% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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  </td>
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
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 <td colspan=8 valign=bottom width=54% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
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 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">ARS</font></b></p>
  </td>
 <td valign=bottom width=4% style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=19% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Private
  Equity</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td colspan=2 valign=bottom width=11% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Beginning Balance at January 30, 2010</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;3,450&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,940&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,390&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160; Total gains or (losses)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; Included in earnings (or changes in
  net assets)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=44% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160; Included in other comprehensive
  income</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">21&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">21&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=44% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Ending Balance at May 1, 2010</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">3,450&nbsp;</font></p>
  </td>
 <td valign=bottom width=4% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=17% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1,961&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=9% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">5,411&nbsp;</font></p>
  </td>
 </tr>
</table></div>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">15</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:489.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" style="font-size:8.0pt;">Table of

  Contents</font></u></a></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:8.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">NOTES TO CONDE<a name=NotesFS style="text-underline:single;"></a>NSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">FOR THE THREE MONTHS

  ENDED APRIL 30, 2011 AND MAY 1, 2010</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:5;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:6;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">NOTE 9 &#8211; RECENT ACCOUNTING PRONOUNCEMENTS:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">In January 2011, the Company
adopted accounting guidance regarding changes to disclosure requirements for
fair value measurements. For fair value measurements using significant
unobservable inputs (Level 3), the guidance requires a reporting entity to
present separate information about gross purchases, sales, issuances and
settlements. The adoption of this guidance did not have an impact on the
consolidated financial statements.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">16</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of Contents</font></u></a></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:453.600006pt;">
 <tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">ITEM 2.&#160; MAN<a name=PartIItem2></a>AGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">CONDITION AND RESULTS OF OPERATIONS</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">FORWARD-LOOKING INFORMATION:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:char;">&nbsp;&nbsp;&nbsp;&nbsp; The following information should be
read along with the Unaudited Condensed Consolidated Financial Statements,
including the accompanying Notes appearing in this report. Any of the following
are &#8220;forward-looking&#8221; statements within the meaning of Section&nbsp;27A of the
Securities Act of 1933, as amended, and Section&nbsp;21E of the Securities
Exchange Act of 1934, as amended: (1)&nbsp;statements in this Form&nbsp;10-Q
that reflect projections or expectations of our future financial or economic
performance; (2)&nbsp;statements that are not historical information;
(3)&nbsp;statements of our beliefs, intentions, plans and objectives for future
operations, including those contained in &#8220;Management&#8217;s Discussion and Analysis
of Financial Condition and Results of Operations&#8221;; (4)&nbsp;statements relating
to our operations or activities for fiscal 2011 and beyond, including, but not
limited to, statements regarding expected amounts of capital expenditures and
store openings (including the launch of the new Versona Accessories store
concept), relocations, remodels and closures; and (5)&nbsp;statements relating
to our future contingencies. When possible, we have attempted to identify
forward-looking statements by using words such as &#8220;expects,&#8221; &#8220;anticipates,&#8221;
&#8220;approximates,&#8221; &#8220;believes,&#8221; &#8220;estimates,&#8221; &#8220;hopes,&#8221; &#8220;intends,&#8221; &#8220;may,&#8221; &#8220;plans,&#8221;
&#8220;should&#8221; and variations of such words and similar expressions. We can give no
assurance that actual results or events will not differ materially from those
expressed or implied in any such forward-looking statements. Forward-looking
statements included in this report are based on information available to us as
of the filing date of this report, but subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those contemplated by the forward-looking statements.&#160; Such
factors include, but are not limited to, the following:&#160; general economic
conditions, including, but not limited to, the continuation or worsening of (i)
the current adverse or recessionary conditions affecting the U.S. and global
economies and consumer spending and (ii) the adverse conditions in the U.S. and
global credit markets; uncertainties regarding the impact of any governmental
responses to the foregoing adverse economic and credit market conditions;
competitive factors and pricing pressures; our ability to predict fashion
trends; consumer apparel and accessory buying patterns; adverse weather
conditions; inventory risks due to shifts in market demand; and other factors
discussed under &#8220;Risk Factors&#8221; in Part I, Item 1A of our annual report on Form
10-K for the fiscal year ended January 29, 2011 (&#8220;fiscal 2010&#8221;), as amended or
supplemented, and in other reports we file with or furnish to the SEC from time
to time.&#160; We do not undertake, and expressly decline, any obligation to update
any such forward-looking information contained in this report, whether as a
result of new information, future events, or otherwise.</font></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">17</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of

Contents</font></u></a></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:453.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">MANAGEMENT&#8217;S DISCUSSION

  AND ANALYSIS OF FINANCIAL</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">CONDITION AND

  RESULTS OF OPERATIONS (CONTINUED)</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">CRITICAL
ACCOUNTING POLICIES:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company&#8217;s accounting
policies are more fully described in Note&nbsp;1 to the Consolidated Financial
Statements included in the Company&#8217;s Annual Report on Form 10-K for the fiscal
year ended January 29, 2011. As disclosed in Note&nbsp;1 of Notes to
Consolidated Financial Statements, the preparation of the Company&#8217;s financial
statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions about future events
that affect the amounts reported in the financial statements and accompanying
notes. Future events and their effects cannot be determined with absolute
certainty. Therefore, the determination of estimates requires the exercise of
judgment. Actual results inevitably will differ from those estimates, and such
differences may be material to the financial statements. The most significant
accounting estimates inherent in the preparation of the Company&#8217;s financial
statements include the allowance for doubtful accounts receivable, workers&#8217;
compensation, general and auto insurance liabilities, group health insurance, litigation,
calculation of asset impairment, store closings, inventory shrinkage and
uncertain tax positions.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company&#8217;s critical
accounting policies and estimates are discussed with the Audit Committee on a
quarterly basis.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">CHANGE IN ACCOUNTING
PRINCIPLE:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
Company elected to change its method of accounting for inventory to the
weighted average cost method from the retail method effective January 30, 2011.
&#160;In accordance with ASC 250 &#8220;Accounting Changes and Error Corrections&#8221;, all
periods have been retrospectively adjusted to reflect the period specific
effects of the change to the weighted average cost method.&#160; The company
believes that the weighted average cost method better matches cost of sales
with related sales, as well as having an inventory valuation that more closely
reflects the acquisition cost of inventory by valuing inventory on a unit basis
verses the product department level under the retail method.&#160; The cumulative
adjustment as of January 31, 2010, was an increase in inventory of $11.7
million and an increase in retained earnings of $7.3 million.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Additionally,
the Company has changed the classification for certain balance sheet items to
conform to the 2011 presentation.&#160; This change in classification will reduce
accounts payable and inventory by $1.6 million as of January 29, 2011 and $0.6
million as of May 1, 2010.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">In
addition, the Company has changed the classification of certain prior year
first quarter income statement items to conform to the 2011 presentation.&#160; The change
has no effect on net income; however, it does reduce retail sales by $720,000,
cost of goods sold by $241,000 and selling, general and administrative expense by
$479,000.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">See
Note 1 to the Condensed Consolidated Financial Statements for details regarding
the effects of the change in accounting principle and revised classifications
on prior periods.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">18</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of

Contents</font></u></a></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:453.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">MANAGEMENT&#8217;S DISCUSSION

  AND ANALYSIS OF FINANCIAL</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">CONDITION AND

  RESULTS OF OPERATIONS (CONTINUED)</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">RESULTS OF OPERATIONS:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The following table sets
forth, for the periods indicated, certain items in the Company's unaudited
Condensed Consolidated Statements of Income as a percentage of total retail
sales:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:467.250000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=4 valign=bottom width=40% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Three
  Months Ended</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">April
  30, 2011</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td colspan=2 valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">May
  1, 2010</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total retail sales</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">100.0&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">%</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">100.0&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;border-top:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">%</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Other income</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1.0&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">1.1&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total revenues</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">101.0&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">101.1&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Cost of goods sold</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">58.5&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">57.9&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Selling, general and administrative</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">23.4&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">26.3&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Depreciation</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">2.0&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">2.0&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Interest and other income</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(0.4)</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(0.3)</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Income before income taxes</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">17.5&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">15.3&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=57% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Net income</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">11.3&nbsp;</font></b></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><b><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></b></p>
  </td>
 <td valign=bottom width=11% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">9.7&nbsp;</font></p>
  </td>
 <td valign=bottom width=3% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
</table></div>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">19</font></p>



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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of

Contents</font></u></a></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:453.600006pt;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
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<tr style="mso-yfti-irow:1;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">MANAGEMENT&#8217;S DISCUSSION

  AND ANALYSIS OF FINANCIAL</font></b></font></b></p>

  </td>
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<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">CONDITION AND

  RESULTS OF OPERATIONS (CONTINUED)</font></b></font></b></p>

  </td>
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<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
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</table></div>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">RESULTS OF OPERATIONS &#8211;
(CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Comparison of First
Quarter of 2011 with 2010</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Total
retail sales for the first quarter were $270.9 million compared to last year&#8217;s first
quarter sales of $259.0 million, a 4.6% increase.&#160; Same-store sales increased
2.0% in the first quarter of fiscal 2011 due to favorable tax refund timing and
favorable weather. &#160;Total revenues, comprised of retail sales and other income
(principally, finance charges and late fees on customer accounts receivable and
layaway fees), were $273.7 million for the first quarter ended April 30, 2011, compared
to $262.0 million for the first quarter ended May 1, 2010. The Company operated
1,282 stores at April 30, 2011 compared to 1,272 stores at the end of last
year&#8217;s first quarter.&#160; For the first three months of fiscal&#160; 2011 the Company
opened four new stores, relocated one store and closed four stores.&#160; The
Company expects to open approximately 54 stores, relocate seven stores and
close approximately 27 stores in fiscal 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Credit
revenue of $2.0 million represented 0.7% of total revenues in the first quarter
of fiscal 2011, compared to 2010 credit revenue of $2.2 million or 0.8% of
total revenues.&#160; Credit revenue decreased for the most recent comparable period
due to lower finance charge income and lower late fee income from sales under
the Company&#8217;s proprietary credit card. Credit revenue is comprised of interest
earned on the Company&#8217;s private label credit card portfolio and related fee
income.&#160; Related expenses include principally bad debt expense, payroll,
postage and other administrative expenses and totaled $1.3 million in the first
quarter of 2011, compared to last year&#8217;s first quarter expenses of $1.6
million.&#160; The decrease was primarily due to lower bad debt and postage expenses
compared to the first quarter of 2010.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Other
income in total, as included in total revenues, was $2.7 million for the first
quarter of fiscal 2011, compared to $2.9 million for the prior year&#8217;s comparable
first quarter. The slight overall decrease resulted primarily from lower
finance and late fee charges partially offset by an increase in layaway
charges.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Cost
of goods sold was $158.4 million, or 58.5% of retail sales for the first quarter
of fiscal 2011, compared to $149.9 million, or 57.9% of retail sales in the
first quarter of fiscal 2010.&#160; The overall increase in cost of goods sold as a
percent of retail sales for the first quarter of 2011 resulted primarily from higher
freight costs and product mix changes partially offset by lower vendor
allowances.&#160; Cost of goods sold includes merchandise costs, net of discounts
and allowances, buying costs, distribution costs, occupancy costs, freight and
inventory shrinkage.&#160; Net merchandise costs and in-bound freight are
capitalized as inventory costs.&#160; Buying and distribution costs include payroll,
payroll-related costs and operating expenses for the buying departments and
distribution center.&#160; Occupancy expenses include rent, real estate taxes,
insurance, common area maintenance, utilities and maintenance for stores and
distribution facilities.&#160; Total gross margin dollars (retail sales less cost of
goods sold) increased by 3.0% to $112.5 million for the first quarter of fiscal
2011 compared to $109.2 million in the first quarter of fiscal 2010.&#160; Gross
margin as presented may not be comparable to those of other entities.</font></p>





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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">20</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of

Contents</font></u></a></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:453.600006pt;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
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<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">MANAGEMENT&#8217;S DISCUSSION

  AND ANALYSIS OF FINANCIAL</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">CONDITION AND

  RESULTS OF OPERATIONS (CONTINUED)</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">RESULTS OF OPERATIONS &#8211;
(CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Courier lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Selling, general and
administrative expenses (&#8220;SG&amp;A&#8221;) primarily include corporate and store
payroll, related payroll taxes and benefits, insurance, supplies, advertising,
bank and credit card processing fees and bad debts.&#160; SG&amp;A expenses were
$63.3 million, or 23.4% of retail sales for the first quarter of fiscal 2011,
compared to $68.1 million, or 26.3% of retail sales in the first quarter of
fiscal 2010.&#160; SG&amp;A expenses as a percentage of retail sales decreased 290
basis points for the first quarter of fiscal 2011 as compared to the prior year.
The decrease was primarily attributable to incentive-based compensation
expenses, group health insurance expenses, and workers&#8217; compensation expenses, slightly
offset by higher payroll and legal costs. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Depreciation expense was
$5.4 million, or 2.0% of retail sales for the first quarter of fiscal 2011,
compared to $5.3 million, or 2.0% of retail sales for the first quarter of
fiscal 2010.&#160; The slight increase in depreciation expense was due to store
development and information technology investments.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Interest
and other income was $1.0 million, or 0.4% of retail sales for the first
quarter of fiscal 2011, compared to $0.9 million, or 0.3% of retail sales for
the first quarter of fiscal 2010 primarily due to higher interest income due to
an increase in cash and short-term investments.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">Income tax expense was $17.0 million or 6.3% of
retail sales for the first quarter of fiscal 2011, compared to $14.6 million,
or 5.6% of retail sales for the first quarter of fiscal 2010. The first quarter
increase resulted from higher pre-tax income partially offset by a slightly
lower effective tax rate.&#160; The effective income tax rate for the first quarter
of fiscal 2011 was 35.7% compared to 36.9% for the first quarter of 2010.&#160; The
current year quarter was impacted by the reduction of a reserve for certain
unrecognized tax benefits from the closing of a state income tax audit.&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">LIQUIDITY, CAPITAL
RESOURCES AND MARKET RISK: </font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'CG Times'" lang=EN-US style="font-size:10.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company has
consistently maintained a strong liquidity position. Cash provided by operating
activities during the first three months of fiscal 2011 was $43.0 million as
compared to $33.5 million in the first three months of fiscal 2010. These
amounts enable the Company to fund its regular operating needs, capital
expenditure program, cash dividend payments, and share repurchases.&#160; In
addition, the Company maintains a $35.0 million unsecured revolving credit
facility for short-term financing of seasonal cash needs. There were no
outstanding borrowings on this facility at April 30, 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Cash provided by operating
activities for the first three months of fiscal 2011 was primarily generated by
earnings adjusted for depreciation and changes in working capital. The increase
of $9.5 million for the first three months of fiscal 2011 as compared to the
first three months of fiscal 2010 was primarily due to an increase in net
income, a change in inventories, and accrued income taxes partially offset by a
decrease in accounts payable.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company believes that
its cash, cash equivalents and short-term investments, together with cash flows
from operations will be adequate to fund the Company&#8217;s dividends, share
repurchases, other operating requirements and expected capital expenditures for
fiscal 2011 and for the foreseeable future.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of

Contents</font></u></a></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:453.600006pt;">
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  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">MANAGEMENT&#8217;S DISCUSSION

  AND ANALYSIS OF FINANCIAL</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">CONDITION AND

  RESULTS OF OPERATIONS (CONTINUED)</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">LIQUIDITY, CAPITAL RESOURCES
AND MARKET RISK (CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">At April 30, 2011, the
Company had working capital of $275.8 million compared to $231.3 million at May
1, 2010.&#160; Additionally, the Company had $2.4 million invested in privately
managed investment funds and other miscellaneous equities and a single auction
rate security of $3.5 million at April 30, 2011, which are included in Other assets
on the Condensed Consolidated Balance Sheets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">At April 30, 2011, the Company had an unsecured
revolving credit agreement, which provides for borrowings of up to $35.0
million.&#160; The revolving credit agreement is committed until August 2013. The
credit agreement contains various financial covenants and limitations,
including the maintenance of specific financial ratios with which the Company was
in compliance as of April 30, 2011.&#160; There were no borrowings outstanding under
the credit facility during the first quarter ended April 30, 2011.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">At April 30, 2011 and May
1, 2010, the Company had approximately $2.9 million and $4.4 million, respectively,
of outstanding irrevocable letters of credit relating to purchase commitments.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Expenditures for property
and equipment totaled $4.4 million in the first quarter of fiscal 2011,
compared to $4.0 million in last year&#8217;s first quarter.&#160; The expenditures for
the first three months of 2011 were primarily for the development of four new
stores and additional investments in new technology.&#160; For the full fiscal 2011
year, the Company expects to invest approximately $32.3 million for capital
expenditures.&#160; This includes expenditures to open 54 new stores and relocate seven
stores, upgrades to merchandise systems, and home office and distribution
center expansion.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Net cash used in investing
activities totaled $2.7 million in the first quarter of fiscal 2011 compared to
$22.6 million used in the comparable period of 2010.&#160; The decrease was due
primarily to the decrease in purchases of short-term investments.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">On May 26, 2011, the Board
of Directors increased the quarterly dividend by 24% from $.185 per share to $.23
per share or an annualized rate of $.92 per share.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">As
of April 30, 2011, the Company had 332,942 shares remaining in the share
repurchase program.&#160; There is no specified expiration date for the Company&#8217;s
repurchase program.&#160; For the three months ended April 30, 2011, the Company
repurchased 110,000 shares at an average cost of $23.48 per share.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The
Company does not use derivative financial instruments.</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of

Contents</font></u></a></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>



<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:453.600006pt;">
 <tr style="mso-yfti-firstrow:yes;mso-yfti-irow:0;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:1;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">MANAGEMENT&#8217;S DISCUSSION

  AND ANALYSIS OF FINANCIAL</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:2;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">CONDITION AND

  RESULTS OF OPERATIONS (CONTINUED)</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:3;">
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
<tr style="mso-yfti-irow:4;mso-yfti-lastrow:yes;">
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;mso-border-bottom-alt:solid windowtext .5pt;padding:0in 5.4pt 0in 5.4pt;">

  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

  </td>
 </tr>
</table></div>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;line-height:.7pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">LIQUIDITY, CAPITAL
RESOURCES AND MARKET RISK (CONTINUED):</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">The Company&#8217;s investment
portfolio was primarily invested in tax exempt variable rate demand notes
(&#8220;VRDN&#8221;), corporate bonds, and governmental debt securities held in managed
funds with underlying ratings of A or better at both April 30, 2011 and January
29, 2011.&#160; The underlying securities have contractual maturities which
generally range from 50 days to 30 years.&#160; Although the Company&#8217;s investments
in VRDN&#8217;s have underlying securities with contractual maturities longer than
one year, the VRDN&#8217;s themselves have interest rate resets of 7 days and are
considered short-term investments.&#160; These securities are classified as
available-for-sale and are recorded as short-term investments on the
accompanying Condensed Consolidated balance Sheets at estimated fair value,
with unrealized gains and losses reported net of taxes in accumulated other
comprehensive income.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">Additionally, at April 30, 2011, the Company had $1.9
million of privately managed funds, $0.5 million of corporate equities and a
single auction rate security (&#8220;ARS&#8221;) of $3.5 million which continues to fail
its auction.&#160; See Note 8 &#8211; Fair Value Measurements for further information
regarding the failed ARS.&#160; All of these assets are recorded within Other assets
in the Condensed Consolidated Balance Sheets.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">Information
regarding new accounting pronouncements is provided in Note 9 to the Company&#8217;s
Condensed Consolidated Financial Statements.</font></p>














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<p style="margin:0in;margin-bottom:.0001pt;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">Table of

Contents</font></u></a></p>



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<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;mso-padding-alt:0in 5.4pt 0in 5.4pt;mso-yfti-tbllook:191;width:453.600006pt;">
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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">THE CATO CORPORATION</font></b></font></b></p>

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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">QUANTITATIVE AND

  QUALITATIVE DISCLOSURES ABOUT MARKET RISK</font></b></font></b></p>

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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

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  <p style="margin:0in;margin-bottom:.0001pt;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></b></font></b></p>

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<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">ITEM<a name=PartIItem3></a> 3. QUANTITATIVE AND
QUALITATIVE DISCLOSURES ABOUT MARKET RISK:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:6.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">The Company is subject to
market rate risk from exposure to changes in interest rates based on its
financing, investing and cash management activities, but the Company does not
believe such exposure is material.</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">ITEM 4. C<a name=PartIItem4></a>ONTROLS AND PROCEDURES</font></u></b><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">:</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">We
carried out an evaluation, with the participation of our Principal Executive
Officer and Principal Financial Officer, of the effectiveness of our disclosure
controls and procedures as of April 30, 2011.&#160; Based on this evaluation, our
Principal Executive Officer and Principal Financial Officer concluded that, as
of April 30, 2011, our disclosure controls and procedures, as defined in Rule
13a-15(e), under the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), were
effective to provide reasonable assurance that information we are required to
disclose in the reports that we file or submit under the Exchange Act is
recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission&#8217;s rules and forms and that such
information is accumulated and communicated to our management, including our Principal
Executive Officer and Principal Financial Officer, as appropriate to allow
timely decisions regarding required disclosure. </font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">CHANGES IN INTERNAL
CONTROL OVER FINANCIAL REPORTING:</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">No change in the Company&#8217;s
internal control over financial reporting (as defined in Exchange Act Rule
13a-15(f)) has occurred during the Company&#8217;s fiscal quarter ended April 30,
2011 that has materially affected, or is reasonably likely to materially
affect, the Company&#8217;s internal control over financial reporting except for the
change in accounting principle to the weighted average cost method from the
retail method for inventory accounting.</font></p>














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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">24</font></p>



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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="'Times New Roman'" style="mso-bidi-font-weight:bold;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;font-weight:normal;letter-spacing:-.15pt;">Table of Contents</font></u></a></font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="'Times New Roman'" style="mso-bidi-font-size:10.0pt;mso-bidi-font-weight:bold;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">PAR<a name=PartII style="text-underline:single;"></a>T

II</font></b><font style="mso-spacerun:yes;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&#160; </font></b></font><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">OTHER INFORMATION</font></b></font></p>



<p style="margin:0in;margin-bottom:.0001pt;mso-hyphenate:none;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;mso-hyphenate:none;mso-outline-level:1;text-align:justify;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">THE CATO CORPORATION</font></b></font></b></p>





</DIV>
<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">ITEM 1.&#160; LE<a name=PartIIItem1></a>GAL PROCEEDINGS</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Not Applicable</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<h5 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><b><u><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">ITEM<a name=PartIIItem1A></a> 1A.  RISK FACTORS</font></u></b></h5>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; In addition to the other information in this
report, you should carefully consider the factors discussed in Part I, &#8220;Item
1A. Risk Factors&#8221; in our Annual Report on Form 10-K for our fiscal year ended January
29, 2011.&#160; These risks could materially affect our business, financial
condition or future results; however, they are not the only risks we face.&#160;
Additional risks and uncertainties not currently known to us or that we
currently deem to be immaterial may also materially adversely affect our
business, financial condition or results of operations.</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">ITEM<a name=PartIIItem2></a> 2.&#160; UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;text-indent:.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; The following
table summarizes the Company&#8217;s purchases of its common stock for the three
months ended April 30, 2011:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:auto;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;page-break-after:auto;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">ISSUER PURCHASES OF EQUITY SECURITIES</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:474.750000pt;">
 <tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total
  Number of</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Maximum
  Number</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Shares
  Purchased as</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">(or
  Approximate Dollar</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total
  Number</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Average</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Part
  of Publicly</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Value)
  of Shares that may</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">of
  Shares</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Price
  Paid</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Announced
  Plans or</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Yet
  be Purchased Under</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Period</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Purchased</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">per
  Share (1)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Programs
  (2)</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">The
  Plans or Programs (2)</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">February 2011</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">March 2011</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;110,000&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;23.48&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;110,000&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:12.75pt;">
  <td valign=bottom width=16% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">April 2011</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;-&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;border-bottom:solid black 1.0pt;height:12.75pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 </tr>
<tr style="height:13.5pt;">
  <td valign=bottom width=16% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">Total</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=14% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">110,000&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=13% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;23.48&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">$</font></p>
  </td>
 <td valign=bottom width=21% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">110,000&nbsp;</font></p>
  </td>
 <td valign=bottom width=2% style="background:white;height:13.5pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">&#160;</font></p>
  </td>
 <td valign=bottom width=24% style="background:white;border-bottom:double black 2.25pt;height:13.5pt;padding:0in 0in 0in 0in;">
  <p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font color=black face=Arial style="font-size:10.0pt;letter-spacing:-.15pt;">332,942&nbsp;</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">(1)</font><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">Prices include trading
costs.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">(2)</font><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;">&nbsp;&nbsp;&nbsp; </font><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">The Company&#8217;s
Board of Director&#8217;s authorized an increase in the Company&#8217;s share repurchase
program of 500,000 shares on February 26, 2009.&#160; As of January 29, 2011, the
Company&#8217;s share repurchase program had 442,942 shares remaining in open authorizations.&#160;
During the first quarter ending April 30, 2011, the Company repurchased and
retired 110,000 shares under this program for approximately $2.6 million or an
average market price of $23.48 per share.&#160; As of the first quarter ending April
30, 2011, the Company had 332,942 shares remaining in open authorizations.&#160;
There is no specified expiration date for the Company&#8217;s repurchase program.</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<h6 style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;"><b><u><font face="'Times New Roman'" style="font-size:11.0pt;">ITEM<a name=PartIIItem3></a> 3.&#160; DEFAULTS UPON
SENIOR SECURITIES</font></u></b></h6>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:auto;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; Not
Applicable </font></p>









<a name="_bclFooter26"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">25</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





</DIV>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always"></div><a name="page_27"></a><a name="_bclPageBorder27"></a><DIV STYLE="WIDTH: 100%; PADDING-RIGHT: 0%; PADDING-LEFT: 0%">

<a name="_bclHeader27"></a><DIV>





<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="'Times New Roman'" style="mso-bidi-font-weight:bold;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;font-weight:normal;letter-spacing:-.15pt;">Table of Contents</font></u></a></font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="'Times New Roman'" style="mso-bidi-font-size:10.0pt;mso-bidi-font-weight:bold;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">PAR<a name=PartII style="text-underline:single;"></a>T

II</font></b><font style="mso-spacerun:yes;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&#160; </font></b></font><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">OTHER INFORMATION</font></b></font></p>



<p style="margin:0in;margin-bottom:.0001pt;mso-hyphenate:none;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;mso-hyphenate:none;mso-outline-level:1;text-align:justify;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">THE CATO CORPORATION</font></b></font></b></p>





</DIV>
<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">ITEM<a name=PartIIItem4></a> 4.&#160; SUBMISSION OF
MATTERS TO A VOTE OF SECURITY HOLDERS</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:auto;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; Removed
and Reserved</font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:12.0pt;page-break-after:avoid;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">ITEM
5<a name=PartIIItem5></a>.&#160; OTHER INFORMATION</font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;text-decoration:none;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.5in;page-break-after:auto;text-indent:-.25in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160; Not
Applicable </font></p>








<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><b><u><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">ITEM<a name=PartIIItem6></a> 6.&#160; EXHIBITS </font></u></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:423.899994pt;">
 <tr>
  <td valign=top width=14% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Exhibit No.</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Item</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;&#160; 3.1</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Registrant&#8217;s Restated Certificate of Incorporation
  dated March 6, 1987, incorporated by reference to Exhibit 4.1 to Form S-8 of
  the Registrant filed February 7, 2000 (SEC File No. 333-96283).</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;&#160; 3.2</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Registrant&#8217;s By Laws incorporated by reference to
  Exhibit 99.2 to Form <br>
  8-K of the Registrant Filed December 10, 2007.</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;&#160; 4.1</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Rights Agreement dated December 18, 2003, incorporated
  by reference to Exhibit 4.1 to Form 8-A12G of the Registrant filed December
  22, 2003 and as amended in Form 8-A12B/A filed January 6, 2004.</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr style="height:52.65pt;">
  <td valign=top width=14% style="height:52.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"> <font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">18.1*</font></p>
  </td>
 <td valign=top width=3% style="height:52.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:52.65pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Letter regarding change in accounting principle from
  PricewaterhouseCoopers, dated June 8, 2011, to the Board of Directors of The
  Cato Corporation regarding the preferability of change in accounting
  principal from the Retail Method to the Cost Method.</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;31.1*</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Rule 13a-14(a)/15d-14(a) Certification of Principal
  Executive Officer.</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;31.2*</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Rule 13a-14(a)/15d-14(a) Certification of Principal
  Financial Officer.</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;32.1*</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Section 1350 Certification of Principal Executive
  Officer.</font></p>
  </td>
 </tr>
<tr style="height:6.0pt;">
  <td valign=top width=14% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="height:6.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=14% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&#160;32.2*</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=83% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:11.0pt;letter-spacing:-.15pt;">Section 1350 Certification of Principal Financial
  Officer.</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; *&#160; Filed
herein.&#160;&#160;&#160; </font></p>









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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">26</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="'Times New Roman'" style="mso-bidi-font-weight:bold;"><a href="#TOC" style="text-underline:single;"><u><font color=blue face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;font-weight:normal;letter-spacing:-.15pt;">Table of Contents</font></u></a></font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;text-align:justify;"><font face="'Times New Roman'" style="mso-bidi-font-size:10.0pt;mso-bidi-font-weight:bold;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">PAR<a name=PartII style="text-underline:single;"></a>T

II</font></b><font style="mso-spacerun:yes;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&#160; </font></b></font><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">OTHER INFORMATION</font></b></font></p>



<p style="margin:0in;margin-bottom:.0001pt;mso-hyphenate:none;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">&nbsp;</font></p>



<p style="margin:0in;margin-bottom:.0001pt;mso-hyphenate:none;mso-outline-level:1;text-align:justify;"><b><font style="mso-bidi-font-weight:normal;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;letter-spacing:-.15pt;">THE CATO CORPORATION</font></b></font></b></p>





</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin-bottom:3.0pt;margin-left:0in;margin-right:0in;margin-top:0in;page-break-after:avoid;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;">Pursua<a name=PartIISignatures></a>nt 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 thereunto duly authorized.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; THE
CATO CORPORATION</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:483.299957pt;">
 <tr>
  <td valign=top width=29% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:11.0pt;">June 8, 2011</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=42% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">/s/ John P. D. Cato</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:11.0pt;">Date</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">John P. D. Cato</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Chairman, President and</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:11.0pt;">June 8, 2011</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=42% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">/s/ John R. Howe</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=29% style="border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" style="font-size:11.0pt;">Date</font></p>
  </td>
 <td valign=top width=29% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=42% style="border-top:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">John R. Howe</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Executive Vice President</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">27</font></p>



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<TYPE>EX-18
<SEQUENCE>2
<FILENAME>catoexhibit181.htm
<DESCRIPTION>EX-18.1
<TEXT>

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</DIV>
<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">June
8, 2011</font><font face=Arial lang=EN-US style="font-size:10.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b><font face=Arial lang=EN-US style="font-size:10.0pt;">EXHIBIT
18.1</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Arial lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<h1 style="margin:0in;margin-bottom:.0001pt;page-break-after:avoid;"><font color=windowtext face=Georgia style="font-size:10.0pt;font-weight:normal;">Board
of Directors</font></h1>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">The Cato Corporation</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">8100 Denmark Road</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">Charlotte, North Carolina 28273</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">Dear Directors:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">We are
providing this letter to you for inclusion as an exhibit to your Form 10-Q
filing pursuant to Item 601 of Regulation S-K.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">We have been provided a copy of the Company&#8217;s
Quarterly Report on Form 10-Q for the period ended April 30, 2011.&#160; Note 1
therein describes a change in accounting principle for inventory.&#160; It should be
understood that the preferability of one acceptable method of accounting over
another for inventory has not been addressed in any authoritative accounting
literature, and in expressing our concurrence below we have relied on
management&#8217;s determination that this change in accounting principle is
preferable.&#160; Based on our reading of management&#8217;s stated reasons and
justification for this change in accounting principle in the Form 10-Q, and our
discussions with management as to their judgment about the relevant business
planning factors relating to the change, we concur with management that such
change represents, in the Company&#8217;s circumstances, the adoption of a preferable
accounting principle in conformity with Accounting Standards Codification 250, </font><i><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">Accounting
Changes and Error Corrections</font></i><font face=Georgia lang=EN-US style="font-size:10.0pt;line-height:12.0pt;">.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">We have not audited any
financial statements of the Company as of any date or for any period subsequent
to January 29, 2011.&#160; Accordingly, our comments are subject to change upon
completion of an audit of the financial statements covering the period of the accounting
change.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">Very truly yours,</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><sup><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></sup></p>

<p style="margin:0in;margin-bottom:.0001pt;"><sup><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></sup></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face=Georgia lang=EN-US style="font-size:12.0pt;">PricewaterhouseCoopers
LLP</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">28</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<TYPE>EX-31
<SEQUENCE>3
<FILENAME>catoexhibit311.htm
<DESCRIPTION>EX-31.1
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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">EXHIBIT
31.1</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">PRINCIPAL
EXECUTIVE OFFICER CERTIFICATION PURSUANT TO</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">SECURITIES
EXCHANGE ACT OF 1934 RULE 13a-14(a)/15d-14(a), AS ADOPTED</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;font-weight:normal;layout-grid-mode:line;letter-spacing:0pt;">I, John P. D. Cato, certify that:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:508.500000pt;">
 <tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">1.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">I have reviewed this report on Form&nbsp;10-Q
  of The Cato Corporation (the &#8220;registrant&#8221;);</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">2.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Based on my knowledge, this report does not
  contain any untrue statement of a material fact or omit to <br>
  state a material fact necessary to make the statements made, in light of the
  circumstances under which <br>
  such statements were made, not misleading with respect to the period covered
  by this report;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">3.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Based on my knowledge, the financial
  statements, and other financial information included in this report, <br>
  fairly present in all material respects the financial condition, results of
  operations and cash flows of the registrant as of, and for, the periods
  presented in this report;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">4.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">The registrant&#8217;s other certifying officer and
  I are responsible for establishing and maintaining disclosure controls and
  procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
  and internal control over financial reporting (as defined in Exchange Act
  Rules 13a-15(f) and 15d-15(f)) for the registrant <br>
  and have:</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">a)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Designed such disclosure controls and
  procedures, or caused such disclosure controls and procedures <br>
  to be designed under our supervision, to ensure that material information
  relating to the registrant, including its consolidated subsidiaries, is made
  known to us by others within those entities,<br>
  particularly during the period in which this report is being prepared;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">b)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Designed such internal control over financial
  reporting, or caused such internal control over financial reporting to be
  designed under our supervision, to provide reasonable assurance regarding the
  reliability of financial reporting and the preparation of financial
  statements for external purposes in accordance with generally accepted
  accounting principles;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">c)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Evaluated the effectiveness of the
  registrant&#8217;s disclosure controls and procedures and presented in this report
  our conclusions about the effectiveness of the disclosure controls and
  procedures, as of the end <br>
  of the period covered by this report based on such evaluation; and</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">d)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Disclosed in this report any change in the
  registrant&#8217;s internal control over financial reporting that <br>
  occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s
  fourth fiscal quarter in the <br>
  case of an annual report) that has materially affected, or is reasonably
  likely to materially affect, the registrant&#8217;s internal control over financial
  reporting; and</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:550.500000pt;">
 <tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">5.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">The registrant&#8217;s other certifying officer and
  I have disclosed, based on our most recent evaluation of internal control
  over financial reporting, to the registrant&#8217;s auditors and the audit
  committee of the registrant&#8217;s board of directors (or persons performing the
  equivalent functions):</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=94% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">a)&nbsp;</font></p>
  </td>
 <td valign=top width=86% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">All significant deficiencies and material
  weaknesses in the design or operation of internal control over financial
  reporting which are reasonably likely to adversely affect the registrant&#8217;s
  ability to record, <br>
  process, summarize and report financial information; and</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">b)&nbsp;</font></p>
  </td>
 <td valign=top width=86% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Any fraud, whether or not material, that involves
  management or other employees who have a <br>
  significant role in the registrant&#8217;s internal control over financial
  reporting.</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;page-break-after:auto;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">Date: June 8, 2011</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:245.699982pt;">
 <tr>
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:line;">/s/ John P. D. Cato</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">John
  P. D. Cato</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">Chairman,
  President and</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">Chief
  Executive Officer</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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<TYPE>EX-31
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<FILENAME>catoexhibit312.htm
<DESCRIPTION>EX-31.2
<TEXT>

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<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">EXHIBIT 31.2</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">PRINCIPAL FINANCIAL OFFICER CERTIFICATION PURSUANT TO</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">SECURITIES EXCHANGE ACT OF 1934 RULE
13a-14(a)/15d-14(a), AS ADOPTED</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF
2002</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:.25in;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:char;">I,
John R. Howe, certify that:</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:508.500000pt;">
 <tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">1.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">I
  have reviewed this report on Form&nbsp;10-Q of The Cato Corporation (the
  &#8220;registrant&#8221;);</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">2.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Based
  on my knowledge, this report does not contain any untrue statement of a
  material fact or omit to <br>
  state a material fact necessary to make the statements made, in light of the circumstances
  under which <br>
  such statements were made, not misleading with respect to the period covered
  by this report;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">3.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Based
  on my knowledge, the financial statements, and other financial information
  included in this report, <br>
  fairly present in all material respects the financial condition, results of
  operations and cash flows of the registrant as of, and for, the periods
  presented in this report;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">4.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">The
  registrant&#8217;s other certifying officer and I are responsible for establishing
  and maintaining disclosure controls and procedures (as defined in Exchange
  Act Rules&nbsp;13a-15(e) and 15d-15(e)) and internal control over financial
  reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
  registrant <br>
  and have:</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">a)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Designed
  such disclosure controls and procedures, or caused such disclosure controls
  and procedures <br>
  to be designed under our supervision, to ensure that material information
  relating to the registrant, including its consolidated subsidiaries, is made
  known to us by others within those entities, <br>
  particularly during the period in which this report is being prepared;</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">b)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Designed
  such internal control over financial reporting, or caused such internal
  control over financial reporting to be designed under our supervision, to
  provide reasonable assurance regarding the reliability of financial reporting
  and the preparation of financial statements for external purposes in
  accordance with generally accepted accounting principles;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">c)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Evaluated
  the effectiveness of the registrant&#8217;s disclosure controls and procedures and
  presented in this report our conclusions about the effectiveness of the
  disclosure controls and procedures, as of the end <br>
  of the period covered by this report based on such evaluation; and</font></p>
  </td>
 </tr>
<tr>
  <td width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=96% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=4% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">d)&nbsp;</font></p>
  </td>
 <td valign=top width=92% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Disclosed
  in this report any change in the registrant&#8217;s internal control over financial
  reporting that <br>
  occurred during the registrant&#8217;s most recent fiscal quarter (the registrant&#8217;s
  fourth fiscal quarter in the <br>
  case of an annual report) that has materially affected, or is reasonably
  likely to materially affect, the registrant&#8217;s internal control over financial
  reporting; and</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:8.0pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:550.500000pt;">
 <tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">5.&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">The
  registrant&#8217;s other certifying officer and I have disclosed, based on our most
  recent evaluation of internal control over financial reporting, to the
  registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of
  directors (or persons performing the equivalent functions):</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 width=94% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">a)&nbsp;</font></p>
  </td>
 <td valign=top width=86% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">All
  significant deficiencies and material weaknesses in the design or operation
  of internal control over financial reporting which are reasonably likely to
  adversely affect the registrant&#8217;s ability to record, <br>
  process, summarize and report financial information; and</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td colspan=2 valign=top width=89% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
<tr>
  <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=3% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">b)&nbsp;</font></p>
  </td>
 <td valign=top width=86% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" style="font-size:10.0pt;">Any
  fraud, whether or not material, that involves management or other employees
  who have a <br>
  significant role in the registrant&#8217;s internal control over financial
  reporting.</font></p>
  </td>
 <td width=8% style="padding:0in 0in 0in 0in;"><p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p></td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">Date: June 8, 2011</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:10.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:245.699982pt;">
 <tr>
  <td valign=top width=100% style="border-bottom:solid windowtext 1.0pt;padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:line;">/s/
  John R. Howe</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=100% style="padding:0in 5.4pt 0in 5.4pt;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:line;">John
  R. Howe</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:line;">Executive
  Vice President</font></p>
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:10.0pt;layout-grid-mode:line;">Chief
  Financial Officer</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">30</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>5
<FILENAME>catoexhibit321.htm
<DESCRIPTION>EX-32.1
<TEXT>

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</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">EXHIBIT 32.1</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">CERTIFICATION OF PERIODIC REPORT</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">I, John P. D. Cato, Chairman, President and Chief Executive
Officer of The Cato Corporation (the &#8220;Company&#8221;), certify, pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.
Section&nbsp;1350, that on the date of this Certification:</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:3.0pt;text-align:left;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:left;text-indent:-10.5pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">1.</font><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp; </font><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">the
Form&nbsp;10-Q of the Company for the quarter ended April 30, 2011 (the
&#8220;Report&#8221;) fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p align=left style="margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:left;text-indent:-13.5pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">2.</font><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp;
</font><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">the information contained in the Report fairly presents, in
all material respects, the financial condition and results of operations of the
Company.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:.5in;margin-top:24.0pt;text-indent:-.5in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">Dated:
June 8, 2011</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:481.500000pt;">
 <tr>
  <td width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">/s/ John P. D. Cato</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">John P. D. Cato</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Chairman, President and</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Chief Executive Officer</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>




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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>



<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">31</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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<DOCUMENT>
<TYPE>EX-32
<SEQUENCE>6
<FILENAME>catoexhibit322.htm
<DESCRIPTION>EX-32.2
<TEXT>

<HTML>
<HEAD>
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<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>





</DIV>
<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">EXHIBIT 32.2</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">CERTIFICATION OF PERIODIC REPORT</font></b></p>

<p align=right style="margin:0in;margin-bottom:.0001pt;text-align:right;"><b><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;layout-grid-mode:line;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">I, John R. Howe, Executive Vice President, Chief Financial
Officer of The Cato Corporation (the &#8220;Company&#8221;), certify, pursuant to
Section&nbsp;906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C.
Section&nbsp;1350, that on the date of this Certification:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:13.5pt;text-align:justify;text-indent:-13.5pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">1.</font><font face="'Times New Roman'" lang=EN-US style="font-size:7.0pt;font-weight:normal;letter-spacing:-.15pt;">&nbsp;&nbsp;&nbsp; </font><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">the
Form&nbsp;10-Q of the Company for the quarter ended April 30, 2011 (the
&#8220;Report&#8221;) fully complies with the requirements of Section 13(a) or 15(d) of the
Securities Exchange Act of 1934; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;text-align:justify;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;font-weight:normal;letter-spacing:-.15pt;">2.&#160; the information contained in the Report fairly
presents, in all material respects, the financial condition and <br>
&#160;&#160;&#160;&#160; results of operations of the Company.</font></p>

<p style="margin-bottom:0in;margin-left:.5in;margin-right:.5in;margin-top:24.0pt;text-indent:-.5in;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">Dated:
June 8, 2011</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:481.500000pt;">
 <tr>
  <td width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">/s/ John R. Howe</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">John R. Howe</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Executive Vice President</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">&nbsp;</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 0in 0in 0in;">
  <p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" style="font-size:11.0pt;">Chief Financial Officer</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>




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<p align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;"><font face="'Times New Roman'" lang=EN-US style="font-size:11.0pt;">32</font></p>



<p style="margin:0in;margin-bottom:.0001pt;"><font face="'Times New Roman'" lang=EN-US style="font-size:2.0pt;">&nbsp;</font></p>





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