-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 AOJe69ih1oNW+f1F+m+1onc0vt9RqUANwJ93bmjYXVY6oDSNxEcibi57lKWMjmv+
 b8ep4SNr0XUuksVjNtD6bg==

<SEC-DOCUMENT>0000950153-03-000055.txt : 20030114
<SEC-HEADER>0000950153-03-000055.hdr.sgml : 20030114
<ACCEPTANCE-DATETIME>20030110163422
ACCESSION NUMBER:		0000950153-03-000055
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20030211
FILED AS OF DATE:		20030110
EFFECTIVENESS DATE:		20030110

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MESA AIR GROUP INC
		CENTRAL INDEX KEY:			0000810332
		STANDARD INDUSTRIAL CLASSIFICATION:	AIR TRANSPORTATION, SCHEDULED [4512]
		IRS NUMBER:				850302351
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-15495
		FILM NUMBER:		03511002

	BUSINESS ADDRESS:	
		STREET 1:		410 NORTH 44TH STREET
		STREET 2:		SUITE 700
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85008
		BUSINESS PHONE:		6026854000

	MAIL ADDRESS:	
		STREET 1:		410 NORTH 44TH STREET
		STREET 2:		SUITE 700
		CITY:			PHOENIX
		STATE:			AZ
		ZIP:			85008

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MESA AIRLINES INC
		DATE OF NAME CHANGE:	19950426
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>p67372dedef14a.htm
<DESCRIPTION>DEF 14A
<TEXT>
<HTML>
<HEAD>
<TITLE>def14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<B><FONT size="2">INFORMATION REQUIRED IN PROXY
STATEMENT</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">SCHEDULE 14A INFORMATION</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">Proxy Statement Pursuant to Section&nbsp;14(a)
of the</FONT></B>

<DIV align="center">
<B><FONT size="2">Securities Exchange Act of 1934</FONT></B>
</DIV>

<P align="left">
<FONT size="2">Filed by the
Registrant&nbsp;<FONT face="wingdings">&#120;</FONT>
</FONT>

<P align="left">
<FONT size="2">Filed by a Party other than the
Registrant&nbsp;<FONT face="wingdings">&#111;</FONT>
</FONT>

<P align="left">
<FONT size="2">Check the appropriate box:
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="51%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="46%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Preliminary
    Proxy Statement
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Confidential,
    For Use of the Commission Only (as permitted by
    Rule&nbsp;14a-6(e)(2))
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp;Definitive
    Proxy Statement
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Definitive
    Additional Materials
    </FONT></TD>
</TR>

<TR>
    <TD colspan="3" align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Soliciting
    Material Pursuant to Section&nbsp;240.14a-12
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<FONT size="2">MESA AIR GROUP, INC.
</FONT>

<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT>
</DIV>

<P align="left">


<DIV align="left">
<HR size="1" width="100%" align="left" noshade>
</DIV>

<DIV align="center">
<FONT size="2">(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant)
</FONT>
</DIV>

<P align="left">
<FONT size="2">Payment of Filing Fee (Check the appropriate box):
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#120;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">No fee required.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;Fee
computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1)
and 0-11.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Title of each class of securities to which
    transaction applies:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)</FONT></TD>
    <TD align="left">
    <FONT size="2">Aggregate number of securities to which
    transaction applies:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)</FONT></TD>
    <TD align="left">
    <FONT size="2">Per unit price or other underlying value of
    transaction computed pursuant to Exchange Act Rule&nbsp;0-11
    (set forth the amount on which the filing fee is calculated and
    state how it was determined):
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)</FONT></TD>
    <TD align="left">
    <FONT size="2">Proposed maximum aggregate value of transaction:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)</FONT></TD>
    <TD align="left">
    <FONT size="2">Total fee paid:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Fee paid previously with preliminary materials:
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT></FONT></TD>
    <TD align="left">
    <FONT size="2">Check box if any part of the fee is offset as
    provided by Exchange Act Rule&nbsp;0-11(a)(2) and identify the
    filing for which the offsetting fee was paid previously.
    Identify the previous filing by registration statement number,
    or the form or schedule and the date of its filing.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)</FONT></TD>
    <TD align="left">
    <FONT size="2">Amount previously paid:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)</FONT></TD>
    <TD align="left">
    <FONT size="2">Form, Schedule or Registration Statement No.:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)</FONT></TD>
    <TD align="left">
    <FONT size="2">Filing Party:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="6%"></TD>
    <TD width="94%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)</FONT></TD>
    <TD align="left">
    <FONT size="2">Date Filed:
    </FONT></TD>
</TR>

</TABLE>

<P align="right">
<HR size="1" width="90%" align="right" noshade>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PROXY STATEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">ELECTION OF DIRECTORS (PROPOSAL NO. 1)</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">AMENDMENT TO MESA AIR GROUP, INC. OUTSIDE DIRECTORS&#146; STOCK OPTION PLAN (PROPOSAL NO. 2)</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SHAREHOLDER PROPOSAL RELATING TO POISON PILLS (PROPOSAL NO. 3)</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS (PROPOSAL NO. 4)</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">Exhibit A</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center">
<B><FONT size="4">MESA AIR GROUP, INC.</FONT></B>

<DIV align="center">
<B><FONT size="2">410 North 44th Street</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Phoenix, Arizona 85008</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS</B>

<DIV align="center">
<B>To Be Held on February&nbsp;11, 2003</B>
</DIV>

<P align="left">
<FONT size="2">To Our Shareholders:
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 2003 Annual Meeting of Shareholders of MESA
AIR GROUP, INC., a Nevada corporation (the &#147;Company&#148;),
will be held at the Phoenix Airport Marriott, 1101&nbsp;N. 44th
Street, Phoenix, Arizona, on February&nbsp;11, 2003, at
10:00&nbsp;a.m., Arizona time, for the following purposes:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To elect nine
    (9)&nbsp;directors to serve for a one-year term;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To amend the
    Company&#146;s Outside Directors&#146; Stock Option Plan to
    increase the aggregate number of shares available for issuance
    thereunder from 275,000 to 475,000;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To consider a
    proposal introduced by a shareholder to redeem any poison pill
    previously issued and not adopt or extend any poison pill unless
    such adoption or extension has been submitted to a shareholder
    vote;
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To ratify the
    selection of Deloitte &#38; Touche LLP as independent auditors
    for the Company; and
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    <FONT size="2">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To transact such
    other business as may properly come before the meeting or any
    postponement(s) or adjournment(s) thereof.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has fixed the close of
business on December&nbsp;20, 2002, as the record date for the
determination of shareholders entitled to notice of and to vote
at the meeting or any postponement or adjournment thereof.
Shares of the Company&#146;s common stock may be voted at the
meeting only if the holder is present at the meeting in person
or by valid proxy. A copy of the Company&#146;s 2002 Annual
Report, which includes audited financial statements, was mailed
with this Notice and Proxy Statement to all shareholders of
record on the record date.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Management of the Company cordially invites you
to attend the Annual Meeting. Your attention is directed to the
attached Proxy Statement for a discussion of the foregoing
proposals and the reasons why the Board of Directors encourages
you to vote for approval of Proposals&nbsp;1, 2 and 4 and
against Proposal&nbsp;3.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="40%"></TD>
    <TD width="60%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="p67372dep6737200.gif" alt="-s- Jonathan G. Ornstein"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Jonathan G. Ornstein, Chairman of the Board
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">and Chief Executive Officer
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Phoenix, Arizona
</FONT>
</DIV>

<DIV align="left">
<FONT size="2">January&nbsp;10, 2003
</FONT>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="left">
<B><FONT size="2">IMPORTANT:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IT IS
IMPORTANT THAT YOUR STOCK BE REPRESENTED AT THIS MEETING. PLEASE
COMPLETE, DATE, SIGN AND PROMPTLY MAIL THE ENCLOSED PROXY CARD
IN THE ACCOMPANYING ENVELOPE WHICH REQUIRES NO POSTAGE IF MAILED
IN THE UNITED STATES.</FONT></B>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

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

<P align="center">
<B><FONT size="4">MESA AIR GROUP, INC.</FONT></B>

<DIV align="center">
<B><FONT size="2">410 North 44th Street</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">Phoenix, Arizona 85008</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="38%" align="center" noshade>

<DIV>&nbsp;</DIV>

<!-- link1 "PROXY STATEMENT" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center">
<B>PROXY STATEMENT</B>
</DIV>

<P align="center">
<HR size="1" width="38%" align="center" noshade>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This Proxy Statement is being furnished to
shareholders of MESA AIR GROUP, INC., a Nevada corporation (the
&#147;Company&#148;), in connection with the solicitation of
proxies by the board of directors of the Company (the
&#147;Board&#148;) for use at the 2003 Annual Meeting of
Shareholders of the Company to be held on February&nbsp;11,
2003, at 10:00&nbsp;a.m., Arizona time, at the Phoenix Airport
Marriott, 1101 North 44th Street, Phoenix, Arizona, and any
adjournment or postponement thereof (the &#147;Annual
Meeting&#148;). A copy of the Notice of the Meeting accompanies
this Proxy Statement. This Proxy Statement and the accompanying
form of Proxy Card are being mailed on or about January&nbsp;10,
2003.
</FONT>

<P align="left">
<B><FONT size="2">Solicitation and Voting of Proxies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Only shareholders of record at the close of
business on December&nbsp;20, 2002 (the &#147;Record Date&#148;)
are entitled to notice of and to vote at the Annual Meeting and
at any adjournment or postponement of the meeting. On the Record
Date, 31,645,837&nbsp;shares of the Company&#146;s common stock,
no par value per share (the &#147;Common Stock&#148;), were
issued and outstanding.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each shareholder present at the Annual Meeting,
either in person or by proxy, will be entitled to one vote for
each share of Common Stock held of record on the Record Date on
each matter of business to be considered at the Annual Meeting.
The nine (9) nominees receiving a plurality of votes by shares
represented and entitled to vote at the Annual Meeting, if a
quorum is present, will be elected as directors of the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">All valid proxies received before the Annual
Meeting and not revoked will be exercised. All shares
represented by proxy will be voted, and where a shareholder
specifies by means of his or her proxy a choice with respect to
any matter to be acted upon, the shares will be voted in
accordance with the specifications so made. If no specification
is indicated and authority to vote is not specifically withheld,
the shares will be voted (i)&nbsp;&#147;for&#148; the election
of the persons named in the proxy to serve as directors;
(ii)&nbsp;&#147;for&#148; the proposal to amend the
Company&#146;s Outside Directors&#146; Stock Option Plan (the
&#147;Outside Directors&#146; Option Plan&#148;) to increase the
aggregate number of shares available for issuance thereunder
from 275,000 to 475,000; (iii)&nbsp;&#147;against&#148; the
shareholder proposal to redeem any poison pill previously issued
and not adopt or extend any poison pill unless such adoption or
extension has been submitted to a shareholder vote; and
(iv)&nbsp;&#147;for&#148; the ratification of
Deloitte&nbsp;&#38; Touche LLP (&#147;Deloitte &#38;
Touche&#148;) as the independent auditors of the Company.
Abstentions and broker non-votes will be included in the
determination of the number of shares represented for a quorum
and have the same effect as &#147;no&#148; votes in determining
whether the proposals are approved.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board does not know of any matters other than
the election of directors, the proposal to amend the Outside
Directors&#146; Plan, the shareholder proposal, and the
ratification of independent auditors that are expected to be
presented for consideration at the Annual Meeting. However, if
other matters properly come before the meeting, the persons
named in the accompanying proxy intend to vote thereon in
accordance with their judgment.
</FONT>

<P align="left">
<B><FONT size="2">Revocability of Proxies</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Proxies may be revoked at any time prior to the
time they are voted by: (a)&nbsp;delivering to the Secretary of
the Company a written instrument of revocation bearing a date
later than the date of the proxy; (b)&nbsp;duly executing and
delivering to the Secretary of the Company a subsequent proxy
relating to the same shares; or (c)&nbsp;attending the meeting
and voting in person, provided that the shareholder notifies the
Secretary at the meeting of his or her intention to vote in
person at any time prior to the voting of the proxy. In order to
vote their shares in person at the meeting, shareholders who own
their shares in &#147;street name&#148; (i.e., in the name of a
bank, broker or other record holder) must obtain a special proxy
card from their broker or bank.
</FONT>

<P align="center">

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

<P align="left">
<B><FONT size="2">Solicitation</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The cost of soliciting proxies, including the
cost of preparing and mailing the Notice and Proxy Statement,
will be paid by the Company. Solicitation will be primarily by
mailing this Proxy Statement to all shareholders entitled to
vote at the meeting. Proxies may also be solicited by officers
and directors of the Company personally or by telephone or
facsimile, without additional compensation. The Company may
reimburse brokers, banks and others holding shares in their
names for others for the cost of forwarding proxy materials and
obtaining proxies from beneficial owners.
</FONT>

<!-- link1 "ELECTION OF DIRECTORS (PROPOSAL NO. 1)" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center">
<B><FONT size="2">ELECTION OF DIRECTORS</FONT></B>

<P align="center">
<B><FONT size="2">(PROPOSAL NO. 1)</FONT></B>

<P align="left">
<B><FONT size="2">General Information</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company&#146;s current directors are
Jonathan&nbsp;G. Ornstein, Daniel&nbsp;J. Altobello,
Herbert&nbsp;A. Denton, General Ronald&nbsp;R. Fogleman,
Joseph&nbsp;L. Manson, George Murnane III, Maurice&nbsp;A.
Parker, Julie Silcock, and James&nbsp;E. Swigart. Their terms
expire upon the election and qualification of their successors
at the Annual Meeting. The Board has nominated each of these
current directors as nominees for election as directors in the
election to be held at the Annual Meeting. The Board intends to
vote its proxies for the election of its nominees, for a term to
expire at the Company&#146;s 2004 Annual Meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any nominee should become unavailable for any
reason, which the Board does not anticipate, the proxy will be
voted for any substitute nominee or nominees who may be selected
by the Board prior to or at the Annual Meeting, or, if no
substitute is selected by the Board prior to or at the Annual
Meeting, for a motion to reduce the present membership of the
Board to the number of nominees available. The information
concerning the nominees and their share holdings in the Company
has been furnished by the nominees to the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The nine (9) nominees receiving a plurality of
votes by shares represented and entitled to vote at the Annual
Meeting, if a quorum is present, will be elected as directors of
the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth the names and ages
of the directors of the Company and certain additional
information:
</FONT>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="67%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="23%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Age</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Position</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jonathan G. Ornstein
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Chairman of the Board
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Daniel J. Altobello
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">62</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Herbert A. Denton
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">55</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ronald R. Fogleman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">61</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph L. Manson
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">George Murnane III
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">44</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Maurice A. Parker
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Julie Silcock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James E. Swigart
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top" nowrap><FONT size="2">51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top">
    <FONT size="2">Director
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<B><FONT size="2">Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Biographical information regarding the
Company&#146;s directors is set forth below.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Jonathan G. Ornstein
</FONT></I><FONT size="2">was appointed President and Chief
Executive Officer of the Company effective May&nbsp;1, 1998.
Mr.&nbsp;Ornstein became a director on January 1998 and was
appointed to the Executive Committee on March&nbsp;13, 1998.
Mr.&nbsp;Ornstein assumed the role of Chairman of the Board in
June 1999. On June&nbsp;21, 2000, Mr.&nbsp;Ornstein relinquished
his position as President of the Company. From April 1996 until
his joining the Company as Chief Executive Officer,
Mr.&nbsp;Ornstein served as President and Chief Executive
Officer and Chairman of Virgin Express S.A./ N.V., a European
airline. From 1995 to April 1996, Mr.&nbsp;Ornstein served as
Chief Executive Officer of Virgin Express Holdings, Inc.
Mr.&nbsp;Ornstein joined Continental Express Airlines, Inc., as
President and Chief Executive Officer in July 1994 and, in
November 1994, was named Senior Vice
</FONT>

<P align="center"><FONT size="2">2
</FONT>

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

<DIV align="left">
<FONT size="2">President, Airport Services at Continental
Airlines, Inc. Mr.&nbsp;Ornstein was previously employed by the
Company from 1988 to 1994, as Executive Vice President and as
President of the Company&#146;s subsidiary, WestAir Holding, Inc.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Daniel J. Altobello
</FONT></I><FONT size="2">has served as a director of the
Company since January 1998. Mr.&nbsp;Altobello is the retired
Chairman and a director of LSG SkyChefs, Inc., the parent
corporation of Caterair International, Inc., and LSG/ SKY Chefs.
From 1989 to 1995, Mr.&nbsp;Altobello served as Chairman,
President and Chief Executive Officer of Caterair International
Corporation. From 1979 to 1989, he held various managerial
positions with the food service management and in-flight
catering divisions of Marriott Corporation, including Executive
Vice President of Marriott Corporation and President of Marriott
Airport Operations Group. Mr.&nbsp;Altobello began his
management career at Georgetown University as Vice President of
Administration Services. He is a member of the board of
directors of each of the following companies: American
Management Systems, Inc., Care First, Inc., Care First of
Maryland, Inc. (of which he is non-executive chairman), World
Airways, Inc., First Union Realty Trust, Friedman, Billings and
Ramsey Group, Inc. and Thayer Capital Partners.
Mr.&nbsp;Altobello is also a trustee of Loyola Foundation, Inc.,
Mt. Holyoke College, Suburban Hospital Foundation, Inc. and the
Woodstock Theological Center at Georgetown University.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Herbert A. Denton
</FONT></I><FONT size="2">has been a director of the Company
since January 1998. Mr.&nbsp;Denton is the President of
Providence Capital, Inc. (&#147;Providence&#148;), an
investment-banking firm he co-founded in 1991. Prior to
establishing Providence, Mr.&nbsp;Denton served as Managing
Director of Jefferies &#38; Co., Inc. from 1986 to 1991. He also
serves on the board of directors of PolyMedica Corporation.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">General Ronald R.
Fogleman,</FONT></I><FONT size="2"> U.S.A.F. retired, has been a
director of the Company since January 1998. General Fogleman has
been a member of the Company&#146;s Audit Committee since
February 1998, and Chairman of the Audit Committee since April
2001. In September 1997, he retired from the Air Force with the
rank of General. He served as Chief of Staff of the United
States Air Force from 1994 until 1997 and as Commander-in-Chief
of the United States Transportation Command from 1992 until
1994. General Fogleman currently serves on the board of
directors of each of the following companies: North American
Airlines (a feeder airline for El Al); Rolls Royce of North
America; International Airline Support Group, Inc.; and World
Airways.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Joseph L. Manson </FONT></I><FONT size="2">has
been a director of the Company since July 2001, and a member of
the Compensation Committee since October 2001 and a member of
the Audit Committee since April 2002. Mr.&nbsp;Manson is a
partner in the Washington, D.C. office of the law firm Piper
Rudnick (which recently merged with Verner Lipfert Burnhard
McPherson and Hand), where he has been employed since 1975.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">George Murnane&nbsp;III
</FONT></I><FONT size="2">is a director and was appointed
Executive Vice President of the Company effective December 2001.
Mr.&nbsp;Murnane has served as a director of the Company since
June 1999. Mr.&nbsp;Murnane has served as the President of
Barlow Management, Inc. since 1998. From 1996 to December 2001,
Mr.&nbsp;Murnane was a Director and Executive Vice President of
International Airline Support Group, Inc. (&#147;IASG&#148;), a
leading redistributor of aftermarket commercial aircraft spare
parts and lessor and trader of commercial aircraft and engines,
most recently as its Chief Operating Officer. From 1995 to 1996,
Mr.&nbsp;Murnane served as Executive Vice President and Chief
Operating Officer of Atlas Air, Inc., an air cargo company. From
1986 to 1996, he was an investment banker with the New York
investment banking firm of Merrill Lynch&nbsp;&#38; Co., most
recently as a Director in the firm&#146;s Transportation Group.
Mr.&nbsp;Murnane currently serves on the board of directors of
IASG and of North-South Airways, Inc.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Maurice A. Parker
</FONT></I><FONT size="2">has been a director of the Company
since November 1998, and has been a member of the Compensation
Committee since January 1999 and a member of the Audit Committee
between April 2001 and September 2002. From 1978 to January
1997, Mr.&nbsp;Parker served as a Federal Mediator for the
National Mediation Board of the United States government. From
1997 to the present, Mr.&nbsp;Parker has worked as an
independent arbitrator, mediator and consultant. In 1998,
Mr.&nbsp;Parker obtained his Doctorate in Jurisprudence from
South Texas College of Law. Mr.&nbsp;Parker has served as
Executive Director of Regional Aviation Partners since April
2001.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">Julie Silcock </FONT></I><FONT size="2">has
served as a director of the Company since July 2001, and has
been a member of the Audit Committee since October 2001. Since
November, 2000, Ms.&nbsp;Silcock has been the Managing Director
</FONT>

<P align="center"><FONT size="2">3
</FONT>

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

<DIV align="left">
<FONT size="2">and head of Southwest Investment Banking of
Salomon Smith Barney. From August 1997 to November 2000, she
served as Managing Director at Donaldson, Lufkin&nbsp;&#38;
Jenrette. From January 1984 to August 1997, she was an
investment banker with Bear, Stearns&nbsp;&#38; Co., Inc., most
recently as a Senior Managing Director.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I><FONT size="2">James E. Swigart </FONT></I><FONT size="2">has
served as a director of the Company since January 1998.
Mr.&nbsp;Swigart served as Vice Chairman and a member of the
Audit Committee until June 1999. He has been a member of the
Nominating Committee since April 1998. Mr.&nbsp;Swigart is a
minority shareholder of Barlow Management, Inc., and a minority
member of Barlow Capital, LLC. Mr.&nbsp;Swigart is the former
President and Chief Executive Officer of Virgin Express, S.A./
N.V. Mr.&nbsp;Swigart was appointed a member of the board of
directors of Virgin Express Holdings, Inc. on May 1998. From
December 1995 to April 1998, Mr.&nbsp;Swigart served as the
Chief Financial Officer of Virgin Express Holdings, Inc. From
April 1996 to April 1998, he served as Chief Financial Officer
of Virgin Express, S.A./ N.V. Mr.&nbsp;Swigart served as the
Chief Financial Officer of Continental Express Airlines, Inc.,
from July 1994 to November 1995 and President and controlling
shareholder of Hydralign, a manufacturing company for the paper
and plastics industries, from September 1993 to July 1994. From
1986 until August 1993, Mr.&nbsp;Swigart served as the Senior
Vice President of the Transportation Group at Lehman Brothers.
Mr.&nbsp;Swigart previously served as a member of the Board from
December 1993 until August 1994.
</FONT>

<P align="left">
<B><FONT size="2">Board and Committee Meetings</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board held six meetings during the 2002
fiscal year. No director attended less than 75% of the Board
meetings while serving as such director, or less than 75% of all
committee meetings on which he or she served as a committee
member.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The audit, nominating and compensation committees
are the standing committees of the Board. These committees are
comprised as follows:
</FONT>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Audit</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Nominating</FONT></B></TD>
    <TD></TD>
    <TD align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <FONT size="2">Ronald R. Fogleman<BR>
    Maurice A. Parker(1)<BR>
    Julie Silcock<BR>
    Joseph L. Manson
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Daniel J. Altobello<BR>
    Maurice A. Parker<BR>
    James E. Swigart
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">Daniel J. Altobello<BR>
    Maurice A. Parker<BR>
    Joseph L. Manson
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Parker resigned from the Board&#146;s
    audit committee effective September&nbsp;5, 2002.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The audit committee of the Board (the &#147;Audit
Committee&#148;) held seven meetings during fiscal 2002. The
Audit Committee, among other things, recommends the
Company&#146;s independent auditors, reviews the Company&#146;s
financial statements, reports and recommendations regarding the
adequacy of internal accounting controls made by the independent
auditors and considers such other matters with respect to the
accounting, auditing and financial reporting procedures as it
may deem appropriate or as may be brought to its attention.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee acts under a written charter
adopted and approved by the Board in May 2000. A copy of the
original Audit Committee Charter is attached as an exhibit to
the Company&#146;s 2001 Annual Meeting Proxy Statement. The
Charter was amended in April 2002. A copy of the amended Audit
Committee Charter is attached as Exhibit&nbsp;A to this Proxy
Statement. The Audit Committee is composed of outside directors
who are not officers or employees of the Company or its
subsidiaries. In the opinion of the Board and as
&#147;independent&#148; is defined under current standards of
the NASD, these directors are independent of management and free
of any relationship that would interfere with their exercise of
independent judgment as member of this committee.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The nominating committee of the Board (the
&#147;Nominating Committee&#148;) did not meet in fiscal 2002.
The Nominating Committee is responsible for the nominations of
persons to serve as directors and corporate officers of the
Company. The Nominating Committee will consider, but is not
required to approve, nominations for directors by shareholders
for any annual meeting of the Company, provided a written
recommendation is received by the Company no later than the date
shareholder proposals must be submitted for consideration prior
to such annual meeting.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The compensation committee of the Board (the
&#147;Compensation Committee&#148;) held one meeting during the
2002 fiscal year. The Compensation Committee is responsible for
allocating cash compensation and stock options to senior
executive officers of the Company.
</FONT>

<P align="center"><FONT size="2">4
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">It is expected that all current committee members
will be nominated for re-election to such committees at a Board
meeting to be held immediately following the Annual Meeting.
</FONT>

<P align="left">
<B><FONT size="2">Compensation of Directors</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Directors who are full-time employees of the
Company receive no additional compensation for serving as
directors. Each non-employee director receives an annual
retainer of $15,000. Non-employee directors are also paid $1,000
per meeting attended in person, $500 per committee meeting
attended in person, $500 for each telephonic Board meeting
attended and reimbursement of all expenses associated with
attending committee or Board meetings.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In addition, under the Outside Director&#146;s
Option Plan, each non-employee director receives an annual grant
of options to purchase 3,000 shares of Common Stock, plus the
number of options to purchase Common Stock equivalent to a cash
value of $20,000 as calculated pursuant to the Black-Scholes
Valuation Method (collectively, the &#147;Formula Amount&#148;),
at a risk-free rate of a ten-year zero coupon bond. Each
non-employee director receives an additional Formula Amount on
April 1st of each year thereafter. If there are an insufficient
number of options available for grants, a pro-rata amount of the
options available under the Plan will be granted to each
non-employee director. Upon being appointed a non-employee
director after April&nbsp;1, such director is granted a pro-rata
portion of the Formula Amount and receives options pursuant to
the plan on April 1st of each succeeding year. The amount of pro
rata options granted to each new non-employee director is
calculated by dividing the number of days prior to April 1st by
the number of days in the calendar year and multiplying the
quotient by the Formula Amount.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Each non-employee director, and certain family
members of such director, receives free travel on Mesa Air and
free or reduced-fare travel on certain air carriers at no cost
to the Company or the director. The Company believes that the
directors&#146; use of free air travel is &#147;de minimis&#148;
and did not maintain any records of non-employee directors&#146;
travel during fiscal 2002.
</FONT>

<P align="left">
<B><FONT size="2">Compensation Committee Interlocks</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the fiscal year 2002, the Compensation
Committee consisted of Messrs.&nbsp;Altobello, Parker and
Manson. Mr.&nbsp;Manson was elected to the Compensation
Committee in October 2002. None of the members of the committee
held any executive officer position or other employment with the
Company prior to or during such service. <I>See </I>Certain
Relationships and Related Transactions later in this proxy
statement for a discussion of payments made by the Company to
certain entities in which Messrs.&nbsp;Manson and Parker have an
interest.
</FONT>

<P align="center">
<B><FONT size="2">REPORT OF AUDIT COMMITTEE OF THE BOARD OF
DIRECTORS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee is responsible for, among
other things, reviewing and discussing the audited financial
statements with management, discussing with the Company&#146;s
independent auditors information relating to the auditors&#146;
judgments about the quality of the Company&#146;s accounting
policies and financial reporting practices, recommending to the
Board that the Company include the audited financials in its
Annual Report on Form&nbsp;10-K and overseeing compliance with
the Securities and Exchange Commission requirements for
disclosure of auditors&#146; services and activities.
</FONT>

<P align="left">
<B><FONT size="2">Review of Audited Financial
Statements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Audit Committee has reviewed the
Company&#146;s financial statements for the fiscal year ended
September&nbsp;30, 2002, as audited by Deloitte&nbsp;&#38;
Touche, the Company&#146;s independent auditors, and has
discussed these financial statements with management. In
addition, the Audit Committee has discussed with
Deloitte&nbsp;&#38; Touche the matters required to be discussed
by Statement of Auditing Standards No.&nbsp;61, as amended,
regarding the codification of statements on auditing standards.
Furthermore, the Audit Committee has received the written
disclosures and the letter from Deloitte&nbsp;&#38; Touche
required by the Independence Standards Board Standard No.&nbsp;1
and has discussed with Deloitte&nbsp;&#38; Touche its
independence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In reliance on the reviews and discussions
referred to above, the Audit Committee recommended to the Board
that the audited financial statements for the fiscal year ended
September&nbsp;30, 2002 be included in the Company&#146;s Annual
Report on Form&nbsp;10-K, for filing with the Securities and
Exchange Commission.
</FONT>

<P align="center"><FONT size="2">5
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The members of the Audit Committee are not
professionally engaged in the practice of auditing or
accounting. Members of the Audit Committee rely, without
independent verification, on the information provided to them
and on the representations made by management and the
independent accountants. Accordingly, the Audit Committee&#146;s
oversight does not provide an independent basis to determine
that management has maintained procedures designed to assure
compliance with accounting standards and applicable laws and
regulations. Furthermore, the Audit Committee&#146;s
considerations and discussions referred to above do not assure
that the audit of the Company&#146;s financial statements has
been carried out in accordance with generally accepted auditing
standards, that the financial statements are presented in
accordance with generally accepted accounting principles and
that the Company&#146;s independent accountants are in fact
&#147;independent.&#148;
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Audit Committee of the Board of Directors
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Ronald R. Fogleman
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Julie Silcock
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Joseph L. Manson
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">DISCLOSURE OF AUDIT AND NON-AUDIT
FEES</FONT></B>

<P align="left">
<B><FONT size="2">Audit Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The aggregate fees billed by Deloitte&nbsp;&#38;
Touche for professional services rendered for the audit of the
Company&#146;s financial statements for the fiscal year ended
September&nbsp;30, 2002, and the review of the Company&#146;s
Forms&nbsp;10-Q during the fiscal year 2002 were approximately
$441,000.
</FONT>

<P align="left">
<B><FONT size="2">Financial Information Systems Design and
Implementation Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There were no fees billed for the professional
services described in Paragraph&nbsp;(c)(4)(ii) of
Rule&nbsp;2-01 of Regulation&nbsp;S-X rendered by
Deloitte&nbsp;&#38; Touche for the fiscal year ended
September&nbsp;30, 2002.
</FONT>

<P align="left">
<B><FONT size="2">All Other Fees</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During fiscal 2002, the Company was billed
aggregate fees of approximately $824,000 from
Deloitte&nbsp;&#38; Touche for non-audit services rendered to
the Company, such as tax consulting and miscellaneous compliance
auditing. The audit committee has considered whether the
provision of these services is compatible with maintaining the
principal accountant&#146;s independence.
</FONT>

<P align="center"><FONT size="2">6
</FONT>

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

<P align="center">
<B><FONT size="2">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL
OWNERS AND MANAGEMENT</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth certain
information regarding the beneficial ownership of Common Stock
as of September&nbsp;30, 2002 by (i)&nbsp;each director of the
Company, (ii)&nbsp;each of the Company&#146;s officers named in
the Summary Compensation Table (collectively, the &#147;Named
Executive Officers&#148;), (iii)&nbsp;each person who is known
by the Company to be the beneficial owner of more than five
percent of the Company&#146;s outstanding Common Stock and
(iv)&nbsp;all directors and executive officers as a group.
Except as otherwise indicated below, each person named has sole
voting and investment power with respect to the shares indicated.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="49%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Amount and Nature of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Beneficial Ownership</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Address of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options/</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Beneficial Owner</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Warrants(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total(1)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent(1)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Wisconsin Investment Board
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,880,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,880,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">P.O. Box 7842<BR>
    Madison, Wisconsin 53702
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Franklin Resources, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,142,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,142,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.70</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">777 Mariners Blvd<BR>
    San Mateo, CA 94404
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Dimensional Fund Advisors, Inc.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,858,879</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,858,879</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.81</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">1299 Ocean Ave., 11th Floor<BR>
    Santa Monica, CA 90401-1038
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">State Street Research &#38; Management
    Co.&nbsp;</FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,028,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,028,800</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">One Financial Center, 30th Floor<BR>
    Boston, MA 02111
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Putnam Investments
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,573,562</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,573,562</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.17</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2">One Post Office Square<BR>
    Boston, MA 02109
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jonathan G. Ornstein(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,212</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,147,638</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,397,850</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.37</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James E. Swigart(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">176,294</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">219,7398</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Daniel J. Altobello
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Herbert A. Denton(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,872</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,872</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ronald R. Fogleman(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,200</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">44,645</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph L. Manson
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">George Murnane III(6)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">72,475</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Maurice Parker
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">17,084</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">20,584</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Julie Silcock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael J. Lotz
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">196,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">202,596</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brian S. Gillman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">28,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">F. Carter Leake
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">35,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">38,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">*</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All directors and named officers as a group
    (12&nbsp;Individuals)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">512,206</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,588,656</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,100,862</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes options and warrants exercisable on
    September&nbsp;30, 2002 or within 60&nbsp;days thereafter.
    Holdings of less than 1% are indicated by &#147;*&#148;.
    Percentages are based upon 31,989,886&nbsp;shares of the Common
    Stock issued and outstanding as of September&nbsp;30, 2002.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 40,000&nbsp;shares of Common Stock held
    by Barlow Management, Inc. Mr.&nbsp;Ornstein is the majority
    shareholder of Barlow Management, Inc. Mr. Ornstein disclaims
    beneficial ownership of such shares to the extent exceeding his
    proportionate interest in such entity. Also includes
    145,212&nbsp;shares held by Mr.&nbsp;Ornstein&#146;s children,
    mother and spouse.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 40,000&nbsp;shares of Common Stock held
    by Barlow Management, Inc. Mr.&nbsp;Swigart is a shareholder of
    Barlow Management, Inc. Mr.&nbsp;Swigart disclaims beneficial
    ownership of such shares to the extent exceeding his
    proportionate interest in such entity. Also includes
    7,729&nbsp;shares held by Mr.&nbsp;Swigart&#146;s wife and
    children.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">7
</FONT>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes shares of Common Stock held in the name
    of Providence Investors, LLC. As such, Mr.&nbsp;Denton claims
    beneficial ownership of the shares held by these entities to the
    extent of his proportional interest therein.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 1,200&nbsp;shares of Common Stock held
    by B Bar J Pension Fund, which is controlled by
    Mr.&nbsp;Fogleman.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(6)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes 40,000&nbsp;shares of Common Stock held
    by Barlow Management, Inc. Mr.&nbsp;Murnane is the President of
    Barlow Management, Inc. Mr.&nbsp;Murnane disclaims beneficial
    ownership of such shares to the extent exceeding his
    proportionate interest in such entity.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Compliance with Section&nbsp;16(a) of the
Securities Exchange Act of 1934</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Section&nbsp;16(a) of the Securities Exchange Act
of 1934, as amended, requires the Company&#146;s directors and
executive officers, as well as persons beneficially owning more
than 10% of the outstanding Common Stock, to file certain
reports of ownership with the Securities and Exchange Commission
within specified time periods. Such officers, directors and
shareholders are also required by Securities and Exchange
Commission rules to furnish the Company with copies of all
Section&nbsp;16(a) forms they file.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Based solely on its review of such forms received
by it, or written representations from certain reporting
persons, the Company believes that between October&nbsp;1, 2001
and September&nbsp;30, 2002, all Section&nbsp;16(a) filing
requirements applicable to its officers, directors and 10%
shareholders were met.
</FONT>

<P align="center">
<B><FONT size="2">EXECUTIVE COMPENSATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth certain
compensation paid or accrued by the Company during the fiscal
years ended September&nbsp;30, 2002, 2001 and 2000 to the Chief
Executive Officer of the Company and the four other most highly
compensated executive officers of the Company whose total annual
salary and bonuses exceeded $100,000 (the &#147;Named Executive
Officers&#148;).
</FONT>

<P align="center">
<B><FONT size="2">SUMMARY COMPENSATION TABLE</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="39%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="7%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19"></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><B><FONT size="1">Annual Compensation</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="19" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="11"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Other Annual</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Securities Under-</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Salary</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Bonus</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Compensation</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Lying Options</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Name and Principal Position</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($)(1)(2)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(#)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jonathan G. Ornstein
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">420,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">210,939</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">366,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Chief Executive Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">315,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103,519</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">200,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">840,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4,615</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael J. Lotz
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">320,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">176,264</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">239,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President and Chief Operating Officer
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">175,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">205,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">134,769</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">119,231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">225,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5,250</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">George Murnane III(3)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">97,038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">135,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Executive Vice President
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">F. Carter Leake(4)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">120,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">President, CCAir
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96,546</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">40,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brian S. Gillman(5)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">110,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,266</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Vice President &#38; General Counsel
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">67,692</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">36,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">60,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">These amounts include the Company&#146;s vested
    and non-vested contributions to the individual named executive
    officer&#146;s 401(k) plan account. Under the Company&#146;s
    401(k) plan, employees may contribute up to 15% of their annual
    salary and bonus up to a specified maximum. The Company
    currently makes matching contributions equal to 25% of an
    employee&#146;s contributions (including officers), with a cap
    of 10% of the employee&#146;s annual compensation.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">These amounts include deferred compensation
    accrued by Mr.&nbsp;Ornstein and Mr.&nbsp;Lotz under their
    deferred compensation agreements.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Murnane joined the Company on
    January&nbsp;16, 2002.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">8
</FONT>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(4)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Leake joined the Company on
    January&nbsp;11, 2001.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(5)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mr.&nbsp;Gillman joined the Company on
    February&nbsp;5, 2001.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">OPTION GRANTS IN LAST FISCAL YEAR</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth for each Named
Executive Officer information concerning individual grants of
stock options during the 2002 fiscal year.
</FONT>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="5%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Potential Realizable</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Percent of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Value at Assumed</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Total</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Annual Rates of Stock</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Price Appreciation for</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Granted To</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><B><FONT size="1">Option Term</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Employees in</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Base Price(2)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Expiration</FONT></B></TD>
    <TD></TD>
    <TD colspan="7" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Granted(1)(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Fiscal Year</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">($/share)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Date</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">5%(3)($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">10%(3)($)</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jonathan Ornstein
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.84%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/2/2011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">243,535</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">685,684</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">66,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.23%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/17/2011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11,640</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">208,660</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.84%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4/12/2012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael Lotz
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.89%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/2/2011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">162,390</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">457,123</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">39,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3.14%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">5.50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/17/2011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,984</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125,190</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.89%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">7.88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1/2/2012</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">94,816</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">George Murnane&nbsp;III
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">11.84%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.36</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">12/6/11</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">360,674</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">F. Carter Leake
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.37%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/2/2011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,717</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brian S. Gillman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">30,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2.37%</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">4.04</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10/2/2011</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">48,717</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">137,137</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Option grants under the Company&#146;s First
    Amendment to the Restated and Amended Mesa Airline Stock Option
    Plan. The shares underlying option grants made pursuant to the
    Mesa Airline Stock Option Plan vest in annual &nbsp;1/3
    increments beginning one year after the date of the grant.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The exercise price was set at 100% of the closing
    price of the Common Stock on the grant date, as reported on the
    NASDAQ National Market.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(3)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Potential realizable values shown above represent
    the potential gains based upon annual compound stock price
    appreciation of 5% and 10% from October&nbsp;1, 2002 through the
    full option term. The actual value realized, if any, on stock
    option exercises will be dependent upon overall market
    conditions and the future performance of the Company and the
    Common Stock. There is no assurance that the actual value
    realized will approximate the amounts reflected in this table.
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">OPTION EXERCISES</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth the number of
shares covered by both exercisable and unexercisable stock
options as of the fiscal year ended September&nbsp;30, 2002,
together with the values for &#147;in-the-money&#148; options
which represent the positive spread between the exercise price
of any such outstanding stock and the fiscal year end price of
the Common Stock.
</FONT>

<P align="center">
<B><FONT size="2">AGGREGATE OPTION EXERCISES IN LAST FISCAL YEAR
AND YEAR END OPTION VALUES</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="25%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of Securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying Unexercised</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value of Unexercised</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Shares</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Options at</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">In-The-Money Options at</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Acquired on</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Value</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">September&nbsp;30, 2002(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">September&nbsp;30, 2002($)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercise(#)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Realized($)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable/Unexercisable</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Exercisable/Unexercisable(1)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Jonathan G. Ornstein
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,075,533/416,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/$0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Michael J. Lotz
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">150,000/289,786</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/$0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">George Murnane III
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,475/150,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/$0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">F. Carter Leake
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">25,000/80,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/$0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Brian S. Gillman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">2,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6,510</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">18,000/70,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">0/$0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Based on the closing price of the Common Stock on
    September&nbsp;30, 2002 of $3.65 per share, as reported by the
    NASDAQ National Market.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">9
</FONT>

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

<P align="left">
<B><FONT size="2">Amendment or Repricing of Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">During the 2002 fiscal year, the Company did not
amend or reprice any of its stock options held by executive
officers of the Company.
</FONT>

<P align="center">
<B><FONT size="2">EQUITY COMPENSATION PLANS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table sets forth certain
information as of September&nbsp;30, 2002, concerning
outstanding options and rights to purchase Common Stock granted
to participants in all of the Company&#146;s equity compensation
plans (including the Outside Director&#146;s Option Plan) and
the number of shares of Common Stock remaining available for
issuance under such equity compensation plans.
</FONT>

<P align="center">
<B><FONT size="2">EQUITY COMPENSATION PLAN INFORMATION</FONT></B>

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="31%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="9%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="8%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="11%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="10%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of securities</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of securities</FONT></B></TD>
    <TD></TD>
    <TD colspan="3"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">remaining available</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">to be issued</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Weighted-average</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">for future issuance</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">upon exercise of</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">exercise price</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">under equity compensation</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">outstanding options,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">of outstanding options,</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">plans (excluding securities</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2"></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">warrants and rights</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">warrants and rights</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">reflected in column (a))</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><B><FONT size="1">Plan Category</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(a)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(b)</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">(c)</FONT></B></TD>
</TR>

<TR>
    <TD colspan="2" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity compensation plans approved by security
    holders(1)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,391,757</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">6.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,502,627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2" align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Equity compensation plans not approved by
    security holders(2)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">250,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">9.83</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">1,750,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="2"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Total
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,641,757</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">3,252,627</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<HR size="1" width="18%" align="left" noshade>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Includes the Outside Directors&#146; Option Plan,
    which was approved by the shareholders on July&nbsp;24, 1998.
    This plan is being presented to shareholders for approval of an
    amendment to increase the number of shares authorized for
    issuance thereunder.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(2)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The Board of Directors adopted the 2001 Key
    Officer Plan on October&nbsp;31, 2001. An aggregate of 1,750,000
    shares are authorized for issuance under this plan. The
    Company&#146;s CEO and President are the only persons eligible
    to participate in the Plan. Options are granted pursuant to the
    terms of their respective employment contracts.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Employment Agreements</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Chief Executive Officer; the President and
Chief Operating Officer; the Executive Vice President; the Chief
Financial Officer; the President of CCAir, Inc., and the Vice
President and General Counsel have each entered into an
employment agreement with the Company.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Employment Agreement with Chief Executive
    Officer</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective as of March&nbsp;14, 2001, Jonathan G.
Ornstein and the Company entered into a new employment
agreement, in which Mr.&nbsp;Ornstein agreed to serve as the
Chief Executive Officer of the Company for a term of five
(5)&nbsp;years ending March&nbsp;13, 2006. Under
Mr.&nbsp;Ornstein&#146;s agreement, he receives a base salary of
$200,000. The base salary is subject to increase based on
increases in the Consumer Price Index, and is subject to annual
discretionary increases upon review by the Board.
Mr.&nbsp;Ornstein also is entitled to an annual bonus, paid
quarterly, based on annual performance criteria as set forth in
the agreement, which may range from $52,500 to $420,000.
Additionally, the Board may approve discretionary bonuses. Upon
execution of the agreement and on March&nbsp;14th of each year
thereafter during the term of the agreement, the Company is
obligated to contribute $200,000, as deferred compensation, to
an account for the benefit of Mr.&nbsp;Ornstein. The Company
also is obligated to provide Mr.&nbsp;Ornstein with $5,000,000
of term life insurance, the limited use of Company aircraft, and
other customary fringe benefits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Ornstein&#146;s employment agreement
also provides for the initial grant of stock options to purchase
150,000 shares of Common Stock, with the options vesting in
one-third increments over a three-year period, and additional
annual option grants of 150,000 shares throughout the term of
the agreement. The exercise
</FONT>

<P align="center"><FONT size="2">10
</FONT>

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

<DIV align="left">
<FONT size="2">price for each option is determined by the market
price for the Common Stock on the date the option is granted.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The agreement provides that upon
Mr.&nbsp;Ornstein&#146;s disability, as defined in the
agreement, he will receive on a monthly basis, his base salary,
plus an annualized amount equal to his historical bonuses. The
Company will make such disability payments for as long as the
disability lasts, up to 48&nbsp;months, and payments will
continue to be made even if they extend beyond the term of the
agreement. The Company is required to fund a portion of the
payments with disability insurance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Ornstein may terminate the agreement
following the occurrence of an event constituting &#147;Good
Reason.&#148; &#147;Good Reason&#148; is defined as the
occurrence of any of the following circumstances: (i)&nbsp;any
change by the Company in Mr.&nbsp;Ornstein&#146;s title, or any
significant diminishment in his function, duties or
responsibilities, (ii)&nbsp;any material uncured breach by the
Company; or (iii)&nbsp;a Change in Control (as defined in the
agreement) and the expiration of 90&nbsp;days.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Mr.&nbsp;Ornstein&#146;s employment is
terminated (a)&nbsp;by the Company without Cause (as defined in
the agreement), (b)&nbsp;by Mr.&nbsp;Ornstein for Good Reason,
(c)&nbsp;by Mr.&nbsp;Ornstein after March&nbsp;13, 2004, or
(d)&nbsp;upon expiration of the term of the agreement, the
Company is required to pay all normal accrued amounts, plus
$400,000 (that is, twice the normal deferred compensation
payment) on March&nbsp;14th of each year through 2005 in lieu of
payments that would have been made under the deferred
compensation plan, and severance pay for 36&nbsp;months at the
rate of twice his normal salary and twice his historical
bonuses. In addition, the Company has agreed to enter into a
consulting agreement with Mr.&nbsp;Ornstein, at
Mr.&nbsp;Ornstein&#146;s option, the terms of which will provide
for Mr.&nbsp;Ornstein&#146;s retention as a consultant for a
period of 10&nbsp;years from its effective date at the rate of
$200,000 per year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any payments received by Mr.&nbsp;Ornstein
under the agreement are treated as &#147;golden parachute&#148;
payments and are subjected to the excise tax imposed by
Section&nbsp;4999 of the Internal Revenue Code,
Mr.&nbsp;Ornstein is entitled to receive &#147;gross up&#148;
payments sufficient to cover the excise tax.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Employment Agreement with President and
    Chief Operating Officer</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective as of March&nbsp;14, 2001, Michael J.
Lotz and the Company entered into a new employment agreement, in
which Mr.&nbsp;Lotz agreed to serve as the President and Chief
Operating Officer of the Company for a term of five
(5)&nbsp;years ending January&nbsp;1, 2006. Under
Mr.&nbsp;Lotz&#146;s agreement, he receives a base salary of
$175,000. The base salary is subject to increase based on
increases in the Consumer Price Index, and is subject to annual
discretionary increases upon review by the Board. Mr.&nbsp;Lotz
also is entitled to an annual bonus, paid quarterly based on
annual performance criteria as set forth in the agreement, which
may range from $40,000 to $320,000. Additionally, the Board may
approve discretionary bonuses. Upon execution of the agreement
and on March&nbsp;14th of each year thereafter during the term
of the agreement, the Company is obligated to contribute
$175,000, as deferred compensation, to an account for the
benefit of Mr.&nbsp;Lotz. The Company also is obligated to
provide Mr.&nbsp;Lotz with $2,000,000 of term life insurance,
the limited use of Company aircraft, and other customary fringe
benefits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Lotz&#146;s employment agreement also
provides for the initial grant of stock options to purchase
100,000 shares of Common Stock, with the options vesting in
one-third increments over a three-year period, and additional
annual option grants of 100,000 shares throughout the term of
the agreement. The option exercise price for each option is
determined by the market price for the Common Stock on the date
the option is granted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The agreement provides that upon
Mr.&nbsp;Lotz&#146;s disability, as defined in the agreement,
Mr.&nbsp;Lotz will receive on a monthly basis, his base salary,
plus an annualized amount equal to his historical bonuses. The
Company will make such disability payments for as long as the
disability lasts, up to 48&nbsp;months, and payments will
continue to be made even if they extend beyond the term of the
agreement. The Company is required to fund a portion of the
payments with disability insurance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Lotz may terminate the agreement
following the occurrence of an event constituting &#147;Good
Reason.&#148; &#147;Good Reason&#148; is defined as the
occurrence of any of the following circumstances: (i)&nbsp;any
change by the Company in Mr.&nbsp;Lotz&#146;s title, or any
significant diminishment in his function, duties or
responsibilities, (ii)&nbsp;any
</FONT>

<P align="center"><FONT size="2">11
</FONT>

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

<DIV align="left">
<FONT size="2">material uncured breach by the Company; or
(iii)&nbsp;a Change in Control (as defined in the agreement) and
the expiration of 90&nbsp;days.
</FONT>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Mr.&nbsp;Lotz&#146;s employment is terminated
(a)&nbsp;by the Company without Cause (as defined in the
agreement), (b)&nbsp;by Mr.&nbsp;Lotz for Good Reason,
(c)&nbsp;by Mr.&nbsp;Lotz after January&nbsp;1, 2004, or
(d)&nbsp;upon expiration of the term of the agreement, the
Company is required to pay all normal accrued amounts, plus
$350,000 (that is, twice the normal deferred compensation
payment) on March&nbsp;14th of each year through 2005 in lieu of
payments that would have been made under the deferred
compensation plan, and severance pay for 36&nbsp;months at the
rate of twice his normal salary and twice his historical
bonuses. In addition, the Company has agreed to enter into a
consulting agreement with Mr.&nbsp;Lotz, at Mr.&nbsp;Lotz&#146;s
option, the terms of which will provide for Mr.&nbsp;Lotz&#146;s
retention as a consultant for a period of 10&nbsp;years from its
effective date at the rate of $150,000 per year.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any payments received by Mr.&nbsp;Lotz under
the agreement are treated as &#147;golden parachute&#148;
payments and are subjected to the excise tax imposed by
Section&nbsp;4999 of the Internal Revenue Code, Mr.&nbsp;Lotz is
entitled to receive &#147;gross up&#148; payments sufficient to
cover the excise tax.
</FONT>

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Employment Agreement with Executive Vice
    President</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Effective December&nbsp;6, 2001, George
Murnane&nbsp;III and the Company entered into an employment
agreement, in which Mr.&nbsp;Murnane agreed to serve as
Executive Vice President of the Company for a term of four
(4)&nbsp;years ending December, 2005. Under
Mr.&nbsp;Murnane&#146;s employment agreement, Mr.&nbsp;Murnane
receives a base salary of $145,000. The base salary is subject
to increases in the Consumer Price Index, and is subject to
annual discretionary increases upon review by the Board.
Mr.&nbsp;Murnane is also entitled to an annual bonus paid
quarterly based on annual performance criteria as set forth in
the agreement, which may range from $40,000 to $180,000. The
Company also is obligated to provide Mr.&nbsp;Murnane with
$2,000,000 of term life insurance and other customary fringe
benefits.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Murnane&#146;s employment agreement also
provides for the initial grant of stock options to purchase
150,000 shares of Common Stock, with the options vesting in
one-third increments over a three-year period, and additional
annual option grants of not fewer than 40,000 shares throughout
the term of the agreement. The option exercise price for each
option is determined by the market price for the Common Stock on
the date the option is granted.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The agreement provides that upon
Mr.&nbsp;Murnane&#146;s disability, as defined in the agreement,
Mr.&nbsp;Murnane will receive on a monthly basis, his base
salary, plus an annualized amount equal to his historical
bonuses. The Company will make such disability payments for as
long as the disability lasts, up to 48 months, and payments will
continue to be made even if they extend beyond the term of the
agreement. The Company is required to fund a portion of the
payments with disability insurance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Mr.&nbsp;Murnane may terminate the agreement
following the occurrence of an event constituting &#147;Good
Reason.&#148; &#147;Good Reason&#148; is defined as the
occurrence of any of the following circumstances: (i)&nbsp;any
change by the Company in Mr. Murnane&#146;s title, or any
significant diminishment in his function, duties or
responsibilities and (ii)&nbsp;any material uncured breach by
the Company or relocation of Mr.&nbsp;Murnane outside Maricopa
County without prior written consent.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If Mr.&nbsp;Murnane&#146;s employment is
terminated (a)&nbsp;by the Company without Cause (as defined in
the agreement) or (b)&nbsp;by Mr.&nbsp;Murnane for Good Reason,
the Company is required to pay all normal accrued amounts plus
pay Mr.&nbsp;Murnane the greater of (i)&nbsp;salary and bonus
payments calculated at the threshold level and (ii)&nbsp;salary
and bonus payment, calculated at the minimum level, equal to two
years of service. Upon termination by the Company or by
Mr.&nbsp;Murnane following a Change in Control (as defined in
the agreement), the Company must pay all normal accrued amounts
plus payment representing four years of salary and bonus
calculated at the minimum level, with an agreed minimum payment
of at least one million dollars.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">If any payments received by Mr.&nbsp;Murnane
under the agreement are treated as &#147;golden parachute&#148;
payments and are subjected to the excise tax imposed by
Section&nbsp;4999 of the Internal Revenue Code, Mr.&nbsp;Murnane
is entitled to receive &#147;gross up&#148; payments sufficient
to cover the excise tax.
</FONT>

<P align="center"><FONT size="2">12
</FONT>

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

<DIV>&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD></TD>
    <TD>
    <B><I><FONT size="2">Other Employment Agreements</FONT></I></B></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon their appointment as Chief Financial
Officer, President of CCAir, Inc. and Vice President and General
Counsel, respectively, each of Messrs. Stone, Leake and Gillman
and the Company entered into employment agreements. Each of
these employment agreements provide for cash and non-cash
compensation. Messrs.&nbsp;Stone, Leake and Gillman receive a
base salary of $125,000, $120,000 and $110,000, respectively,
and are eligible to receive quarterly bonuses of varying minimum
amounts ranging from at least 5% to at least 25% of their
respective base salaries. Further, these employment agreements
differ from Mr.&nbsp;Ornstein&#146;s and Mr.&nbsp;Lotz&#146;s
with respect to lump sum payments due to each of them upon
termination by the Company without Good Cause or by either of
them for Good Reason and with respect to the retention of either
of them as consultants thereafter.
</FONT>

<P align="center">
<B><FONT size="2">COMPENSATION COMMITTEE REPORT ON EXECUTIVE
COMPENSATION</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Compensation Committee consists of three
directors, Messrs.&nbsp;Altobello, Parker and Manson, who are
not employees of the Company. Mr.&nbsp;Manson was elected to the
Compensation Committee in October 2002. The Compensation
Committee has the responsibility for allocation of cash
compensation and stock options to senior executive officers of
the Company. The Compensation Committee primarily administers
the Company&#146;s cash compensation plans and employee stock
option plans. In those instances in which Rule&nbsp;16b-3 of the
Securities Exchange Act of 1934 requires grants or awards of
stock options to be made by a &#147;disinterested&#148;
committee, the Compensation Committee is solely responsible for
the administration of such plans.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The entire Board regularly reviews the
Compensation Committee decisions relating to executive
compensation. The Company&#146;s executive compensation
policies, as endorsed by the Compensation Committee, have been
designed to provide a balanced compensation program that will
assist the Company in its efforts to attract, motivate and
retain talented executives who the Compensation Committee and
senior management believe are important to the long-term
financial success of the Company. The employment contracts of
Messrs.&nbsp;Ornstein, Lotz and Murnane provide for bonuses.
Bonuses are limited to prescribed percentages of base salary,
based upon the percentage growth in earnings per share of the
Company. Growth in earnings per share (&#147;EPS&#148;) is
categorized at four levels: (1)&nbsp;Minimum&nbsp;&#151; any
growth in EPS during the prior fiscal year;
(2)&nbsp;Threshold&nbsp;&#151; 5.0% to 9.9% growth in EPS;
(3)&nbsp;Target&nbsp;&#151; 10.0% to 14.9% growth in EPS; and
(4)&nbsp;Maximum&nbsp;&#151; 15.0% or greater growth in EPS. The
Board may also approve discretionary bonuses. In addition to
salaries and bonuses, an integral part of executive compensation
is the issuance of stock options on an annualized basis to key
employees under the Key Officer Stock Option Plan and the 1996
Stock Option Plan (together, the &#147;Stock Option Plans&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Key Officer Stock Option Plan provides for
options to be issued to the CEO and President at set dates for
prescribed amounts. The 1996 Stock Option Plan provides for
options to be issued to officers and key employees at the
discretion of the Compensation Committee upon recommendation by
the Chief Executive Officer. The options granted under the
foregoing Stock Option Plans vest at the rate of approximately
one-third per year commencing one year after the grant date. The
options have a 10-year term and are subject to standard option
provisions, including the requirement of continued employment
and provisions to deal with termination of employment due to
retirement, death or disability. Under the Stock Option Plans,
options will be issued at the weighted average price of Common
Stock on the date of grant. The total number of options granted
under all Stock Option Plans in fiscal 2002 was 1,397,829. The
Compensation Committee believes
</FONT>

<P align="center"><FONT size="2">13
</FONT>

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

<DIV align="left">
<FONT size="2">that the issuance of stock options to officers
and key employees related to the appreciation of the Common
Stock provides equitable incentives to increase the
profitability of the Company.
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">COMPENSATION COMMITTEE
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Daniel J. Altobello
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Joseph L. Manson
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Maurice A. Parker
    </FONT></TD>
</TR>

</TABLE>

<P align="center">
<B><FONT size="2">CERTAIN RELATIONSHIPS AND RELATED
TRANSACTIONS</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In February 1999, the Company entered into an
agreement with Barlow Capital, LLC (&#147;Barlow&#148;), whereby
Barlow would provide financial advisory services related to
aircraft leases, mergers and acquisitions, and certain other
financing arrangement. The Company paid fees totaling $846,000,
$627,000 and $409,000 to Barlow in fiscal 2002, 2001 and 2000,
respectively, for arranging for leasing companies to participate
in the Company&#146;s various aircraft financings under this
agreement. Messrs.&nbsp;Ornstein, Murnane and Swigart are each
members of Barlow Capital, LLC and each hold a 20% membership
interest therein. Distribution to the members are determined by
the members on a year-by-year basis. Substantially all of
Barlow&#146;s revenues are derived from its agreement with the
Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On September&nbsp;9, 1998, the Company entered
into an agreement with International Airline Support Group
(&#147;IASG&#148;) whereby the Company would consign certain
surplus airplane parts to IASG to sell on the open market. IASG
in turn would submit proceeds from such sales to the Company
less a market-based fee. During fiscal 2002, 2001 and 2000,
respectively, the Company paid IASG approximately $348,000,
$553,000 and $611,000 in commissions on sales of surplus
aircraft parts. Messrs.&nbsp;Murnane and Fogleman are currently
members of the board of directors of IASG and was an executive
officer of IASG before joining the Company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company provides administrative support,
reservation services and office space to Europe-By-Air, Inc. The
Company billed Europe-By-Air approximately $70,000, $64,000 and
$78,000 for these services during 2002, 2001 and 2000,
respectively. At September&nbsp;30, 2002 and 2001, the Company
had receivables from Europe-By-Air of $32,000 and $7,000,
respectively. Mr.&nbsp;Ornstein and Mr.&nbsp;Swigart are a
shareholder and a Chief Executive Officer and shareholder of
Europe-By-Air, respectively.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In December 1999, the Company retained Providence
Capital, Inc. (&#147;Providence&#148;) to assist with its stock
repurchase program as well as other equity trades. Fees and/or
commissions totaling approximately $108,000 and $200,000 were
paid to Providence during fiscal 2002 and 2001, respectively.
Mr.&nbsp;Denton is the President and Chief Executive Officer of
Providence.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company has used the services of the law firm
of Piper Rudnick (formerly Verner, Liipfert, Bernhard, McPherson
and Hand) for labor related actions. In 2002, the Company paid
Piper Rudnick $571,333 for legal-related services.
Mr.&nbsp;Manson is a partner with Piper Rudnick.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;1, 2001, the Company loaned $234,000
to Mr.&nbsp;Ornstein pursuant to a promissory note. Amounts
outstanding under the promissory note accrued interest at a rate
of 7.5% per annum and required quarterly payments. On
July&nbsp;27, 2002, Mr.&nbsp;Ornstein paid the entire principal
balance of the note and all accrued interest thereon.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">On May&nbsp;1, 2001, the Company loaned $90,000
to Mr.&nbsp;Lotz pursuant to a promissory note. Amounts
outstanding under the promissory note accrued interest at a rate
of 7.5% per annum and required quarterly payments. On
July&nbsp;17, 2002, Mr.&nbsp;Lotz paid the entire principal
balance of the note and all accrued interest thereon.
</FONT>

<P align="center"><FONT size="2">14
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In September 2001, the Company entered into an
agreement to form UFLY, LLC (&#147;UFLY&#148;), for the purpose
of making strategic investments in US Airways, Inc. The Company
owns a 50% membership interest in UFLY. In 2002, the Company
contributed $5.0&nbsp;million in investments and the other
members contributed $5.0&nbsp;million in cash to form UFLY. Also
during 2002, UFLY made capital distributions of
$2.5&nbsp;million back to the Company and $3.0&nbsp;million to
the other members. At September&nbsp;30, 2002, the Company owned
approximately 56% of UFLY. Jonathan Ornstein, the Company&#146;s
Chairman and CEO, is the managing member of UFLY.
Mr.&nbsp;Ornstein receives no additional compensation from the
Company or UFLY for his role as the managing member of UFLY.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In April, 2001, the Company founded Regional
Aviation Partners (&#147;RAP&#148;) to represent regional
aviation interests. Mr.&nbsp;Parker is the Executive Director of
RAP. Since inception, the Company has financed one hundred
percent (100%) of RAP&#146;s operations. During fiscal year
ended September&nbsp;30, 2002, Mr.&nbsp;Parker received $84,185
for his role as Executive Director of RAP.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company will enter into future business
arrangements with related parties only where such arrangements
are approved by a majority of disinterested directors and are on
terms at least as favorable as those available from unaffiliated
third parties.
</FONT>

<P align="center"><FONT size="2">15
</FONT>

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

<P align="center">
<B><FONT size="2">COMPARISON OF STOCK PERFORMANCE</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Set forth below is a graph comparing the
five-year cumulative shareholder return on the Common Stock
against the five-year cumulative total return on the CRSP Index
for NASDAQ Stock Market, U.S. Companies, and the CRSP Index for
NASDAQ Stocks (SIC&nbsp;4510-4519) (&#147;Old Peer Group&#148;)
and the American Stock Exchange Airline Index (the &#147;New
Peer Group&#148;). The Company selected the New Peer Group
because the Company believes the New Peer Group is a more
recognizable and representative group of companies in which to
compare the Common Stock. The Old Peer Group is composed of
NASDAQ companies engaged in air transportation, and includes
regional airlines whose stocks trade on NASDAQ for the periods
indicated. The graph assumes an initial investment of $100.00
and reinvestment of dividends, if any.
</FONT>

<P align="center">
<B><FONT size="2">Comparison of Stock Performance
Graph</FONT></B>

<P align="left">
<IMG src="p67372dep6737203.gif" alt="(STOCK PERFORMANCE GRAPH)">

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="32%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD colspan="25" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep-97</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep-98</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep-99</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep-00</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep-01</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Sep-02</FONT></B></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD colspan="25" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mesa Air Group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">51</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">57</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NASDAQ Stock Market (US Companies)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">166</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">220</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">71</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NASDAQ Air Transportation Stocks (Old Peer Group)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">75</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">73</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">69</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">79</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMEX Airline Index<BR>
    (New Peer Group)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">101</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">103</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">50</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">16
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The graph below shows the cumulative total return
for the Common Stock since January&nbsp;1, 1998, shortly before
Mr.&nbsp;Ornstein became a Director and the Chief Executive
Officer of the Company, compared with the same indices shown on
the five-year graph above, thus illustrating the relative
performance of the Company during Mr.&nbsp;Ornstein&#146;s
tenure in that position. As with the five-year graph, the
comparison below assumes that $100 was invested in the Company
and each index at the start of the period and reinvestment of
dividends, if any.
</FONT>

<P align="center">
<B><FONT size="2">Comparison of Stock Performance
Graph</FONT></B>

<P align="left">
<IMG src="p67372dep6737204.gif" alt="(STOCK PERFORMANCE GRAPH)">

<CENTER>
<TABLE width="100%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="29%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="4%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD colspan="25" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec-97</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec-98</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec-99</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec-00</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Dec-01</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Nov-02</FONT></B></TD>
</TR>

<TR>
    <TD colspan="25"></TD>
</TR>

<TR>
    <TD colspan="25" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Mesa Air Group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">158</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">142</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">152</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom"><FONT size="2">$</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">121</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NASDAQ Stock Market (US Companies)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">141</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">261</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">157</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">125</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">96</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">NASDAQ Air Transportation Stocks<BR>
    (Old Peer Group)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">90</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">95</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">AMEX Airline Index (New Peer Group)
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">100</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">102</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><FONT size="2">17
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "AMENDMENT TO MESA AIR GROUP, INC. OUTSIDE DIRECTORS&#146; STOCK OPTION PLAN (PROPOSAL NO. 2)" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center">
<B><FONT size="2">AMENDMENT TO MESA AIR GROUP, INC.</FONT></B>

<DIV align="center">
<B><FONT size="2">OUTSIDE DIRECTORS&#146; STOCK OPTION
PLAN</FONT></B>
</DIV>

<P align="center">
<B><FONT size="2">(PROPOSAL NO. 2)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">To amend the Company&#146;s Outside
Directors&#146; Stock Option Plan (the &#147;Outside
Directors&#146; Option Plan&#148;) to increase the aggregate
number of shares available for issuance thereunder from 275,000
to 475,000.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">At the Annual Meeting, the Company will seek
shareholder approval of an amendment (the &#147;Directors&#146;
Amendment&#148;) to the Outside Directors&#146; Option Plan to
increase the number of shares authorized for issuance thereunder
from 275,000 to 475,000. The Outside Directors&#146; Option Plan
provides outside (non-employee) Directors with an incentive to
invest in shares of the Common Stock to increase the
directors&#146; personal interest in the success of the Company.
The Board has approved the Directors&#146; Amendment and has
directed that the Directors&#146; Amendment be submitted as a
proposal for shareholder approval at the Annual Meeting.
</FONT>

<P align="left">
<B><FONT size="2">Current Plan Provisions</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Outside Directors&#146; Option Plan
authorizes grants of non-qualified stock options
(&#147;NQSOs&#148;) to independent directors of the Company. The
Company currently has seven&nbsp;(7) directors who are eligible
to receive option grants under the Outside Directors&#146;
Option Plan.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board believes that use of stock options
authorized under the Outside Directors&#146; Option Plan is
beneficial to the Company as a means of promoting the success
and enhancing the value of the Company by linking the personal
interests of its outside directors to those of its shareholders
and by providing outside directors with an incentive for
outstanding performance.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">These incentives also provide flexibility to the
Company in its ability to attract and retain the services of
outside directors, upon whose judgment, interest and special
effort the successful conduct of the Company&#146;s operation is
largely dependent.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Outside Directors&#146; Option Plan may be
administered by the Board or by any person or persons chosen by
the majority of the Board.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Options are automatically granted to all present
and future directors of the Company who are not employees of the
Company or of any subsidiary of the Company (each a
&#147;Qualified Director&#148;). Each Qualified Director
currently receives annual option grants to purchase 3,000 shares
plus the number of options to purchase Common Stock equivalent
to a cash value of $20,000 as calculated pursuant to the
Black-Scholes valuation method at a risk-free rate of ten-year
zero coupon bond (the &#147;Formula Amount&#148;). Any Qualified
Director who is serving as Chairman of the Board receives, in
addition to the Formula Amount, an annual grant of the number of
options equal to a value of $20,000 calculated in accordance
with the Black-Scholes method as specified above. The option
price per share is not to be less than the fair market value of
the underlying shares. Options granted to Qualified Directors
vest and become exercisable six (6)&nbsp;months after their
grant.
</FONT>

<P align="left">
<B><FONT size="2">Non-Qualified Stock Options</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A NQSO is any stock option other than an
incentive stock option (&#147;ISO&#148;). Such options are
referred to as &#147;non-qualified&#148; because they do not
meet the requirements of, and are not eligible for, the
favorable tax treatment provided by Section&nbsp;422 of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;).
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">No taxable income is realized by an optionee upon
the grant of a NQSO, nor is the Company entitled to a tax
deduction by reason of such grant. Upon the exercise of a NQSO,
the optionee realizes ordinary income in an amount equal to the
excess of the fair market value of the Common Stock on the date
of exercise over the exercise price, and the Company is entitled
to a corresponding tax deduction.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Upon a subsequent sale or other disposition of
Common Stock acquired through exercise of a NQSO, the optionee
realizes a short-term or long-term capital gain or loss to the
extent of any intervening appreciation or depreciation. Such a
resale by the optionee has no tax consequence to the Company.
</FONT>

<P align="center"><FONT size="2">18
</FONT>

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

<P align="left">
<B><FONT size="2">Plan Benefits</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The following table shows the number of shares of
Common Stock underlying the options that have been granted to
the outside directors under the Outside Directors&#146; Option
Plan as of September&nbsp;30, 2002.
</FONT>

<P align="center">
<B><FONT size="2">Plan Benefits</FONT></B>

<DIV align="center">
<B><FONT size="2">Mesa Air Group, Inc. Outside Directors&#146;
Stock Option Plan</FONT></B>
</DIV>

<CENTER>
<TABLE width="80%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="72%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="12%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Number of Shares of</FONT></B></TD>
</TR>

<TR>
    <TD></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Common Stock</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><B><FONT size="1">Name of Outside Director</FONT></B></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><B><FONT size="1">Underlying Options(1)</FONT></B></TD>
</TR>

<TR>
    <TD align="center" nowrap><HR size="1" noshade></TD>
    <TD></TD>
    <TD colspan="3" align="center" nowrap><HR size="1" noshade></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Daniel J. Altobello
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Herbert A. Denton
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Ronald R. Fogleman
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Joseph L. Manson
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Maurice A. Parker
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">26,484</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">Julie Silcock
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">10,328</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">James E. Swigart
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">43,445</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><HR size="1" noshade></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>

</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2">All Current Outside Directors as a Group
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="bottom" nowrap><FONT size="2">220,920</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">
<HR size="1" width="18%" align="left" noshade>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">(1)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The fair market value of the Common Stock was
    $3.65 per share as of September&nbsp;30, 2002 and the weighted
    average exercise price of the options is $8.91.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">Amendments to Option Plan</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board has reviewed the options currently
remaining in the option pool for the Outside Directors&#146;
Option Plan and has determined that it is appropriate to
increase the number of shares authorized for issuance under the
Outside Directors&#146; Option Plan. As of September&nbsp;30,
2002, option grants representing 53,615 shares were outstanding
under the Outside Directors&#146; Option Plan. The Board
believes that an increase in the number of authorized shares is
necessary for the continued optimal use of the Outside
Directors&#146; Option Plan to attract and retain Qualified
Directors through the use of equity-based incentives aligned
with the interests of the Company&#146;s shareholders.
Therefore, the Board is proposing the Directors&#146; Amendment
in order to increase the number of shares authorized for
issuance under the Outside Directors&#146; Option Plan from
275,000 to 475,000.
</FONT>

<P align="left">
<B><FONT size="2">Required Vote</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Approval of the Directors&#146; Amendment
requires the affirmative vote of a majority of shares of Common
Stock present at the Annual Meeting in person or by proxy.
Abstentions are considered present for this proposal, so they
will have the same effect as votes against the Amendment. Broker
non-votes are not considered present for this proposal.
</FONT>

<P align="center">
<B><FONT size="2">THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
THAT YOU</FONT></B>

<DIV align="center">
<B><FONT size="2">VOTE &#147;FOR&#148; APPROVAL OF THE AMENDMENT
TO THE</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">MESA AIR GROUP, INC. OUTSIDE DIRECTORS&#146;
STOCK OPTION PLAN.</FONT></B>
</DIV>

<!-- link1 "SHAREHOLDER PROPOSAL RELATING TO POISON PILLS (PROPOSAL NO. 3)" -->
<DIV align="left"><A NAME="003"></A></DIV>

<P align="center">
<B><FONT size="2">SHAREHOLDER PROPOSAL RELATING TO POISON
PILLS</FONT></B>

<P align="center">
<B><FONT size="2">(PROPOSAL NO.&nbsp;3)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">One of the Company&#146;s shareholders has given
notice of her intention to introduce the following proposal for
consideration and action by the shareholders at the Annual
Meeting. The proposed resolution and accompanying supporting
statement has been provided by the shareholder/proponent. The
affirmative vote of at least a majority of the Company&#146;s
outstanding Common Stock on the Record Date is required for
approval of the proposal.
</FONT>

<P align="center"><FONT size="2">19
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This shareholder proposal is submitted by E.
Pauline Berberian, 801 Viewpointe Drive, St. Charles, IL 60174,
who owns 92 shares of Common Stock.
</FONT>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2">3&nbsp;&#151; Shareholder Vote on Poison
Pills</FONT></B>

<DIV align="center">
<B><FONT size="2">This topic won an average 60%-yes vote at 50
companies in 2002</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This is to recommend that the Board of Directors
redeem any poison pill previously issued and not adopt or extend
any poison pill unless such adoption or extension has been
submitted to a shareholder vote.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">This proposal is submitted by E. Pauline
Berberian.
</FONT>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Harvard
Report</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A 2001 Harvard Business School study found that
good corporate governance (which took into account whether a
company had a poison pill) was positively and significantly
related to company value. This study, conducted with the
University of Pennsylvania&#146;s Wharton School, reviewed the
relationship between the corporate governance index for 1,500
companies and company performance from 1990 to 1999.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Some believe that a company with good governance
will perform better over time, leading to a higher stock price.
Others see good governance as a means of reducing risk, as they
believe it decreases the likelihood of bad things happening to a
company.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Since the 1980s Fidelity, a mutual fund giant
with $800&nbsp;billion invested, has withheld votes for
directors at companies that have approved poison pills, <I>Wall
Street Journal</I>, June&nbsp;12, 2002.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">I believe that shareholder oversight of the
poison pill could prevent a sense of entrenchment and give our
management and directors greater incentive to deal effectively
with key shareholder value issues such as:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mesa has a big stake in the survival of bankrupt
    US Airways.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&#149;&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Mesa stands to lose $1.7&nbsp;million on an
    investment in US Airways stock.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Council of
Institutional Investors Recommendation</I></FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Council of Institutional Investors
www.cii.org, an organization of 120 pension funds which invests
$1.5 trillion, called for shareholder approval of poison pills.
In recent years, various companies have been willing to redeem
existing poison pills or seek shareholder approval for their
poison pill. This includes Columbia/ HCA, McDermott
International and Bausch &#38; Lomb. I believe that our company
should follow suit and allow shareholder input.
</FONT>

<P align="center">
<B><FONT size="2">Shareholder Vote on Poison Pills</FONT></B>

<DIV align="center">
<B><FONT size="2">Yes on 3</FONT></B>
</DIV>

<P align="center">
<HR size="1" width="26%" align="center" noshade>

<P align="center">
<B><FONT size="2">MESA AIR BOARD RECOMMENDS AGAINST THIS
PROPOSAL</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Board of Directors has not adopted a
&#147;poison pill,&#148; also known as a shareholder rights
plan, and has no present intention of adopting such a plan.
However, the Board believes that circumstances could arise in
the future where the adoption of such a plan would be necessary
to protect the interests of the Company&#146;s shareholders.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Shareholder rights plans are designed to
encourage potential acquirors to negotiate directly with the
Board, which is in the best position to negotiate on behalf of
all shareholders, evaluate the adequacy of any potential offer
and protect shareholders against unfair and abusive takeover
tactics. Without the protection of a shareholder rights plan,
the Board could lose important bargaining power in negotiating
with a potential acquiror or pursuing potentially superior
alternatives.
</FONT>

<P align="center"><FONT size="2">20
</FONT>

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

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">There is compelling evidence that shareholder
rights plans are beneficial to shareholders&#146; interests.
Approximately 2,164 companies have adopted shareholder rights
plans, including more than half of the companies in the Standard
&#38; Poor&#146;s 500 Index. Studies have shown that companies
adopting such plans receive higher takeover premiums than those
companies without rights plans. For example, a 1997 study by
Georgeson and Company, Inc. found that premiums paid to acquire
companies with shareholder rights plans were 8% higher than
premiums paid to companies without shareholder rights plans. At
the same time, shareholder rights plans do not prevent companies
from being acquired at prices that are fair and adequate to
shareholders. Furthermore, it is consistent with corporate
governance principles that decisions involving a potential sale
of the Company rest with the Board of Directors which will
evaluate the merits of any acquisition proposal in accordance
with its fiduciary duty to shareholders. Because a shareholder
rights plan can be an effective tool in a takeover attempt, the
Company believes the adoption of such a plan is appropriately
within the scope of the Board&#146;s responsibilities.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Requiring shareholder approval of a rights plan
would not give management and directors greater incentive to
deal effectively with shareholder value issues because the Board
has a fiduciary duty to act in the interests of the Company and
shareholders on all matters affecting the Company&#146;s
business. In addition, the Company is not currently considering
the adoption of a shareholder rights plan, so it is not in any
way interfering with management&#146;s or the Board&#146;s
ability to deal effectively with the US Airways bankruptcy.
Requiring shareholder approval of a shareholder rights plan
could in fact impede the Board&#146;s ability to maximize
shareholder value because the Company would not be able to adopt
a plan in time to be effective against any unfair and abusive
takeover attempt.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">For the reasons discussed above, the Board
believes that the Company should retain the ability to adopt a
shareholder rights plan for the protection of shareholders.
</FONT>

<P align="center">
<B><FONT size="2">THE BOARD RECOMMENDS THAT YOU VOTE
&#147;AGAINST&#148; THE</FONT></B>

<DIV align="center">
<B><FONT size="2">ABOVE PROPOSAL.</FONT></B>
</DIV>

<!-- link1 "RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS (PROPOSAL NO. 4)" -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="center">
<B><FONT size="2">RATIFICATION OF SELECTION OF INDEPENDENT
AUDITORS</FONT></B>

<P align="center">
<B><FONT size="2">(PROPOSAL NO. 4)</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Deloitte &#38; Touche has been selected as the
Company&#146;s independent auditors for the fiscal year ending
September&nbsp;30, 2003. Shareholder ratification of the
selection of Deloitte &#38; Touche as the Company&#146;s
independent auditors is not required by the Company&#146;s
Bylaws or otherwise. However, the Board is submitting the
selection of Deloitte &#38; Touche for shareholder ratification
as a matter of good corporate practice. Deloitte &#38; Touche
has audited the Company&#146;s financial statements since 2000.
Notwithstanding the selection, the Board, in its discretion, may
direct appointment of a new independent accounting firm at any
time during the year if the Board feels that such a change would
be in the best interests of the Company and its shareholders. A
representative of Deloitte &#38; Touche is expected to be
present at the Annual Meeting with the opportunity to make a
statement if he or she so desires and to be available to respond
to appropriate questions.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Ratification of the appointment of Deloitte &#38;
Touche as the Company&#146;s independent auditors for fiscal
year 2002 will require the affirmative vote of the holders of at
least a majority of the outstanding Common Stock represented in
person or by proxy at the Annual Meeting. All of the directors
and executive officers of the Company have advised the Company
that they will vote their shares of Common Stock &#147;FOR&#148;
the ratification of the appointment of Deloitte &#38; Touche LLP
as the Company&#146;s independent auditors for fiscal year 2002.
If the holders of at least a majority of the outstanding Common
Stock fail to ratify the appointment of Deloitte &#38; Touche as
the Company&#146;s independent auditors, the Audit Committee
will consider such failure at a subsequent meeting of the Audit
Committee and determine, in its discretion, what actions it
should take, if any.
</FONT>

<P align="center">
<B><FONT size="2">THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS
THAT YOU</FONT></B>

<DIV align="center">
<B><FONT size="2">VOTE &#147;FOR&#148; RATIFICATION OF THE
APPOINTMENT OF</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">DELOITTE &#38; TOUCHE LLP AS THE
COMPANY&#146;S INDEPENDENT</FONT></B>
</DIV>

<DIV align="center">
<B><FONT size="2">AUDITORS FOR FISCAL YEAR 2003.</FONT></B>
</DIV>

<P align="center"><FONT size="2">21
</FONT>

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

<P align="left">
<B><FONT size="2">Annual Report</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The 2002 Annual Report, which was mailed to
shareholders with this proxy statement, contains financial and
other information about our activities, but is not incorporated
into this proxy statement and is not to be considered a part of
these proxy soliciting materials. The information contained in
the &#147;Compensation Committee Report on Executive
Compensation,&#148; &#147;Report of the Audit Committee of the
Board of Directors,&#148; and &#147;Comparison of Stock
Performance&#148; below shall not be deemed &#147;filed&#148;
with the Securities and Exchange Commission or subject to
Regulations 14A or 14C or to the liabilities of Section&nbsp;18
of the Securities Act of 1934, and shall not be deemed to be
incorporated by reference into any filing under the Securities
Act of 1933 or the Securities Exchange Act of 1934.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Company will provide upon written request,
without charge to each shareholder of record as of the Record
Date, a copy of the Company&#146;s annual report on
Form&nbsp;10-K for the fiscal year ended September&nbsp;30,
2002, as filed with the Securities and Exchange Commission. Any
Exhibits listed in the Form&nbsp;10-K also will be furnished
upon request at the Company&#146;s expense. Any such request
should be directed to the Company&#146;s Corporate Secretary at
the Company&#146;s executive offices at 410 North 44th Street,
Suite&nbsp;700, Phoenix, Arizona 85008.
</FONT>

<P align="left">
<B><FONT size="2">Voting by Proxy</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">In order to ensure that your shares will be
represented at the Annual Meeting, please sign and return the
enclosed Proxy in the envelope provided for that purpose,
whether or not you expect to attend. Any shareholder may,
without affecting any vote previously taken, revoke a written
proxy by giving notice of revocation to the Company in writing
or by executing and delivering to the Company a later dated
proxy.
</FONT>

<P align="left">
<B><FONT size="2">Shareholder Proposals for Action at the
Company&#146;s Next Annual Meeting</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">A shareholder proposal for shareholder action at
the next Annual Meeting of Shareholders to be held in 2004, must
be received by the Company&#146;s Secretary at the
Company&#146;s offices no later than September&nbsp;11, 2003, in
order to be included in the Company&#146;s proxy statement and
form of proxy for that meeting. Such proposals should be
addressed to the Corporate Secretary, Mesa Air Group, Inc., 410
North 44th Street, Suite&nbsp;700, Phoenix, Arizona 85008. If a
shareholder proposal is introduced at the 2004 Annual Meeting of
Shareholders without any discussion of the proposal in the
Company&#146;s proxy statement, and the shareholder does not
notify the Company on or before November&nbsp;25, 2003, as
required by the Securities and Exchange Commission&#146;s
Rule&nbsp;14(a)-4(c)(1), of the shareholder&#146;s intent to
raise such proposal at the Annual Meeting of Shareholders, then
proxies received by the Company for the 2004 Annual Meeting will
be voted by the persons named as such proxies in their
discretion with respect to such proposal. Notice of such
proposal is to be sent to the above address.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="38%"></TD>
    <TD width="62%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">By Order of the Board of Directors
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <IMG src="p67372dep6737200.gif" alt="-s- Jonathan G. Ornstein"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">Jonathan G. Ornstein, Chairman of the Board
    </FONT></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <FONT size="2">and Chief Executive Officer
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">22
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "Exhibit A" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="right">
<B><FONT size="2">Exhibit&nbsp;A</FONT></B>

<P align="center">
<B><FONT size="2">MESA AIR GROUP, INC.</FONT></B>

<DIV align="center">
<B><FONT size="2">AUDIT COMMITTEE CHARTER</FONT></B>
</DIV>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The role and responsibilities of the Audit
Committee of the Board of Directors (the &#147;Committee&#148;)
of Mesa Air Group, Inc. (the &#147;Company&#148;) are as follows:
</FONT>

<P align="left">
<B><FONT size="2">Role</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee&#146;s role is to act on behalf of
the Company&#146;s Board of Directors (the &#147;Board&#148;)
and oversee all aspects of the Company&#146;s control, reporting
and audit functions, except those specifically related to the
responsibilities of another standing committee of the Board. The
Committee&#146;s role includes a particular focus on the
qualitative aspects of financial reporting to shareholders and
on Company processes for the management of business/financial
risk and for compliance with significant applicable legal,
ethical and regulatory requirements.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The role also includes coordination with other
Board committees and maintenance of strong, positive working
relationships with management, external and internal auditors,
counsel, and other Committee advisors.
</FONT>

<P align="left">
<B><FONT size="2">Membership</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Committee membership shall consist of at least
three independent, nonexecutive Board members that meet the
requirements of the Audit Committee Policy of NASD. Committee
members shall have: (1)&nbsp;knowledge of the primary industries
in which the Company operates, (2)&nbsp;the ability to read and
understand fundamental financial statements, including a balance
sheet, income statement, statement of cash flow and key
performance indicators; and (3)&nbsp;the ability to understand
key business and financial controls and related controls and
control processes. One member, preferably the chairperson,
should have the knowledge of financial reporting including
applicable regulatory requirements, and accounting or related
financial management expertise. The Committee shall have access
to its own counsel and other advisors at the Committee&#146;s
sole discretion.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Should the Board determine that it is in the best
interest of the Company and its shareholders, one
non-independent director may serve on the Audit Committee.
Should the Board make such a determination it will disclose the
reasons for the determination in the Company&#146;s next annual
proxy statement.
</FONT>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">Committee members shall be nominated and approved
annually by the full Board. The Committee members shall elect
the Committee chairperson.
</FONT>

<P align="left">
<B><FONT size="2">Operating Activities</FONT></B>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<FONT size="2">The Committee shall fulfill its responsibilities
within the context of the following activities:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="4%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">I.</FONT></B></TD>
    <TD align="left">
    <B><FONT size="2">Continuous Activities&nbsp;&#151;
    General</FONT></B></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 1.</FONT></TD>
    <TD align="left">
    <FONT size="2">Provide an open avenue of communication between
    the independent auditors&#146; Internal Audit and the Board of
    Directors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 2.</FONT></TD>
    <TD align="left">
    <FONT size="2">Request from the outside auditors annually, a
    formal written statement delineating all relationships between
    the auditors and the Company consistent with Independence
    Standards Board No.&nbsp;1. Discuss with the outside auditors
    any such disclosed relationships and their impact on the outside
    auditors&#146; independence and recommend that the Board take
    appropriate action to oversee the independence of the outside
    auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 3.</FONT></TD>
    <TD align="left">
    <FONT size="2">Inquire of management, the independent auditor
    and the Director of Internal Audit about significant risks or
    exposures and ensure that the yearly audit plan addresses such
    risk.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-1
</FONT>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 4.</FONT></TD>
    <TD align="left">
    <FONT size="2">Review with the independent auditors and the
    Director of Internal Audit the coordination of the audit efforts
    to assure completeness of coverage, reduction of redundant
    efforts, and the effective use of audit resources.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 5.</FONT></TD>
    <TD align="left">
    <FONT size="2">Consider and review with the Director of Internal
    Audit, and the independent auditors:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The adequacy of internal controls, including
    computerized system controls and security.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Related findings and recommendations of the
    independent auditors and Internal Audit, together with
    management responses.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Significant findings during the year, including
    the status of Previous Audit recommendations.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Any difficulties encountered in the course of
    audit work including any restrictions on the scope of activities
    or access to required information.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Any changes required in the planned scope of
    Internal Audit plan.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">The Internal Audit Department charter, budget and
    staffing.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 6.</FONT></TD>
    <TD align="left">
    <FONT size="2">Meet four times per year or more frequently as
    circumstances require. The Committee may ask members of
    management or others to attend meetings and provide pertinent
    information as necessary.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 7.</FONT></TD>
    <TD align="left">
    <FONT size="2">Meet periodically with the independent auditors,
    the Director of Internal Audit and management in separate
    executive sessions to discuss any matters that the Committee or
    these groups believe should be discussed privately with the
    Audit Committee.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 8.</FONT></TD>
    <TD align="left">
    <FONT size="2">The Committee shall review with management and
    the outside auditors the audited financial statements to be
    included in the Company&#146;s Annual Report on Form&nbsp;10-K
    (or the Annual Report to Shareholders if distributed prior to
    the filing of Form&nbsp;10-K) and review and consider with the
    outside auditors the matters required to be discussed by
    Statement of Auditing Standards (&#147;SAS&#148;) No.&nbsp;61.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 9.</FONT></TD>
    <TD align="left">
    <FONT size="2">As a whole, or through the Committee Chair, the
    Committee shall review with the outside auditors the
    Company&#146;s quarterly reports to be filed with the Securities
    and Exchange Commission and the matters required to be discussed
    by SAS No.&nbsp;61; this review will occur prior to the
    Company&#146;s filing of the Form&nbsp;10-Q.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">10.</FONT></TD>
    <TD align="left">
    <FONT size="2">Meet at least annually with the chief financial
    officer, the senior internal auditing executive and the
    independent auditors in separate executive sessions.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">11.</FONT></TD>
    <TD align="left">
    <FONT size="2">Report periodically to the Board of Directors on
    significant results of the foregoing activities.
    </FONT></TD>
</TR>

</TABLE>

<P align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<B><FONT size="2">II.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuous
Activities&nbsp;&#151; Re: Reporting Specific Policies</FONT></B>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 1.</FONT></TD>
    <TD align="left">
    <FONT size="2">Advise financial management and the independent
    auditors that they are expected to provide a timely analysis of
    significant current financial reporting issues and practices.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 2.</FONT></TD>
    <TD align="left">
    <FONT size="2">Provide that financial management and the
    independent auditors discuss with the audit committee their
    qualitative judgments about the appropriateness, not just the
    acceptability, of accounting principles and financial
    disclosures used or proposed to be adopted by the Company and,
    particularly about the degree of aggressiveness or conservatism
    of its accounting principles and underlying estimates.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 3.</FONT></TD>
    <TD align="left">
    <FONT size="2">Inquire as to the auditors&#146; independent
    qualitative judgments about appropriateness, not just the
    acceptability, of accounting principles and the clarity of the
    financial disclosure practices used or proposed to be adopted by
    the Company.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 4.</FONT></TD>
    <TD align="left">
    <FONT size="2">Inquire as to the auditors&#146; views about
    whether management choices of accounting principles are
    conservative, moderate or aggressive from the perspective of
    income, asset, and liability recognition, and whether those
    principles are common practices or are minorities practices.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-2
</FONT>

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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 5.</FONT></TD>
    <TD align="left">
    <FONT size="2">Assure that the auditors&#146; reasoning is
    described in determining the appropriateness of changes in
    accounting principles and disclosure practices.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">III.</FONT></B></TD>
    <TD align="left">
    <B><FONT size="2">Scheduled Activities</FONT></B></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 1.</FONT></TD>
    <TD align="left">
    <FONT size="2">Recommend the selection of the independent
    auditors for approval by the Board, approve compensation for the
    independent auditors, and review and approve the discharge of
    the independent auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 2.</FONT></TD>
    <TD align="left">
    <FONT size="2">Consider, in consultation with the independent
    auditors and the Director of Internal Audit, the audit scope and
    plan of the independent auditors and internal auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 3.</FONT></TD>
    <TD align="left">
    <FONT size="2">Review with management and the independent
    auditors the results of annual audits and related comments:
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Any significant changes required in the
    independent auditors&#146; audit plans.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Any difficulties or disputes with management
    encountered during the course of the audit.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="10%"></TD>
    <TD width="87%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">Other matters related to the conduct of the audit
    which are to be communicated to the Audit Committee under
    Auditing Standards Generally Accepted in the United States of
    America.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 4.</FONT></TD>
    <TD align="left">
    <FONT size="2">Review the results of the annual audits of member
    reimbursements, director and officers&#146; expense accounts and
    management perquisites prepared by Internal Audit and the
    independent auditors respectively.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 5.</FONT></TD>
    <TD align="left">
    <FONT size="2">Arrange for the independent auditors to be
    available to the full Board at least annually to help provide a
    basis for the board to recommend the appointment of the auditors.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 6.</FONT></TD>
    <TD align="left">
    <FONT size="2">Assure that the auditors&#146; reasoning is
    described in accepting or questioning significant estimates by
    management.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 7.</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and update the Committee&#146;s Charter
    annually.
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="5%"></TD>
    <TD width="92%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><B><FONT size="2">IV.</FONT></B></TD>
    <TD align="left">
    <B><FONT size="2">When Necessary Activities</FONT></B></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="6%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 1.</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and concur in the appointment,
    replacement, reassignment or dismissal of the Director of
    Internal Audit.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 2.</FONT></TD>
    <TD align="left">
    <FONT size="2">Review and approve requests for any management
    consulting engagement to be performed by the Company&#146;s
    independent auditors and be advised of any other study
    undertaken at the request of management that is beyond the scope
    of the audit engagement letter.
    </FONT></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD><FONT size="2">&nbsp; 3.</FONT></TD>
    <TD align="left">
    <FONT size="2">Conduct or authorize investigations into any
    matters within the scope of the Committee&#146;s
    responsibilities. The Committee shall be empowered to retain
    independent counsel and other professionals to assist in the
    conduct of any investigations.
    </FONT></TD>
</TR>

</TABLE>

<P align="center"><FONT size="2">A-3
</FONT>

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

<DIV align="center">
<FONT size="2"> <B>MESA AIR GROUP, INC.</B>
</FONT>
</DIV>

<P align="left">
<B><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS
PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF MESA
AIR GROUP, INC. FOR THE ANNUAL MEETING OF
SHAREHOLDERS.</FONT></B><FONT size="2">&nbsp;The undersigned
shareholder of Mesa Air Group, Inc., a Nevada corporation (the
&#147;Company&#148;), hereby acknowledges receipt of the Notice
of Annual Meeting of Shareholders, dated January&nbsp;10, 2003,
and hereby appoints Jonathan G. Ornstein or Brian S. Gillman and
each of them, proxies and attorneys-in-fact, with full power of
substitution, on behalf and in the name of the undersigned, to
represent the undersigned at the Annual Meeting of Shareholders
of MESA AIR GROUP, INC. to be held at the Phoenix Airport
Marriott, 1101 N. 44th&nbsp;Street, Phoenix, Arizona, on
February&nbsp;11, 2003, at 10:00&nbsp;a.m., Arizona Time, and at
any adjournment(s) or postponement(s) thereof, and to vote all
shares of Common Stock that the undersigned would be entitled to
vote if then and there personally present, on the matters set
forth below.
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">1.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">ELECTION OF DIRECTORS
    </FONT></TD>
</TR>

</TABLE>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <B><FONT size="2">FOR</FONT></B><FONT size="2">&nbsp;all
    nominees listed below (except as marked to the contrary below):
    </FONT></TD>
</TR>

</TABLE>

<DIV align="left">
<FONT size="2">Jonathan G. Ornstein, Daniel J. Altobello,
Herbert A. Denton, Ronald R. Fogleman, Joseph L. Manson, Maurice
A. Parker, George&nbsp;Murnane III, Julie Silcock, James E.
Swigart
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="3%"></TD>
    <TD width="97%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;</FONT></TD>
    <TD align="left">
    <B><FONT size="2">WITHHOLD
    AUTHORITY&nbsp;</FONT></B><FONT size="2">to vote for all
    nominees listed above
    </FONT></TD>
</TR>

</TABLE>

<P align="left">
<FONT size="2">INSTRUCTIONS: To withhold authority to vote for
any individual nominee, write that nominee&#146;s name in the
space provided below:
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">2.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">PROPOSAL TO AMEND THE COMPANY&#146;S OUTSIDE
    DIRECTORS&#146; STOCK OPTION PLAN
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;FOR</B>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;AGAINST</B>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;ABSTAIN</B>
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<DIV align="left">

</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="2%"></TD>
    <TD width="98%"></TD>
</TR>

<TR valign="top">
    <TD><FONT size="2">3.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">PROPOSAL TO REDEEM ANY POISON PILL PREVIOUSLY
    ISSUED AND NOT ADOPT OR EXTEND ANY POISON PILL WITHOUT A
    SHAREHOLDER VOTE.
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;FOR</B>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;AGAINST</B>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;ABSTAIN</B>
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center">
<I><FONT size="2">(continued, and to be signed, on other
side)</FONT></I>

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

<DIV align="center">
<FONT size="2"> <I>(continued from other side)</I>
</FONT>
</DIV>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="7%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top">
    <TD><I><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></I><FONT size="2">4.&nbsp;</FONT></TD>
    <TD align="left">
    <FONT size="2">RATIFICATION OF DELOITTE &#38; TOUCHE AS THE
    COMPANY&#146;S INDEPENDENT AUDITORS.
    </FONT></TD>
</TR>

</TABLE>

<CENTER>
<TABLE width="60%" align="center" cellspacing="0" cellpadding="0" border="0">

<TR>
    <TD width="34%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="40%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="20%"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR>
    <TD align="left" valign="top">
    <DIV style="margin-left:10px; text-indent:-10px">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;FOR</B>
    </FONT></DIV>
    </TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;AGAINST</B>
    </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top">
    <FONT size="2"><FONT face="wingdings">&#111;</FONT><B>&nbsp;ABSTAIN</B>
    </FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="left">
<FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS
PROXY WHEN PROPERLY EXECUTED WILL BE VOTED IN THE MANNER
DIRECTED HEREIN BY THE UNDERSIGNED SHAREHOLDER. IF NO DIRECTION
IS MADE, THIS PROXY WILL BE VOTED &#147;FOR&#148; THE ELECTION
OF THE NOMINEES NAMED ABOVE, &#147;FOR&#148; THE PROPOSAL TO
AMEND THE COMPANY&#146;S OUTSIDE DIRECTORS&#146; STOCK OPTION
PLAN, &#147;AGAINST&#148; THE PROPOSAL TO REDEEM ANY POISON PILL
PREVIOUSLY ISSUED AND NOT ADOPT AND POISON PILL WITHOUT A
SHAREHOLDER VOTE, &#147;FOR&#148; THE PROPOSAL TO RATIFY THE
SELECTION OF DELOITTE &#38; TOUCHE AS THE COMPANY&#146;S
INDEPENDENT AUDITORS, AND AS SAID PROXIES DEEM ADVISABLE ON SUCH
MATTERS AS MAY COME BEFORE THE MEETING.</B>
</FONT>
<P>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="48%"></TD>
    <TD width="52%"></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="2">Dated:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;2003</FONT></B></TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <HR size="1" align="left" noshade></TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
    <TD align="left">
    <B><FONT size="2">Please sign exactly as your name appears on
    the front of this Proxy Card. When shares are held in common or
    in joint tenancy, both should sign. When signing as attorney,
    executor, administrator, trustee or guardian, please give full
    title as such. If a corporation, sign in full corporate name by
    President or other authorized officer. If a partnership, please
    sign in partnership name by an authorized person.</FONT></B></TD>
</TR>

</TABLE>

<P align="left">
<B><FONT size="2">SIGNATURES: <BR>
 <BR>
 <HR size="1" width="42%" align="left" noshade></FONT></B>

<P align="left">
<HR size="1" width="42%" align="left" noshade>

<P align="left">
<HR size="1" width="42%" align="left" noshade>

<P align="left">
<B><FONT size="2">Please return in the enclosed, postage-paid
envelope.</FONT></B>

<P align="left">
<B><FONT size="2">I
Will&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></B><FONT size="2">&nbsp;&nbsp;&nbsp;<B>Will
not&nbsp;<FONT face="wingdings">&#111;</FONT></B>&nbsp;&nbsp;&nbsp;attend
the Meeting.
</FONT>
</BODY>
</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>p67372dep6737200.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 p67372dep6737200.gif
M1TE&.#EAQ`!I`(```/___P```"'Y!```````+`````#$`&D```+_A(^IR^T/
MHYRTVHNSWCR&#X+=2);FB8E)B+;N"U.?%\3VC9,J7>?^[]LA9A8B\(C4A7H&
MX\69C$HEPA[TR9QJM\-LL^;5A+GDH_`[SES+;-P:D%[)XNQW6YRV'\X/O3Q*
M=U>4YS<3J'"XE_CBE],X.&;H8+@X1%79\GBC.<=@U4"$J0C!%R3*>$H*VN09
MFD(#F)HI"YJWUWK[VD<[P@E3*K8*%\EKN1NK!9P29T7<&^B+$NVB/"C,BJAT
MG#0]6_RWP.2LLXW4+7T>7IO;=4+WS9%N4MV)BVT\/RDE7T(_8>=J!3R!^O8E
MX\<NW">"[M;M&XBH$L*$ZN!D<\<,(AYJ__\@0KOW!9U#9!Q)3;2X*XS&=O9(
M9N+1"Q:X>83`++F)4^/);(W\49&)CR::G#F'$66Q41K(EAMZ5D%7-*2:F\M>
M#BO7E%#(4-^.9E22:N>?0@/7B#!":2I.BBS[88GQ\9E"FZ-X(66HL*&U7^^T
M13SC4Q=3;BL]C>Q`S&QAMFU=,FJE<^Y@OY/-+(Z8U^U?R$HG77ZR:7._+'<)
MBKWJ><OGF6CT*M**.F8?+J<'!ZXGM6)LQ%@?AKYUF2NSQL%Z.WZ\E=J2:[FG
MFJ2]VI**U5PS!WW[7+7'4G>CC\*,%[1)[[CQK/W.V&KX]!XND>\8+W%IE#;&
MK;^$'WJ\6I*NH_^ZJ!M\^6VB!T*`I>7%>[LU1YQQ_-6W7$%94?4::Y55<,4;
MG/AR6T=$91>?8@F.)T^&PP%UWWQS>-5,(E",")-M)-JETE>>M5BA0!Q^*&%[
MZ`6FS(O;E!A)CSIV(<Z!3D4X"Y),,E8-C`X1*5J`3KZ6I!-I_:6B<E@VIN0[
MI,UF%)(R5`D>EFC199&6;!K5X6A?_@B&DV+Z-]8.MVEX8IE;-G/5FD/%B1&.
MI"496YT`C5D04EU>N*B>+689%9P'V=2?5-6Q\F::]&&:BZ-[VJBCE-U1PF1M
M$](E:*+)?6JFFE2QRJ8F!1X5GIL`"G)6;@%A(RI(+_)Q%J:(H@@9HQ3QZ2K(
ME.QL":R>UC%X9&M#T8<F;JI.@=:S!Y:9(WKNB<MCN'L1VJRUL)J[;H/Q)5OI
M,NBF^V=S9M5!85;IJJ$IM?O^2T:KCP),L$'?#5QPPC^H)*["#@-1X\,2&VSA
MQ!;79]C%&O^VZ\8>N];QQR+SEO'()N]7\LDJ[V7ERB[[V/++,J=<\<PVLZ?@
MS7?TJ7//V-;L\\L\!VWST$3+;/31+B>MM,I,-VWRTU"+K.'4,]MBM=`T9QWU
MUEQ37>37*X<M]LEDESURAF@['?+:&POI=M3*QOVQEG3+S=[=$_^JM\=\]_WV
/O(`W*_C@O.9L.`D%```[
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>p67372dep6737203.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 p67372dep6737203.gif
M1TE&.#EA40)#`=4@`,#`P("`@#\_/T!`0+^_OW]_?^_O[_#P\!`0$*"@H-_?
MWV!@8-#0T.#@X)^?GZ^OK\_/SS`P,"`@((^/CU]?7["PL)"0D"\O+W!P<%!0
M4$]/3P\/#V]O;Q\?'P```/_______P``````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````"'Y!`$``"``+`````!1`D,!``;_
M0)!P2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZO^"P>$PNF\_HM'K-;KO?\/B0
MP2`>``<B7<D`^/^`@8*#A(6&AXB)BHN,C8Z/D)&2DY25EI>8F9J;F6D+`1$8
M0@RB&'4@IJ1(#`@>KJ^PL;*SM+6VM[BYNKN\O;Z_P,'"P\3%QL?(R<K+R6AX
M(`<>0@-Y!P,@`**H`$<`TG+@X>+CY.7FYV7?:0T+T!)#$@<8"4()VD7>Z/K[
M_/W^_P"QJ#O38``W`->F(>2&+2&^@0$C2IQ(L:)%+Q#)'*B0P4,#A$,,&A0"
MTDB^BRA3JES)TE]&,P,",'`X@$$&A@`R='O9LJ?/_Y]`@UKA22:`!1#OA+RS
M<!0$TYU"HTJ=2A4HT2\-\J#*$^!@`&@Z0630^K"JV;-HTZ*[ZB5GA6="+`!H
M"H)!@@2G3+)5R[>OW[]7]HX[";BPX<.(CP@61SBQX\>0JRX.USBRY<N8+TX&
M5SFSY\^@S6V6TSFTZ=.HT8R.4SJUZ]>P`P-L';NV[=M&5L.AC;NW[]2ZW_#^
M3;SXY>!NAAM?SKPP\C;*FTN?;O8YF^C4LVOW:7T-]NW@PU?LKN:[^//H^9%/
M8SZ]^_?AUCN3#[^^?3#TS;2_S[]_F/QE[.??@`3*]H^`!2:H8!,`DH'@@A!&
M.$2#8SPHX84)4BB&A1AVV/^?AF%PZ.&(\($(AH@DIGB>B5^@J.*+VK'8EHPP
MUF@;C5RX:...Q>&XA8X\!HF;CUH`*>21L!&9A9%(-GF:DE@PZ>24GD%YA914
M9AF9E59@J>67B'%9A9=@EOF7F%20:>::::$YA9ILQDF5FU+`*>>=0=$9A9UX
M]MF2GE#PZ>>@*`'ZA*"$)CJ1H4X@JNBC_S#:A*.05JJ/I$Q0:NFFY&"ZA*:<
MABJ'ITJ`*NJI;9":A*FHIE'!J:HBP6JK9C2`P%>AQ@H5K3X-X$I>ENJJ%Z\]
M6>`!`0)$D.MLPA(KA:T%?*#`!O=4VBP1LSK[Q0`7?.#M!!XP9"VSVJ9D+`3>
M>BO_0#S!DENN1:Q$FZZTU+9[X+7O)I&`!-W.Z^T#X8Y[;[X1'6"!!+BP^RB^
M)#%,\`$!((``!H5@X,$"<"GJ<+8$/\&.![>2A<0"'@";Z,8..PL`R1+0X\0"
M")@\*,H=GX.0!Q&X_,0!$2#0P,+NUBS.OAZ,-`7/$8CL)\U"RW$`T0O(',4!
M""1]<M!-MP&QQ`O\G`4K[1#*=-9KL"-Q`$ICP<#%8F--MAD,L)Q`VEHDX`&N
M?8[]MH.^YDR&W3K?2:3!%I#UQQ`;54`W-N%RXOCCD$<N^>27)!`!R%U-[JM<
ME'?N^>>>^WA`!@$,H"P(%1QEP:MB'3"ZK,S$+OOLM-=N__OMN.>N^^Z\,T-$
M`,#_/!/.K-=3!5T2<),44B`D@&L`@0_!,:I;(]!U&QG$+#@1&$3`C:VN#.!S
M2%6055,#IX,0`3NL5Q!V67MS87;(;_",P.):#K2`5B0'W`#>#BF?3DH"`I'@
M)(#22YF9/B:!PCDM`E9CTT!PU8#P#0&`6+!`'0AH0)(@L&'QBY*O6C8.6T70
M3/H30O_$];X/1J$"IRA(2-B!D_=A2X%92H"OC$8.L$F0"!G`0/\<XCSR58$!
MK*O#\MY11!!`;U<AC`+4Q&6.M=GP2P/AF2NL]C\/%,^%3F"`!`9`QJ.DSBFL
M&\OKH!A%)FSM8E[;A]WH@D4C[/]!",![XC2."`BM'$X(B5O<]/#4``R<#7_F
M`%R9!/,T(T('ASMBH`,C8K'B90DB!@L<`&[ER.M`$D8W(V%%8"8U)&4181X0
MA3Q<@<'D?#)%.BP:%2LBOE(*:2!V>T4%+@>R+PKGE1XBVDU6PC.%34E_F?.5
M*\9"!#">89!4@AC"KM<2I"'21@.Y1P4EP+HX.E,_P(30_\X6QYZP(GU-RB80
MM<*`5CXR?@Q$6U1\Z*2!*',6[O3DVW+B`5%.Q1M7#)(]:Y%/[X33/Q78H26I
M,L=T-A,#>8PHZ3II4*$)<Y9F4>21<*DOBI;GH/"1)AS_0K*%8M,)WOREJ'*"
MA''>JIS_?B'E+9M@@8)^-%0'0-A"/T8_Q-12H$HP&,)LRAZ02@<#&Z#`_4@B
M-\A8DT<\*60K6.G1HG*J`AYX@`$Z<),=1L\Q.3TAC#*R,EB$@JCSV135-.`M
M`H0/HY!AQ3<[A,M[(F``K-/97!UDU.5D8`,&2!<'QO<9>H[U=ZUHX!TPNM<*
M];4X6'W`O+;:6,1@-:`CRD@"%E`X/QBALB%Z[&^HQ@%_?<"M=,R,1E7$D[@-
MP&5H?:9H>U,0#W"@`+C-;0$Z0-C/&.NK=`VJ!4P76W`J:I5C)*-REQL3TY`,
MKA<23$VKFM9!50^XL9$IB1:34E<.:E\]_4W/;+D@MF!@`!2C_ZYL^P2`:5XS
M-D_UT%Y84=P`S18UPQL`3(L3UO<.2#!-+*!*V?0Q'DJ'%6'!$"/KR]<U0:R?
MV&6.827$420PV+%FBA@"4JL=K%8+0@/)P%L$48$+;^B^F`&O/-&S6A`WDZ#J
M-6Z6;D9-]P3``Q'VST!I8>+04JFV-;D/R<C+GQ"/.!#3W:-WF_0Q[_E'NPH:
M"'2Q$6/[(FEK_NR/_?:KXR7(162@/1&*#9.`LRDHO@5B2P,ZTF,Q!ZD"",.`
M?T-:M3FC1S`35?([;41C+A<(P1EJ0CNKW&`8K5F6'IKPAXC@9R<2&L,J.@#+
MI@PANWWX/NJT\*-/G*+KPJC%F&YF!/^82\8(M+E%8ZZ*BNV\H!OG^,XOYO&F
M?=RA]EZ,U1&"LGWL.6I22^#4,\+0S3+0Z!?IND3<0P+$9NWF"!68TC"R'ZZE
MLYHPHQI"#^9FEM#\GHS$+;$UUK,^%:1A#CO)A-->#D1R"0OM,?O:!5JUF10-
MZR%4L)_*;<52Q5W1`0'@<N$NDQ61/80%$+L(#/`;OV_:'R`76TMVPUN]A9#@
M(DCZW<&^3Y.A#290AV>"20!V%Z!Y&"R_>DT6.WES0JSL%@[X/18P,Z2.O1W]
M'5P/"A?PDM-#M!57*GM$9LY`[IU<\8',?"\73Y]Q&@%CUKP(['Z%NQ=N5?$<
MVL"<XG9VR`K_LWX&W-H9WXZD^\GQ1YGPXU(`^\A3K0^3:XO>U+9C]G#F<ZI7
MESIE#J_*V!8CJ,O"Z6K/$=O+8>O]=:RA6[>#OI5K08RO_3:C*^6P'WX>4U#$
MX^HF@N466H'>!OY'@T^#%J<NA&=?Y`"4M\@">!MT=)24.OKC<@7TFG2XF50E
M6G2%NY%[^X*-]R<+N(`!'$#Z@-"\1[\+N>,%GP96X+@GN:>`!UBO897W@V<7
MF$#Q4Q+\P'Z`^*T_QT]73@2,#:+$RP<]./&)^PA<H`,"^`"X.("Y=)L#^X$%
M/TNZ/R_]2Z28]F<:.\9^=K=>`1)__E(`$O</BQ4([L<!&Z``ZG(!_\1W9(9P
M?>[G?=^W?>;P$8C`?_[B?[XG5L0Q@+(@<LQ7!A6`@/-2`)>&!0TH",X341)%
M:HS7"^`R`>DR+1S0`<AP5S9(:A!%@T1H%(H01_@7@J2G""56A$28`4'(7+QT
M#`1@6NKR>7)P3D('1!;X!TFF<^4#+'\$#16@.+`C.9W'@NE2`!ZP.DX8``L0
MA;V3"VHH?[V$"$WXAGD4AU&X7++3`0]``((XB`1`?[%3='T8$WJ81YQS"`NP
M`>CB+TK5A:!#"<9B?I68B9HH9:NB!3.!-V>T.A3G.A5W0[=3AQ_`AG/(#!%H
M6@*PBJPH`+(XBQ<`BZP8B=XB?;:XB[S8B_^YH`;``P_"V$1Z!#]C8#>HJ(K]
M1#H`D'J$YP$7H%NY)7TO*!$6@(H$X'07D0"0F(M)\T8!]P^8=R/`2$'ILSX+
MT#Z892?&DHPX8P$+@$H@$Q,PY`]\2$8>L`'XIES.N`\`@(U8>`[<"`$4(%87
M)1$:-1-#4HX>%!(+T9##,@;@<P&$*(BZZ#)W4#I3%3X8(!?^8#<DB!+_:%H$
M$)`"B3-TDU!%8WWC\%PYU8:WH23!V!`.:30$=$-D\!$Z=$\X$Q,`(#4-8`\\
MB3/,&(!F8(8I`0`EM@`1@(VOT&MY-(81@92R(C=&R08P\U=*U8^8(9,41!,T
MQ%1L5`9VLP&852K_\"B/ND>/7!D92@F'1A<^&;``V.@]```\YV4ZL0"$I&.$
MS6@1\U-W^W`Y.G@!)GD87BF,2M$\SP-<E&(/5I"1<0D+Z)4`90<8?1``Y[61
M`T`ZEFDX`!E4?C"#?*B6^_@)T.,'5XD&X-B66B,!;/4!$`"3L:$D&'`/H9A&
MI`@[%!&4YS4+$?`)&=,7F7E>\CAJ1EAL`-`!TE@`%("%?3`7P`.%0]F3Z`4\
M4LD%.TEJK7>0Z(!4&LB&X7<<S><'>3&&@<2;(IF6LS!&`5`!KMF;TCD`\NB>
M<M&6_S.%KC`/&^('>%EJLD!&?<DYXUD$`4`!%4D`%W"9J.-5YN`-DC4O_[4X
M1ATYG)^A-RDAF1O9;I59H/OP$36EEZY`H5WAH4A@-Q2@`,/7`2%Y!HM%FF1D
MFLF%FI9IH1<D+_,B``S*5/TT2>"P5J8UFZ$0EW=5H:LY)V[3$KY9G5,5G%_F
M#W?@/%`H==?YDU]`6O,R+0L8#M%94P%`G;+0:T.X`#B:+CHZ!8$9GV#0$;?5
MG+5XGLY#GZ\P`,*IIE*!H4$Q%_&H>P@@`7XZHJ0#G^$0I5]J5W3ZGCO:)1Z@
M@=["`8=Y'?ZIF0!:INJ2J'80,2/U!@61B%LJ/7$ZA8=JI>508AJ4!G@J%1JZ
M1<K%2W<%/=WIA&^RE)-YJ&_A('[@I7QX.:95`/]WA9HC1A$!0*D?(``9,#=6
M0#18-Q%(]*53&`&!:J)?($;0Z(/,9`:G:A9+"JAT^IOAPUG0-0`4T)SS):N<
MZ9DV>B6W"CRY^G<"JJX>(('S0@&_!J:PD%Q#Z`=V>@;!ZHJ\%`&E2@4JF7,I
ML:QQ^)3FJ@94<P'P2@`;4(IB<*UJH:>H%)QY)*?+V!5>,P!5Z"\049P6VY.I
M>95>J*X`&@O)U9>9<ZY*$9O>,IM?Y8%>&J.Q,&I]6:-'B@7[ZB]GZCX((P'I
MF&YEI5@^\1%P^0KN:9E%`5CSXE;0.@40ZQ>I6C3SX#Q,N982L+'S<C?&^90Q
M<9][DJYP*:+UVJ[8J9K_BBH`@5@`&P!VT4FRDSF/AYHY33L%-S8+5,0`P[5,
M%N"::2H4(+J9(XI>3\H%`U!:_M(!G?H%3VL8V0HRS)@ZAH2UZ8)O%?IP7>JV
M^KF69!259CL&-C&BB5L^HSF=8ANXBL@Y^7JBEV,]MO0T72<!&-![22!2X0@4
M=V`!@#N/1IHID5HZ8BLO$P"O%Q"Z7;"XCB&Q6Q2/DNLM'D`6T3F#><FDRI5'
M(Y:Z%>&!__FQX=.9P/.K4D`R%/``#G`!'(APH."X"<"5R&JI*@$`<2J/<5NH
M;VN=0_@6&=`MLQE_"N!%UIJDGR&9QV):.",+0*B(B/J7H>$'3<B'>TE&]XK`
M_WX7H=ZB`<O#!$$Y=Z'`H#<CL+:KP&YKFG_7D<6V-@5P`;58PA4\!L:;&0BP
MO!]P,=5+'8L5LZ5KG<`3`13@+_MKJ=FPN@M@K$P0-SUZLRW5=:;6GW<)/"5+
MF=SKE\"RK!G0K,]J!&6I`&Q8OHKKOZ;!+;,XBR5S'VT;M@@@K!>`B"@;48/P
M,PU@`1U!=T$G52\5K0C0`1-0B`U;!3!+NO,KIF7+OG,@JUR;FMZ@@Q]P`>A$
M!BN<8AZ`H(+X`&N[((4KP*CIMLN5N0FS7$7X%BJ9J5N0@>DRF^8&#1X<MC)*
M1C3:N65`M`7K"BPXF\1;O%IL&A8C``4`@2W:'P&@M/_I`B[I%IV`,(.E,[9^
MJ`LV.(015:._[`&XV*BF)JDU7#1-3*#F@%3P^BU?G`ZQ;!HK4T9$+!W85X4&
MP(:O7#[NDUBQNRK*9'YY&%$VN*&P8%H`P\<I&Q$0RJ_].S!MU'9V%<I=T$Z\
ME`%[>P1"++0`NZC^,@$I3!$Y19$)Z@!W@\WXG,_ZX($(NUFMD,%&`,<!H*8(
M8+C>LE5G24FXX,=0D,@2';'=@[XB0[LF:C<<(($*NF^O8=(GS1<7O$4RH7D(
MDZQ+4&9S.K>)0=,U[1<5@`$(8SU(&4HL21(0O!+;R5Q`7=+9/-2.L<;*-`"E
M.M"">18'FJ`+>L_^0')4#1#_&[&G/@N?AC0QUEL1.9NC)!T%0CW6B(&W_PR'
MTQ35P"JL9PK181UZ<JT1%MU/4X5U7FB7HNH/OBR=%4N?>OW64AW1?_T:I*"?
M_N0!72R+AND&,;C.]ZB])KM<$#4`C0W6_2#6D8T2%SQ5OQ8-)/FH=0$(7JK$
MPTP+RW7&C=C41]#69NK83Q#7IYT917W4'M#:LO('G+U<(&RTH!U1%O@%NEVI
MI,T/IOW;+%%;)%G`ML!<$77;>*T%=2L+O.T$ODW=JJ6/)+F?!XS*F3'>Y'T9
MP3?<_L*PJ=3=?<'>[6T9)'/=1M>J*KLE4WW?J.$!S?F<H[!9_?K#]'VG_PW@
MIO&E_[95PK?R5:G*W]W<$_;-X)$1?-K7>G91M3B#X&&RX!CN7%@\NW>YWSX)
M&!<^XI!AO1W>K_.PUA2QXBQN'!/.C-4AXC6.'GB[IS@3XU%!XSLNPR6F3`B`
MX]RAXT-N'ST^L4"N$D*^Y.*Q$<'LN%VA&4HNY032Y%OTY`$1Y5H>4D6N>T@^
M!?5HJED>YA'"Y3^>OD]@-R6>Q9"MYD%"Y49>YD<PD$J5X`R2YG0^(FP>"FX^
M!`.9BW'.!6#^Y]@VYE9N`=V8+GL>W?[HUXH>&3V.`(\>KX>>!8E>Z<(6P%:X
M+GQ=VI3NZ1DN?*8E@@_KYZ9N(R#H+:J^ZG/>ZF`"@K$NZ_]]3>MQTGVWCNND
MKNN[SGIH/NO`_B66-^RY7NSYW.G*+C#)WNPAQ.S0KC&L/NVH(NW6/C/5GNW+
M0NS<3C#8_NW;X^WB7BZ2DIX[H8GJON[LWN[N_N[P'N_R_@B2HD8.6WK)[8OZ
MON_\WN_^_N\`'_"Q,#2-"0ZE(Q0!`Q0''Q3-!133[04-[PSBD(Y"X#X&[]IK
M$=[ZL/!`$?$^\?!=X/%F89,8?P4<_Q,)_Q,GWROC;!$@3[@M_Q,D?_$(K_'H
ML/(](?(M\?);H/-4@3%B*0<X_R<V?PY#SQ(^OQ(\KP5)+Q7$N-3E7NSV'O54
M;P=E6.%5G_5:O_5<W_5',`_N$_/_=B`7I6H-T\NE&',P4V`7J:,5JQ-@<@#V
MGS`%"3![253W/AH'<3,7"=T$\I`-6G$7=T'PV7#O3"#X.G.33I...F2I?R]G
M>"0Q4&\8"@D-8C\$!\<SS3-B_`D.P^1$TW8Z1>T4N!)D69@0RQ8%%N`R^J4^
M%5^-;/#Y6\T$U\,.(&#[(%"[;8``0P#[28#[UX-ZDI)D2OF]:MP.M>H-,GX6
MK'`*Q7-'T(`-:</[0K`^9'%S<C"7I7<*=T`6J"<SE9]33G$ZM[P&S5_Q<Y`7
M>6"CGS\/X=_WV!,V#<#]&?/]1T#](,#[1A$7EP\$(.&06#0>D8B$L#)L`(8'
M$*-A#%B$_Y;`T(/T?L%AHB4B!36%@*KP<(`:$</X&S2@B_%Y_9[?+PZ4HC`.
M+#)``B0",!#6N,SLHB+\)L,`/#(:$RH.(@`8(A8"(C"*`"2%NC@S,.XH78D`
ME]@&"P\3%QN%!M`"`DRY7H.'+#&'-#D]045)B0`&ANP@09R%A0,\`LQ`,!H8
M)`XJ$'H1T*#?J%&KJP\0.H<8MC(L#C(&`C).AY]U[P:TU0$&#$CODA0M`!)X
M8(`.`[,A\H1$8&`,BT!*X<A%!.#,$*0#'OZ!0#"1G9`&$D9:G$0P@T%?"1?N
M:UBDUC8L*4NJ[(,132>.=:!\_(<.J#2B.O5<DS@EPT8$6+J<R?_'+\T^$%&1
M\OF$34B&"@`6'=H"(D*Y:5:E31N;E6W;+^$6`&VVSUF#7EL.A*H@@<B"7&[#
M$'QBE2K0!+V@,%A@H1:];8P`XX$K5U]5N[V$*$HP8*)BQH8B!\[@8?"?-W8.
M^R(:[1SAT$@^\<5,!&N7NPV,6L7Z&LRU);O%9O;5*\'J-X1X)[=()R&(5>_0
M`5C@9N.8M764(Z&3B`%((1.E#>BV,5=3$%JZ5LR>QEB7Y]^C3]]XAX%K\^N'
M#>'N?0IE\0O5`($O(623Y3#\OC.C`0\`(..=J_2;9J,#`C!P+>#PHV.!9S("
MX8#+,DO@"4\$C#`S!%&<Q!<F^$H@)1'_T;%`EE((J^`Z!*V*8`D)XFI@"6FF
M&H.9!)BI$,45SVCQQ=+.FY$(W'*QP"$<A]!1P!Y_?"-($/P"H8$>X^+R+^4`
M&.NC!A9<HKJH%"OB2R&Z3"=%Y\S`(*X%RD!NMF+ZJN+-;;YJ<,Y!*\F@N`4F
MVL8#":``0(*OU!LF`2>Y3#3%!5@A\CL)/!BDCDPM':(""^[`H+@;LP/`4.D2
MQ6#11A\5U,T$YA&5U$$Q18@9;SJ58@!0C3B`%4]!F'32.2,@U<AB$7@*E>)J
M+<)86<#9):3L+%B@@@JF\W``#\0[Q*MM@QU6BLT&2+<50MG5XZAV@TD+WE?>
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M]^&/7_[YX9^^W>KISU___?GOW___`1A``0Z0@/&S'[OP5T`%+I"!#73@`R$8
M00F^[X"$2N`$,9A!#6Z0@QWT8`0K.*@+?I"$)33A"5&80@V&<$XC5.$+81A#
M&<Z0AMQC88I<6$,=[I"'/?1A`&^(HAS^D(A%-.(1D8B](")HB$ETXA.A&,4.
M+C%#'I#B%;&812T2D(KK:>+X'%``,8Y1C.@C``$4D#T($``"[",`]A2@`?`]
MP`$$<(`#I#B!V6G@`?HS@`&R9X`S_C%\A`S_)!N]E\;K&6`")X1`'\TW2$6.
M#P*3!!\@K2?(-EY/`9ODI"7A)T@T@A)]I/Q>%U-EQ?4)@`)D%*,JS6>`#G0@
M>QOH`";3YP`!8(^1WC/`!?#X`0AL`(J_W$`K->`!"J"/D1Z`)",OX,D"!--Z
M<32``BY```,XP`,3L",'('F]:?*2`HV,8SBQ1X!E<E*.VR-`!PI``0\4@`/$
M=.`#"F`^`2C``*TD'P$V\,;P/:"-_30G'X5Y@7Q>[YT"_8`"!)!-!R`4?1R@
M0!HG`$OU$91\J"231M$G`(=>#Z3DDV<X=;G+]25SI-]3*/86ZD0*;,"3W*2F
M^39`4W%B;Y8P7:@"_X+I`8'^D@,\I>7U!%#43`I5>_(TI?;0^`$"J/*F^ZOJ
M]:XZ/@*H]`,+S>KV1#I0@0H@I@9@:AFQ%U9QJI2;N#1I.ZVW3O9-X*G;\VAR
MOB@^M2HQ??'D:BM5NL8)!-.;"R7``R;@288Z@`)R58!2'_``#L1TJHH%Y#8)
M@-`'V+&/"B@`/^\HS,&2]80*<&;V*'"!O@K@EM:+J0,>L`&4ZE28UF.J]1[@
M`47"5K;6@X`'%*L!N%:S`$G%'B05H(#$9M)Z4V4N&\T964"N$0*?;>YAF\M(
M:I[QF8]$;#8_8(#(IA&@VA1D)@^[R0<H`+%N-6TPVS@!\$H5N]6T8QI%*O]*
M0$96L1\(+'"Q)]RN+E20#YBO:U4Z56W>U[X.N*QWK_?;D2HRN<OE;G/;N$9`
M:G.PG)0K^.[*F[QB57<!U9X'<C=<[A5`PE(-XRX-T$ZA5O<#>(3`+C.K/0X(
M4K?-M:("**`!]HI3HV<\XP6\N<:%"J"/8=WJ!R;0`7X",X,<R-T%2CK5W,6T
M>P60I4IC*D<*</4#%]@`EV]KVT9^0,Q@!FD!0,H!H&X`D]R4*CP+@$ZIJM(`
M'.C``RXJ1T#WDX]1?FA1\YE;;[Z4`_&]J``T$,8GESF\1[5BGU6J`4!&&IL<
M4.>'/\`!96)RTHV&\C()T,@)R#&_%ZUQ'[FL3M?_OMF*901RI4=:7.MI0+5R
M-&MRB_H`*4,ZC-?+J#OQ+%E'?^`!*LVFH@GP4NL=-7PA?LV(F^M*,G:@I1^8
MI[8+L&;OY7-V'UBFKAE[1F\J0+:83*ZNX;C.#BC5VZ[E<E<U*LLF"Y0"`IVH
M?]_XY$G_&X/X!+<\W5KC;VM;S]O+YS#/W=Q&_M:3?48Q)M/L[7RF6I@`AG/V
M/K[(=6Y`W*K<:SIA.6GQUGB7:+4B!"Z07-OZ]I9<W8!G#<O6AZI2E4_&)\T!
M+E4R6V\"MFSCDPU@<VP^V+\3$/<$*'!-G\X:Y+7.)SBM=_("2-3!@#YCI#G@
MS697]]XAQ^V9D_[&I%_O_^:3#JLJ(4#MDWO/VJ'!]O?F7F_T;5RH>-1U/+,7
M6TUW]8Q#+X"1"T#GF0\X\#U&ZAO5JM8G.QG'"1ZZ!\^</4CWU7HV76B>CPQJ
M@"XTS69](^BCO<RV8L_/V+OC&2E`;9-W>\\,Y2H==<EXO==SS;`4*E=%BM9)
M0R"Q/&]NRV-J1<IO#YN5%_KC01I1N2:=VU-7N%M;7\;(YYK,]$PK.M&*50^X
M-:S+SWKASZ]W]>?=AK$KJ3Z[_7[Q+=3,@-1U;.L,@3\BN=B3OMZ'26[QPB^3
M,N_Q@B[4#*NHEF_2?LZ$,FK-^@G`]H[(\NFQKB>WTHB:K,RV'$J^#NT"=<L`
M>O_K>J1MUQ;)`X(J_:`JY1*LJ)[,Y1Y*JC8`CV`IYNS)OW#N^,)+I8SO^0CN
M`VC)_#H/!)^/W9"*W02JC9B,RF(PHR:IV,)K!*WGI<HHTE00P5R/VCZ-H09P
MYVZJ_-[("+-.`=SNC6KP",6G[B+C[KPGHFY'_BY)```)"C6@M2Y`H:*.XSQ-
MO@B``PYL`NC-OV[)K`")`P+1MV:0!-_H`I#K`@#)U1J+`!*/#%7+W.IJ@^!L
M`P3``Z0PE@)1`_+I\)0HGS1@D_S)V_QMGPAO%&O,$3O/%;,MK7CP"E&.U,!,
MCHK+`&`0N\9)E7XNK&),]Z*MQFYIJ@!I_,@0QEI+$H/_SO^@;,UR;Q@A2NUP
MD1$1"^#8S>\`216K":X<`!:_T?[RR0&D3);$K:LJD0#[C<6FRIMVK`MKC+:"
M;OO"2X[B[II>RA=C*AU!S/W89XV,+"#-Z(R8"R`+RNDN:[/4;@+ZB*[02YOL
MBXV,C`RC*I#HZ(PR;)"J:;,P2;MD+MHX4H6`*L\2CGRVB<46:;W&R;?$B+WR
M[!I/<K,<8),\BYK(CKQ::;)PB9$FP-TFX/#PB:"F*>&4:RA/LHWB2,XBS>E<
M$HT.K_?JZ)F`\IJ8,J[RJ;$@8+).;20S3.P>:II&<I*JJXZ\S"K#:RH1S,;`
M\B<%*[*R9_"J2>R"2;D<4I?"_\V3<`Z=($"XU(N5J-(ALT<2ZRC5#&`L+PLM
MNXK)'!(%ZTNJ[HWN_'&+YL<9)5.`Y.D<'0@.:4BY:*BD#O&4(K,RWT<7JT\T
M!ZBZ/*TD"8@0BP@"^BN%6!.K5+-[U!`PV-`T<3,WN<?(9E,W%8@WTZ<VW>(V
M?;,XC?,X94@XVX(XD;,YG?,Y,T@YV8(YH5.&=+$ZL=.'I#,KJ#,[8=/,0,T[
MQ5.%MA,INI-[>G(\)>B7HNX"PO-\MNFX\BQ[)(V1#D_=."S<TJBZ`#.=%&N8
M`LFB=@TSOZ<H':Q[&.D]YX@N.:DJRR>,9/(2+\GI4LW4UF?EB*@\=>(\5_`S
MRT<CK_]KI%H*LV#KH0+2E+I-O`Y+-0\+MB14>TI4>RCRD""R>RS0?]@SD]R3
M?0J`VJ90\9:J$G-KD1KIRS()+C4/U%ZSV:JI-[DGMYST^<HG/17M`ALN#=_H
MMZZTD)B0S6C/?!XI0T/S0F<IXV*I`[@JZ7")W<AO/]O)SIA-`S"S-#M/#G>P
MJF3-W(8J?.+H,8D.!;'G`;]G2'W)?7)TD794?6;JINJ)FOS*QWC)MTXKZI@O
MF224,O]),W60?&)4G4Z+OM#GMC;O?%@)CK[4?.3LAS14)3B4]>A,`X`4?69*
MKKC,S]`,DPP+EF0IIH2-JTS+DW[+DKPOO-;,3QW.6-^)'^7_Z51)ZGN,U48#
M,B`3E9?<,UK/Z$5?;0/%J4>O9[(2#)9N*O$LM*E^Z;542YW(T9MV"<A434[+
MK<923?14:=7T*+#J2`-@S)LT`(TL"LCT3`O52:<(DI$RBXV8+,9VK)_<ZK8Z
M8)G<L4CUE5\+0,"6ZJH>:V)Q\9L>JA09J:A6;>OL5*H4=(96=3DTE9.L-2"Y
MJ8]$<%]3%I&<-;>"J:PX@!S3RA5)3:.*[O],2Y%:CZ<"<:J"R?[`"[/*DMDD
M\?3&L3]=[+;JR&DE<;\D*Y]^;#X%"X\4+$K3R@.XMFNYUD?AR&N]5L6X9YE,
MRZ$^"U#)\ENY2\4Z@!]YJ:@<(%9-_\[!!`G,-LX5L^G6/B`1&:KG]'81==#5
M#$T!N`TS(8JA%M$1"9)P:<D*">[>NBFS-"VT@M5QN\IL_]:A^-.SS#:TS*V1
M%K`2Y?1ZP%:'2E8@[BZCQ%9LX2JW6K=KX=;A\*V-7DN;_%:8<FJ[BHRI/,N_
MUNE=D6KHY"ED)VWPAI$A66[`=#'AODZEEHFI?K*KZ"K(ALR*W#(845']U`?B
MM.=0P=1E&W:G8L_<$A-2<0M[(&"F"!3*@!)0%T_R\%9*10KJ)A+E-E6D;DP'
M`\K(B.YT_6]@-9$@^Y<@#:RK;LX!0"GCY)0W"UAI`S/CM!*M]A6W=FD!58I)
M%Z^'4C<@6O^5S6+5W$*8?!8*5G\WZ^**'V/,`Y3*N?ZVC5QM]80WZRXOMFZN
M"+FJ`^(.Y#3`0XU,J.QH>_]H+T,Q^2PTW5+-#-W'>Q%U9,&'WJ9*D2IPGF#M
M6WGILN2HZ%Z3WK@U?@5JTLJH#"=VD?"7?M'O^20PO%H1,P,X"3<`O-(8D'28
MGJ8W>S).`,3-K"H.'KMIZM"*R700@YL+KD[VA3H8(%HUM_1,ELAV_G3T`EK8
MFPZ+J7#)"6L/JXBISXP,GD(-;.<M4BL-U9SO_-[,A*$*\DZ1DN6LC,+/`WK8
MM4"MD,6'B<$WEC[LD[MJUXX*WES8M;(.DR(J\*C)M"!I]C8UC%7_2G\!+#[_
M-G^UJ<>>C&(=C/B&"932D2`[CZFDV?ZD;)BN*N.B;+HHM_-T\3']#)=8>:$`
M$;=$-^!&V0$@\/)JZ)#5@4-%,)NL%<ZVU%DY21/C*L#D")NWMY=_2=4\:6=[
MEI,<SY>Q$.E@20X[()A@;9I@47&9;9XX4$\9KY5_"8_P;PAE>9:/J9;+A]#<
MS<P.Z\]<+*$"*@(13\B$*XTL3LBJJ01_*^84.>Z\C#0K*:9[U#4Y>:9*U<.Z
MB:=UNJO@*;5<\XU%"IOP*^8"#)"`S-6LQ]-T]P+4*G']"T:5:9)^"4TGCJG1
M**9U+)KJ48').NGT;\?048RD[)WXB:V9_ZU].W-,S2>98K=K;]@D0_;Y8`ZF
M@&OII*H2X1306+:U?*R1PC&\NC2N@@F0XXY?)R[8-L`0^\@0V:RBGW$*IZN/
M-8`"'N"SLU*I"/&W\.@.XPF09.LUTV>8C@F+7--\.FDG:]1[:(Q[.K*VU7BW
MPZ<BPTNWNP<CNR>V(XR?CH^XXTIK#=FN&<A_(XR^%$F4WN@B'T"J3S3"8):^
M(!+(9H>4O(NC.D^@-LN3)#&-*)(B'>J\U5BZKXG%&`D@R>M:KY4G2>VK6MM#
MU=-[P'N'*',FQ71@/IB&1.U9\_LYL?6$&*F",TFY88B>JR'`:4B\O*G`*;S"
MN8BY+3S#-7S#E6P(PSG\PT%\/!T\8$(ZQ$W\Q'%SQ(,!PE&\Q5W\OP&&Q5]\
MQFD\.3V\QG$\QV'\7V1<QWW\QR=(Q>FEQ(&\R(U\A=POKY5\R9F\R9W\R:$\
?RJ5\RJF\RJW\RK$\R[5\R[F\R[W\R\$\S+4\"```.S\_
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>p67372dep6737204.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 p67372dep6737204.gif
M1TE&.#EA,`(Q`=4@`,#`P$!`0("`@+^_OS\_/W]_?_#P\._O[V!@8*"@H-#0
MT#`P,!`0$.#@X-_?WY^?GR`@('!P<,_/SU]?7["PL*^OKX^/CY"0D%!04&]O
M;R\O+T]/3P\/#Q\?'P```/_______P``````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````````````````"'Y!`$``"``+``````P`C$!``;_
M0)!P2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZO^"P>$PNF\_HM'K-;KO?X`:`
M:)@3`0:X?L_O^_^`@6,`"6<4$0@+0@J%`GD&`B`)"D<-$!Z8F9J;G)V>GZ"A
MHJ.DI::GJ*FJJZRMKJ^PL;*SM+,!9W8+<XH@`!$@$;E'`!X`QL?(R<K+S,W.
MS]#1TM/4U=;7V-G:V]S=WM_@X>+@"+=I&"`&O.H@"WGM[W<>@O3U]O?X^?I)
M`N9F#1@N]/(W;YZ0`';D[5O(L*'#AQ"C]$/#B($"``1!&`2!T`BQB"!#BAQ)
MTLW$-!$<K5/D3DC+(A]+RIQ)LZ9-?O[."-@EQ!<P_V$>-]X<2K2H47LGR31`
M8$`!A46-'D6:-$SHT:M8LVH5DY3,Q7CI$O8$JW"KV;-HTS+I6B^FVK=PXQYE
M2\^MW+MX\T:D*\BNWK^``P/B&\BOX,.($YLA#,BPXL>0(U=A_,>QY,N8,Q.A
M[,>RYL^@$7/NXSFTZ=-R1_,IC;JU:ZVJ][!^3;NVS=AZ9MO>S1LD;CBZ>PL?
MGN_WF^#$DROW8]P-\N70HZ]IWN:Y=#4!R%ZG39V-]>V+/:`#;[O[FN_DQ2CP
M,,'#T_2OS:M!#__+`@(?,C#07O^S_#3T];=%!!PX\,$!'8PG8&C_H1'@@E<0
M8\$'%`[@@4`0^I=36U9E2/^&`1#@1R&%^C7@868-XM+AB6%$X,$#`\088P4<
M;,BB8BF:\>"-3A`#2B$\/I9C&3L&R00"%AEQ@0<(&(FCC7VMZ&062%)R1`),
M3GG8D&04J641"'@`)!(`,/#2EWEQ.8B4:$H1YIA)*&`F?VVFI:887J+YIA,-
M+)!DG7'=&4:>6N[YA#I_`JJ6H&`0ZJ2A4!@`J:)G,?J%HT%B"6<4DU(*&Y2%
ML>FI$9I>L623HWZ:#Z8LEHH%EJBF>I6E7K#JH:M9E'FFK$31VH6M$&+Y"Q=R
M[LKK;:`V)NJHL'ZAP`(06'DLLJLN2VFS8"`J[;0S^<H%L/5A&X8!&#"P*;<C
M>;O_!;CIB3M&I^B&I*X6[(*W7JQE".#!L/&*-&^NUJ(I)[YFN-LO1/]B4:]T
M`[-!`0/9';Q7LI4%/&7#;11+I\3X)!RAQ4;*2;$9ST;+<4,>6[&P<AKKH>W)
M"Z5<Q<K$M;P'N>;"K(_,5-`LG,U]P*MS(#Q/X3-O0/OA(K]#"U*T%$?;9L"<
M]!C<-',CDP9RANH8"T@"#&"P\=4F9;W:U@MV/78?29.MQ]-11.V:VOHH`,$"
MV[K]!MQ0R(V:.A"L#<C+>L/!]Q-^FT;X0@8$P,![A;=Q>(]HI[=X0T)'OIC9
MLE4.WN4.N1B)YFI,WD3BFH'^D-6DCV$Z$ZAGYF?>$8$M_W;KFU=K9)4RM8W[
M%Z\O$;MDO,]D-]Z_<\5Y;IY#5SQ-JB>O1<(`7&#B(@!<#X(<M/?D@0#@AR_^
M^.27;_[YZ*>O_OKLM^_^^^AC(![\]-=O?_DN,G#__OSW[___``R@`,<7@.5A
M`7Q(,E$"YG`!2BA`((2H2@$G2,$*6O""&,R@!C?(P0YZ\(,@#*$&,2'"$IKP
MA!M<@`<@AL(6NO"%,(RA#&=(PP)"("?A,Y$"R@&G[C5!#D)`@$`@T),F(<`.
M1`S*B3)7DS!A2'K3RTD$=`$".66"7P9$@@`HT`!_$#&)'-'>$(:'&";:A'50
MG$)7F'*0%2J`7._(XA'0@9$A%/]D"!V!2?.$8\:;P$IP:5Q"5T;G(T+:08Y%
MH$H=A7#'@XC%>Q#JXU!\%\@G=&58`5CA.RAP2"M00%I)[&(8A0#&LO1G2>?*
M2K'$6$E+Y@0!$9#?A830.#Q6X8'&$,CM*""0"SR%7%41$*[0$KU6*J$KDEIA
M)`QP`:IQA`KDFJ!`#+#`,563/V34RS#3@JA'&O.8%*N#,>)8G3W29IMOD>0W
M0:":T3W3.^9TC;#TXL1U"G)#%,``&],A/UO"LUU9^@L:[<G.G#0@$XIX&";\
M>9YXGF:@<?DC08TP2(BI,),KA!PBZ>70T$!4+I1<9U=N!X(E>2!B#)U/1S_S
MT;NL<J+_0Q@D$1B`(6EM%&#7(0;!#M.G1!%TI.(+0/AX\<Z&,HP!.T5,,2O9
M%8QV(J4`6NEE,":99*:2J3EQ*B>@ZB"I1H:JF%$G[KKRQ"(\\:8*\^IC1!::
M4]D3F4C0'EH_QC)G@J:EK1N-I+BJHN2$%#.Z`F3D*+-#!FQDKBI3ZV'^FAG&
MDHXP"=`J7W6DV,`X-C,]]6%>-\3,2V!B`0+`8CF%TP"[OF:IFENC83&!@/'(
M=;2\H=MNK)K&K@`@3`@PD3LG2Z3*&H49&Y-M;R#5E,T:`1(1H,#HXH'8F?FV
M*)[P)BT7X+7=Z`M5&"#J8)-%`:$^D+==>BY1/#"`$5&H&$<`_YQ@6P,K"GB`
M`[O5&V<:$`$&@'=-DB&O>3^`WB*@=C<*W8`%/*!9G:DF(<WMF7B'HE_S]G<(
M_^4-!CIP@`\0('#;54(#MFA3V$*FP2-Z<#IF=QWWEO<##N``TQZB+TXD."OS
M5>%]\;3@FBP%Q.>-P#LB/%L&9,"\`X8``A*PWL%H0$8QFL"+L:)7^Q[$PSP-
MTR4L@&0+*3.SVPD`A?>[`0^HT,O!8(@`1#2B`BQY5F83[3^C[`$(%,(3RF6`
M80LLG"5U@`!XSK,&]@6"0WPY('0.&IDI9.;(=,6'[CQSWVHLDAN[N0E(:O-5
MAY.`]!&A`0F(M)`I4&1GY1)\$]3$H/\_4``(0"XQEV2&@A2-.$9'Q-&3!I-%
M;DS%(#T0HZ"5;A;D0`@$%G"UF;AA`%*R16-$8-0%R(1W19/53\QX4*YV"*R?
M\+PNGE37'O+S"@/"RB6(4[FAM>$F6(@!\"TP>X)$=G8H@(!+A,UZ@&FJLY^\
M9KE,6Y##@A=&Q-/MWD07"I@N5YL1P.DJ&B-\H=[$!,-GC$`+LA,&38#`A4QD
MO*1Z&;%B->7L+>58#V$]Q6`B`"Z1V^1X@,I(%K&&C5%I`7B6$\(F-B?Q(`9>
M)\.'M_YL<CM]DZ[T>WO/;E2T\7'O)MRGRV)B0@(NH>/AX)B_=O@V^"(@;DV0
MV]R'<#<&$O#_\\I,D80[L1/%-OS)H%]JZ/4H>A,$4*`#U.@)8-,?SR_S="^[
MN(`,!T"@`VY8".S\'@;(^K8;N)48'Q;*6E%[$]8SH0]4P#V'$H"<RTJ;NA-\
MG%M0@`"^O.Q[8%K30^XZ39IL]EJAO3*9#,"IG?"L06]@/Y&2_*-?(_&Z8SL+
M@6_WMKF.CP?*TN\%'XIJU&S4K.P[CT^@[R4*9%ZW*RCY4EZ]9NAK6/F=.,2W
MYT(#+C#QY*ZJ'Y\->TT.K<72_^KTN4E]]HNP?17>T`,:*(#\Y]]EZ?\P3,C'
M3&3;+``3_1M`FT="A`=XVB8>`T@2%Z<,JX9X-W%\ZP=A":!"2$4)_^600<\7
M-^HG&0I07TQR:L#5!KGG;J%'=)DF@KPG+\WF">;W+>CG'1G8!-0D/TAE?XV2
M226G5!'89A<P=VVP?;*T`-[7>]S7=P3'@WP@;RI(;\5G$P[H!.Q6?1X7!A1`
M<J+W%H7%)`]8%U]W4@=H#P``?F"6A7^0@,F0<0Q($DT(.Y$6`!7W!DLG=WA!
M32JT`#LX$M2D>Q0G.(Z@!P48`%V(%`855RNX+BU()"^H!!MX"718A:4C9WOX
M%K>U0@C@<`_A>SJG:UAR@6]PAUH';_5`%]M70&%&!!IW.H6()X<85Q=P"1#0
M?X(`"7(6A4/165[6AD7A"W]V@*5%`)#W!_\^2(2VB#6)!&R8P#2E"#NG>"FI
M:`3MUV810(EP8``N,GM8$8D3:!:?!XQ:=@"O9X1ED'-@1H.2DQ,@)VP8=59G
MV!!IF%ZUAU1BV`>T]HZOYG(G)8M'`8[EA2":6!A;V'EVU`GR*`4C=8-#L'2#
MR%$@L8ZD(DL$]VK+*!/YM$(1P(A;45H%,"(6,HH$J'OO1@DG5V4JYP5KA`0#
M>(S"DXP*\Y!"\(3B$8P1<7P4N1`;=@EL"!@!H`'[E0'*)GZ>)W%]9WNN@T-D
MTDGUMA`*^7$<N``N.1(`H$($63ORTXHQ>19+@G(R0B,+4(!`&'SV\$!`J3Q$
M0%)%,)%*J%(,<93_510!BNB)?L1TW@@'U"<>XFAOQ,@)0!)X6[B5;UD&7QD&
M:Z24VG-;8&222I!-?;.,S>AWT#@2<?>(^K!_4DD;>/EE>AD(?0D&R%27F*!1
MZ=@8J2B'$KF8,@&+^M-['-B0PC&9.L>5>O"1*1>0$K$ASV)U<$*826"8PG.(
M,2B)<WD5L$B-?P":$%"'T*&:X;B76/!_?@DE7[A%9&&;9(*2N7EM0\!NF+!U
M>*%X<'"%1P0?QEF914$8QG`$T!E,@;!T3&(E++EUR'D3-Y9_;`":=-B>M?&%
MN/9WU$('+I()^U264?4U5)B6:SF5:J$`*DDD87*-1F*?JTF?PAB6G'`F_^6I
M1'V`GKDUDSI(H'*Q;T\Y!K2HE`X*'0QZG.F2$\3@A\9P"#1UD#BU!Q9:/>[W
MC)\QA4RBH5"3H),("(D0HEHQHEMIHV,H1><"3/[956<@*?R!GN662>Z(&NCI
MF%N`H349"`B@`1-079$QHA0'I&\C14A`?&8Y!KPVA\9P/>AI=S-8&\T$AUD0
MD0Q`EH)0I15VI3R:%EHZ@L7AI4<`IO_I.IT@`&=ZG4LY-Y*7,U4@I?;H!G(Z
M(G3J&G=Z@O2`A$]5I'WE.J/&BP@UJ%(SC8E:D%'IBO:PJ.;5J+3QJ`3*I6J4
M@I-:5&$Z+O>Q7[RXB-+A:'/0G.,S)G&)`;W)!O\7T6OAID+7-R)N%U^E"H9;
M*DC:%91A:3Y$A5:+E`[55)"$@$TG54,3=`F7VF;6NJW<VJTAY%G0P@%YAF<=
MP$)?IJW>&D*CP`$2T'Q[EJ[P&J\SM`GF>$&?!:\W1`0XAWL&L!&[U$N_M(_$
M,$#B(S_9:@H3A``$VS^.N+`.:SZ9A&S\^;`84'6@P$)"U3X8P*X4<@`:X">L
M];`B"VJB.+($*W"8(&3[20`#-C\/6T!IL!&A=`L!<#VE-$8+=E#92@E2%VX!
M\'*>L``+9V['4*=*4*4:D%2A@VPT]9:]VG)45T"<@+'A,W.H&D3LZK%-0HM3
MRA"SB0F/4XE#F`G,QXO_-PL\$ZH1/9$1A^5-]9))1X9D>Y:L<<5RX%.QCC,*
M&*NPX#-SHID$55H!%=`!2BMFZL8$O`9N_?!K=S=L1*MW98``')"T,/&I1BL&
M$*`!!G(`[?&W?E`')M5X*1:27>`Q!O&LC<01;BM>&`&TP:9Z6-"K"">UIF".
MX7,!QR!Z8;()A:L/ZH!L$)"BLYNW"E>R@-IP?(``2KMAAM6=^(`E!C(BE(NX
MTL`^%<A!FAD*@S9@NWH%IBL$HD1*(#"8W>8SN`4@``!N47NNIS!!Y28`LE0`
M!W``+7M$W*"X_O.M'B"QRF:\Y^:Y53.'FKH:","_L2"T'<0^YP8-P,!\YG5A
M_Y=;4#$[!$ET6R#@O&?;"T/7J67`:RU7@=EK=63[8R/2LK`P0\3&/B[2`?,G
M?[S8NS2Q0Q)YM9E7/?!+O/"7D[H`#0!,67<VK@2P9RM6NA/:K^^P0"7E0!"4
M2K@)"+UZ`22K53AV`,48/@N,#/=@4O"7"?M8%+2HJV<@!Y56#L!V0PJ[0`VP
M'@\P(BE&K`O1<K*4LN%SN?\B3C1G<-K#/=&9I3CF`%Y&02$<H1;$M^*#N\J0
M+0R@N0?2'C0<$MVE@PY:!\I5#B\',>6&NUT7)ADP`!;``5BJCN86P3&5MHDE
M&1"P`>95`$ZV<LI0/GA+0:[["0A,0>\[/LOP#A?``?\5-B*$JQ9QF:-0\X54
MQ[YXMQ-_2X]()<H]1\K.)1GNM0%)EG1H8,?(4#[7.T'LVPG`FW?HIA741).3
M=A$DJPE"FQ+C"1[!4YC2"1$TVF;=VQ;&4*7[-0'FV@FS;,5%6Q/6N!-07+%E
M[+B<I,PHPLP*%CG$L,84(@'2K*_'$#[7JYE[6[7(:P;,)(I`*L8"0,E6=\;=
MS"/I?)OKG!Z:/``9X,DJ8[=W6T#9G+)#*P"&W-'0M``<D`$%4*X%)LF_F@F6
M[-)Z!YD#G"$?O<>:DX.MJ,PV!\4^^[,05T"U/'/8A@!;=B`7-D;-&0#$G+'G
MC`2%A52-G!Q!;9XPI2/"ZVO_M#MN$Y02+V)>?JQ5Y5QLT+2*)_7.Z$S01A/2
M84U+QX#4BVMY"\2C`&"Y)_+5%'K7]L``%XF1!":FIPF;PR'8>D38]T`@[8IB
M&E">.:B4"^+8I@39KQBQL2K0^IJ@<)H>FHVSG'T/X,;!7``)EP#&Y%':D'3:
M@O'(PPG:@@';&BS;B+$4<@;,T(';3:S;^/#-]?C;=`TU=BW<^K#/70T9P)W<
MRJT/S(N%C7W<<0/=T;T//FW;8J<[V:V!2/*FS1UOUKUHWXT97#N7C!THY=UJ
MYZT9$5G4I!)0DO'<[_T9ORPM"<`!`S"]AM;>&W??=R7`^]VN6EO?`&Z*`FX:
MD<BQ_QWKWT_BW0M^5PXNK!#.;!(^X9HAJJ/:BZB6X,BHX:'!X1\P`1#@64+%
MFGIAWR(.&J+:J`V@E7AJ<2!^DBT^XAK`N=5EGX;U;NL]?C6NSC<^XIXL.`^D
M>R?EG-V-#\$]Y+[1:3&>ES/.9$$.TDZ^'3P^>#^.,E4NU%=N+Q>`Y"G.W>.8
MX5].'I@FY9!:$BQ^Y@)2!V#HXPC8Y6#MYAGB>RB^$V2.MF9NYQZ2YI09`6N^
M,W0^V'X>)'".41``:(3>YX<>,MR7YW<<*3TLD(7^V(\.*("N<X..!#R6!6V>
MZ8J2Z"G+Z.FU`!/P`#ZUG(XNZHJ"YV!WQ^HP`12BZI7N!/^A[NJ\LNE@ANKF
M9>O*RN38K>N2>0CLL5\?`.RL+NS$+C%R@M#F)0$J!I;,WNP'\^S1S@$P?$"7
MOMG6CB[8_@'2ONW<WNK?SBO//N[YTNVF?>[7S@#:GCO5[N[]LH$ZP>ZQ3>^R
MG>OZ3MC\WN]A_>\`/U$"/_!OA>^Y;?#^CO!-KO!:4O`.WTH0'_&!-/$4#T46
M?_')$SR3CND:+U()#@F2T#U65`LF?_(HG_(JO_(LW_(N__(P'_.BD."C2+?8
M,P[,<"$XO_/3D`@\__/0H/-`/_3*X/-$?_3'(/1(3_1&3_3CC04O\<EG0+J^
M@?!20/430Q-8CS!6SP5M"P=;SV+_70\%8>\0N'WU6^XT8Z\%7_\&9<_E6I_V
M1+/V3O#V8D;W4/\.4F\&`7#K@I``0RP2?3\3@$\3@R\3A8\5-?_QC$]+4^'W
MC2_J'1_YE%_YEJ\%U#PSW6QS<F\%O0K3`)?5@<=%FXC%/=/1%P'Y5_#YJ(IY
M/3'Y:I#Y5*#'0]``3S\%M&]PL+\$N<],<IT6[K62\'DD>8`!)D)!-I\&H+4]
M$=!TB`-!PS(>':H&P=]GP[\$;&3\)34'6P0'RT]?SO\$33?^>1#^#F,0W26/
MWQ5!O1"\<+`D"8$!HKG^A;`4+A?X>.$6ZS&5X0L$"4%#`0(I!$;EDMET/J'+
M0-*(042;_PB`$0("+(R1(I9<C@(\2H6G808U`D8AJ/N.N_'XJ=**AQL%$OY`
M`O,,R=#4V/"TN)0"M@XEG[X8QJ@8([L2C!H8)D%#14$3^2*\``(H0`PN4E>5
M4HUDE<1&0_>,U@P:`"[N*"@$,)@@C8P7$!1.;R=+JTX5`!"26E^7:&73C+:;
M#W.//`Q`@A?:@H>9YKP0UJ>]#Y]!,**GJ5RIF>I``MKX(^'E`0``PX)Q5`PD
MF*8`#B<`S)3LZ[<$3$"+%PW)$Q!``2<*72*<@V7$@"5R=XYAU(,)A(>'1A8(
M8G9E23H0"[88@`!AG,HR&N.<,L`F)+F1K$Q2B!/@`JMN/J.`:__IJTT$!`UF
M,A%`)=7662BA4GJZ$810-A0X-6#9\E$D8V'/`#"P(`X5!.,:=$%PBL(8)=W>
MDN,$E[!*C=1<#03Q28G:0@K:(6BJ"V+A)E+9X!S8X`)+(4,(1?@("+)!RTT.
M3QLHEW&GK9P@)Y#,2O(%8J>+L60#::""SDL^._[JU0M8W*FU##2``:!C3H#=
M`L0]:XL"!OD6/V+89?+6)-!)KIT^/M[3F`(F(_5GP$!OBO[*^B4/;G3K5C19
M29.K),&I04S)\\(\A6Y3CZ3V`)#/G"40.&HZ^KK@B*0+\#-`O_9H$N(=$-89
M3YZ8"%)BN<'8<V\B.MH*$)59/*B(`7__)`P@@<%6X\>?.EI144>!NI'M")[(
M,0`!#'@9C(EVI-@Q%P,DQ*`I`RAHP"40+NAI"04"P*NB0LA[QL?%BE``,B(;
M,))!,[\,<$D);9-#RBVJ+":,(NZPI<L>:3))S`0@:"#')2Y89;D4`U1,CFV0
MY,<("DQC(E!6;A-@-0=WK'2)5GASI18(,"AB.0\J6U0`^5Y240$,))VQ)P4@
MR(5/".1[HT,J@TEO.DP'TE0.3CGY-%1R1HWE45-1!4!5D@)(9IQ78SV"`@!@
M4>!92BW#U1>`^,1@L`@8R+()A1+HB:`+X,,-JZ*,H$E(M/SZ50YCEPU`7F\M
MK=?>>_'-5]]]__GMU]]_`0Y8X($)+MC@@Q%.6.&%&6[8X8<ACECBB2FNV.*+
M,<Y8XXTY[MCCCT$.6>2122[9Y)-13EGEE5ENV>6788Y9YIEIKMGFFW'.6>>=
M>>[9YY^!#EKHH8DNVNBCD4Y:Z:69;MKIIZ&.6NJIJ:[:ZJNQSEKKK;GNVNNO
MP0Y;[+')+MOLL]'^.``/V&[;[;?ACEONN>FNV^Z[\<Y;[[WY[MOOOP$/7/#!
M"2_<\,,11UR\?`.88(#'(8]<\LDIK]SRRS'/7//-.>_<\\]!#UWTT4DOW?33
M44]=]=53UV!Q?`,HX(/9::_=]MMQSUWWW7GOW???@0]>^.&)+][XX_^13U[Y
MY9EOWOGGFR?@]7MCA][ZZ['/7OOMN>_>^^_!#[]WZ?^M7OSST4]?_?79;]_]
M]W$GWU_SX:_?_OOQSU___:&7OU_Z^1=``0Z0@`4T8/;\QR\`'I"!#73@`R&H
MOP3N:X$1M.`%,9A!#2)O@OJJX`9!&$(1CM"!'62<[$B80A6ND(7N,R'L4!B\
M!Q"`AC6DX?`<\#C;Y7``QW.``VHW``GLS@$/&(`%=-C"V4E@`$!4XA.A^+L7
M4B^&P"N`XR3G`>(]P`,/J-T&/.#$XDV@BA:H@.ZN>(#9D5&)%>A`VPB@QN%5
MH`!#_,`!'E!'VEG`=A(P8P&\2,<*/$Z,>[3_W0.,B,3<\9%V#IA`[@H024EZ
M,7T#J*+O*H#(#-C1=P]XI.]Z^`$'F+$"%E"C`P!)NP-8((9X+,``C&B\!R"1
ME90T7BC'-SU[?9!WD;R=%H<W@`X0H)$$`&;Q#D``#LB1=Q7@P"%;.``/;`"(
M%="`!I@9/`UT0(X'R$#M.&#+#W1@B=_\@`=".8$-,%,"8:0=&V='`'$NT9VS
MPV/N-O`!:=[QD]@[0"%I9T<'G!%X#B#F!\QX1X#F[IB[LP`0)<#-V0T`FQ_P
M)>T&<-")`G,"YA2>/&F71^2MTG=3W.4E?7?1VC44>+!$Y^PR4`%@,I&-J*2C
M/F>)TH=V@)*.Y.,5_PN@40WTLW9`):814YE1?1*S`@0H@`;B:,`;JI(#C!1>
M!JY)NQAZDIRT>^D'"/K5#SB5=AG8P">ER4QG9O,#9B5J-S_`22#N4Y1W_.<=
M!R!'B'8SK_9T`"?UR<Q_'L!Q]NSK`32@RH"*<:ZV&\`R9W?&PBZQD$V<'4L/
MT%>,,I(`'OV`!F1WT<PV-8C`I*L$Y(K+`]QU=@7H*D;]*D?-XNZ?G'QE+LN'
MTG?.#:5SPR7N'C<!8A[@E<#\Y@'"F,HS;F"(S[3=(RWP6E]2M*Z7C>$H34G=
M(A*T`T`$YG?5N`&KVH^5DC2O!PCZS@Z8=Y*]/``'/AG#";P7EQFHZDIQ^?^`
MKGKSL6H4KNVZ6#O^0O8#7`0K>B6*T6-BU0($L"1B]=E%^_+S`^O<0&<U\$T_
M?F`"#TAF1S>@@8<^.+'M;&(&AEL`/#[RJ1;80#YKM\U0.D#$#B#NBD4I.P+P
M48L#8"YA*UR["0S1`6*U*#E]^0#):C3"L[-`8CV\`=E58)3$9+!&.^!9>Q*@
MHYOD8X</(.4PJ_C"6#7G`(B:.Y/6BY>BK!P\\4LYWA$2G2K>)YHA=P`)<."Z
M,CUD!@8@TU!.E\D?X'-19:?4"@^:QY=U-%@+#3\;3MK(;>7`I&D(8S3&U0,_
MG:@7U5E4#T3UG+BD:P&`V`$^3M6K543U.*WZ7>#_'E/1%3BC@\\9S\?%<8B^
M1&Z8[8ED%.+:UF/MH6F)J<BQ,O&@F`6C.7&M;`)(8)UQ':(')$#)C.JY=EV5
MYF\+H$5?'E31&X7ED.EXQ&5NX''8+K=U&YF!#!`7A3`^@+`M&EK9_7IVSMW=
MFBW59C3VEG@Z%.XW[ZQI-4H`J@7V(DL]BN+6)KK0(4;T4F>W`4H6H-&Y]CB:
M#9AEVXE\>"CDXDTY/$@N%G+/GQ2K-74]@`R0\[\K%:>#9?Y:6=^.KAB?J#6/
MK6L.=Z"'%W7P,1UL]%`&6@-!QSBN\ZUHELZ.BU[$-=0CR5(/=("3$R#Z2F=7
M9'`+6P+D9G+/+6KJ*KY[_YR>]>5%D6Y)?>=;Z![_MR[9K-M>8C%R4P=E#Z4Y
M5V!R8(BH920YEXG<(%[7G81VK%@=7^!/3L"[J_6`&H&)2`-:H-/VG``'%IK2
MLAYZE+0[:USE:.!2OU-V#^!D.+FHUGH6^/64W/GC,7K04AK;XPY6HP5`;_1[
MVY$`J!QV#W>/:V1SF)&`E'H0WTE,7$^@^?H-Y;7WK,;?@YYV_NYLC/4=T8F>
MO:$6\"C,P\YVKU_\HER/I_'I+OS9O59W`*^4P',W0TQ'NG<.D#<0O<C_0$J_
M-*ZME(R/0LR:S,F;5"RR.DL"_L_%`"NNJ`^6``VAF`NFC&CC-&"&CDW)](Y_
M,O]@ZY2)`])+>(A*RC@,E]9*`CZ)M%8/H<R)_B1.!>-)G&BPV1X-]\8OGDRI
M`RI`\8RM`3?)U_+)".ENK"J@['XP""^/V7QNG9YOCR@I`W1L"15MG9XJDX+N
MR6ZLK;KN^A*,HM3(E]8+H31`C-*JD0B/I'BJP'*HT!Q`U;1J[N@.V"S@D5Z,
MWNX(QEP0M^8G!*,H>/RN@(S/PXI'D%2)R@J`H%S)BS(`J=1(D&#)B2Q)H%BI
MA_(PDG[K$L,N$RFQ$6UGE0!)C?)HB#(JDV+JE5`ID8[(HC:@E.2(E%;+`AY*
MGY@K%1]@WO*PB/2("X<HCW+HMI:H$7</%X<(&)V,`,[_2)!:L91>$:.N2\DR
MZ91L\8?4"9&Z*8_$J:GF*ZY>+!CU2,!L$98>:I5N$:%L3?LZ*I8*(!9-R<E^
M2\WP+N`$<1!_IQ#Q<7L8+@W91Z4N"!$9""!+#Q#_YQ[W<7<LZ003TGMV\0%"
M[WOD;8,8DH`F$K9*JA[O#R$;LB,]$J\LZR/3)[-",GCL3TDX4B15<B59$G].
M4D?PKR5E<B9I4GQ>4D5BLB9U<B=YDGEN4DU2,O\FL"?;YP$JBBB1TB4U$B6-
M9\\2JWARB).8:+;FL8B4S,8B)W>J<I""\';PR-;FD7<DH"+UJ20GRBQY+BRW
MYP$X(,38BG@BTGE62\#>THGF_])YXE)WWE)]>(BUC&<O2V@I83(H;^>:/(`P
M;8?S<"D#PX[`[NB@"LO/(.VW',`Q'Z#::&P"HTJD[JAW5HG_$(O^VBG-=@C.
M:`MZV'*()N`HD>DI(VN8:J?(BH^+D.B(5"S<OO')*C*5WFF\"HRC?).(1E`@
MO5+B9.BOLNHUR7)W(LIQ3#-X'*``'8G_A(<X(>@GYP,QM0K;PFTH?X>B"*^U
MB@JT,&J_^*CGVDF,G@J%BDR,]`O`G$AV)(`CV6ZWZHL\=P<@^T@[>R<UWXDU
MAT>_Q`F,U/,,8S"N8.HIYRU^Z(^AB@?M@(LZA;*UX$NKB(>L/FN>?.?>3I`_
M1U'+`O\SMW1'__;/F(9MF/:/FA32QRJJBB+QM=ZKVC;JBR+N/=O*->\(O6J'
M`#3`CL)LR.+*UK[1UMX1XX2QJ&H.E3#TE:B)VJPODHC+PVB*S("4>?Q3R``T
M>,@(1X/JD[P)0[^*DQ"+X[Q3R4PPI,[HB';1XY2LP!J1&?&*E7!OE?(H`P]@
MD/XKL^1T/EWOU6A'H^KHOBSJY^9K/H4HJ4X00W=,GRK@&VD*%2U@39W,W^Q)
MGR(5X8X(%1--=FP*0\'0@K!S/-J,CMA+DD:-#4&K5/U4*_.JX;:JA\(IH#K@
M3)M,JPXJEF*5U>!-E4QTXC*.ZBC/G!XIH[+M=E#MI52,K*C_S:)6+0CI;9!@
M*D?AKW@X0&Z\<P+BID&!R\,@+_`0RJ!0J-,>1],X3>\>R3@=27:>;*!R+5WU
M*0W%#X6^3L%::[[RL,(FD9CDM8<R8`*@%:,\JO5T=,I44W:^#DZ7<$?5%?02
MEHR*J,"2+0W3B]5(<I0D%I;N2*)DS<00BY(D]3H%$R>ULP"X;X^P+9AZJ.5B
MJ.E\C,D(ZZ70[HIFAV4OK,(*K?,2\S#IKNRZ3T[+D_]D1[B(:ZQBR,=T;-`R
M;*+XC@\?='*<B301B^\@QSMM!\8FH)]TC,6(]K)"29P8+L&"B(_:TU?+#9@B
M3XMP3MEFE.ZVS>R,[8AZZ-ZT3*50_\B^YG/18,F+[C74+HG+DHC=\K8<;XKM
M=!7F%&VR(M'C=NXR>S""0O5!$+.=@I-'`5-WDDB:GC+0[.FEQ(@`\@GM.I!1
M-U?=:J>=Y$JKGLF7Q*_?[M6PN`Q$.76:@(BL"(L/L0ZKTE3A]#-Y6D[`A@HN
M7RG0ZBG1#K.'P/2WV/&SR+6U(.?TV%:CS);B'$U;UY;0%$VIM'7FLHEN34_D
MBD_`0$^_BE5A=U0]Q8GM2#:(B$G1X)3N=LZT8*P^&>AQ<2,G5>F-]D\#/`!$
MYRR_@(G)KM:B[$AF>\Z3XDG(YNL-UXBHHE&8\DV-NDN4*.^ELBN.0K>HXNF3
MR,K\VNIH)_\NHIJK\.:S`9NG=^_H=XGG&^/)G.3UH([70O&5T\3)_Q2L#*7W
MT<[VLT+I!$^-XI!KKHBIZ2(+K"#0LQH5AD_8RE"(H(06J]C*4SLXLF!0`N)P
MAP*L!Q6-@S_U?2.+D5`.9$44>$98524).O_OG99*H%!L7(6T%M-VZ:8M[-:8
ML&@)I3H0S5"1#EWPB$RQ`[ANE9AKAM*KJ=*TFK@LA_@LNBI`O/[I_\PJVSJ@
M`(4I.'D7OJ+V04]6E#:``P(-"`L,^2YME(K7DJAI#^-*`V*U#U58IH;LQ5#)
M_62*RES9M7((G9RI`!94CKLH.K6PNUSKBGKTEN=-J21W1Y=(Q/3_*I\J4][L
MR)(DN(\ZP!\;DYF5-Z:.;`(IRHN(B\7<+YFH&-JH[TS1J79ABFJE*F2!<H78
MDC3Q<<\J=(5R2'C^BIGBF7=BZ33Q*IO@RC.I,B_3;[;ZJ+(Z\YSJ^8X\]'[H
M]S3LUX(<2>/\F84@,"E[A\HNJ*'PJ'+/.8PE>J-3"*,)*!45"X,2VC(6FJ--
M^J1E<J0+HZ11NJ5=.B%5FC!8^J5INJ97**;A8J9M>J=Y.H-P.BQTNJ>%>J@/
MZ*>A(JB).JF5.G^,VB>0>JFA.JK7IZE5(@!0M$2Q.JNU>JNYNJN]^JO!.JS%
<>JS)NJS-^JS1.JW5>JW9NJW=VJPY0`""`0``.S\_
`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
