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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 td5vFn//ou7ZetsQ/5hguA==

<SEC-DOCUMENT>0000899681-08-000394.txt : 20080428
<SEC-HEADER>0000899681-08-000394.hdr.sgml : 20080428
<ACCEPTANCE-DATETIME>20080428114012
ACCESSION NUMBER:		0000899681-08-000394
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080617
FILED AS OF DATE:		20080428
DATE AS OF CHANGE:		20080428
EFFECTIVENESS DATE:		20080428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CEDAR SHOPPING CENTERS INC
		CENTRAL INDEX KEY:			0000761648
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				421241468
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31817
		FILM NUMBER:		08779867

	BUSINESS ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050
		BUSINESS PHONE:		5167676492

	MAIL ADDRESS:	
		STREET 1:		44 SOUTH BAYLES AVENUE
		CITY:			PORT WASHINGTON
		STATE:			NY
		ZIP:			11050

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD /MD/
		DATE OF NAME CHANGE:	20001128

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNI INVEST USA LTD
		DATE OF NAME CHANGE:	20000407

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CEDAR INCOME FUND LTD
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>cedar-def14a_042208.htm
<TEXT>
<html>
    <head>
        <title>DEF 14A</title>
    </head>

    <body style="FONT-FAMILY: 'Times New Roman'" bgcolor="#ffffff">
        <div style="WIDTH: 600px">
            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">Washington, D.C. 20549</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">SCHEDULE 14A INFORMATION</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><font size="2">Proxy
            Statement Pursuant to Section 14(a) of the Securities</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <font size="2">Exchange Act of 1934</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">[(Amendment No. ___)]</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"><font size="2">Filed
            by the Registrant</font> <font size="2">[X]</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="257">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Filed by a Party other than the Registrant
                            [&nbsp;&nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" nowrap width="4">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Check
            the appropriate box:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp;&nbsp;&nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="591">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Preliminary Proxy Statement</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="591">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Confidential, for Use of the Commission Only</font><br>
                            <font size="2">(as permitted by Rule 14a-6(e)(2))</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                            <p><font size="2">[X]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="591">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Definitive Proxy Statement</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp; &nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="591">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Definitive Additional Materials</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="47">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp; &nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="591">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Soliciting Material Pursuant to &sect;240.14a-11(c) or
                            &sect;240.14a-12</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="638" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <font size="2">CEDAR SHOPPING CENTERS, INC.</font></p>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">(Name of Registrant as Specified in Its
                            Charter)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                &nbsp;</p>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">(Name of Person(s) Filing Proxy Statement, if other than
                            the Registrant)</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">Payment of Filing Fee (Check the appropriate box):</font></p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p><font size="2">[X]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">No fee required</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp; &nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Fee computed on table below per Exchange Act Rules
                            14a-6(i)(4) and 0-11.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Title of each class of securities to which transaction
                            applies: _____________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Aggregate number of securities to which transaction
                            applies: _____________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(3)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Per unit price or other underlying value of transaction
                            computed pursuant to Exchange Act Rule 0-11 (set forth the amount on
                            which the filing fee is calculated and state how it was
                            determined):</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(4)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Proposed maximum aggregate value of transaction:
                            ____________________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(5)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total fee
                            paid:__________________________________________________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Fee previously paid with preliminary
                            materials.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp; &nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Check box if any part of the fee is offset as provided
                            by Exchange Act Rule 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></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Amount Previously
                            Paid:________________________________________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Form, Schedule or Registration Statement
                            No.:________________________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(3)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Filing
                            Party:__________________________________________________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="44">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="45">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(4)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="549">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date
                            Filed:___________________________________________________________</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">CEDAR SHOPPING CENTERS, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">_____________________________________</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">TO
            BE HELD JUNE 17, 2008</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center">
            <b><font size="2">_____________________________________</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">NOTICE IS HEREBY GIVEN that the Annual Meeting of Stockholders of Cedar
            Shopping Centers, Inc. (the &ldquo;Company&rdquo;) will be held at the offices of
            Stroock &amp; Stroock &amp; Lavan LLP, 180 Maiden Lane, 34th Floor, New York, NY 10038,
            on Tuesday, June 17, 2008 at 4:00 in the afternoon for the following
            purposes:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To elect seven Directors.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To amend the 2004 Stock Incentive Plan.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">3.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To approve the appointment of Ernst &amp; Young LLP as
                            the independent registered public accounting firm of the Company for
                            the fiscal year ending December 31, 2008.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">4.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To transact such other business as may properly come
                            before the meeting, or any adjournment thereof.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Stockholders of record at the close of business on April 25, 2008, shall
            be entitled to notice of, and to vote at, the meeting.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR
            THE SHAREHOLDER MEETING TO BE HELD ON JUNE 17, 2008. THE PROXY STATEMENT AND OUR 2007
            ANNUAL REPORT ARE AVAILABLE AT HTTP://WWW.CEDARSHOPPINGCENTERS.COM.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 2.5in; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="300" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">By order of the Board of Directors</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Leo S. Ullman</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 1in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <i><font size="2">Chairman of the Board</font></i></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">Dated:&nbsp;&nbsp;April 28, 2008</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><font size="2">Port
            Washington, NY</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">IMPORTANT: PLEASE FILL IN, DATE, SIGN AND MAIL PROMPTLY THE ENCLOSED
            PROXY IN THE POSTAGE-PAID ENVELOPE PROVIDED TO ENSURE THAT YOUR SHARES ARE REPRESENTED
            AT THE MEETING.</font></p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">CEDAR SHOPPING CENTERS, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center"><b><font size="2">44
            SOUTH BAYLES AVENUE</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">PORT WASHINGTON, NEW YORK 11050</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <font size="2">_____________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">PROXY STATEMENT</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center">
            <font size="2">_____________________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The accompanying Proxy is solicited by the Board of Directors of Cedar
            Shopping Centers, Inc., a Maryland corporation (the &ldquo;Company&rdquo;), for use at
            the Annual Meeting of Stockholders (the &ldquo;Meeting&rdquo;) to be held on June 17,
            2008, at 4:00 in the afternoon, or any adjournment thereof, at which stockholders of
            record at the close of business on April 25, 2008 shall be entitled to vote. The cost
            of solicitation of proxies will be borne by the Company. The Company has retained The
            Altman Group, Inc. to assist in the solicitation of proxies for a fee of $14,000, plus
            out-of-pocket expenses. The Company also may use the services of its directors,
            officers, employees and others to solicit proxies, personally or by telephone;
            arrangements may also be made with brokerage houses and other custodians, nominees,
            fiduciaries and stockholders of record to forward solicitation material to the
            beneficial owners of stock held of record by such persons. The Company may reimburse
            such solicitors for reasonable out-of-pocket expenses incurred by them in soliciting,
            but no compensation will be paid for their services.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Each proxy executed and returned by a stockholder may be revoked at any
            time before it is voted by timely submission of written notice of revocation or by
            submission of a duly executed proxy bearing a later date (in either case directed to
            the Secretary of the Company) or, if a stockholder is present at the Meeting, he may
            elect to revoke his proxy and vote his shares personally.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company&rsquo;s Annual Report to Stockholders for the fiscal year
            ended December 31, 2007 is being mailed herewith to each stockholder of record. It is
            intended that this Proxy Statement and form of Proxy will first be sent or given to
            stockholders on or about April 28, 2008. The Company&rsquo;s website address is
            www.cedarshoppingcenters.com.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On April 25, 2008, the Company had outstanding and entitled to vote with
            respect to all matters to be acted upon at the meeting, 44,460,886 shares of Common
            Stock. Each holder of Common Stock is entitled to one vote for each share of stock held
            by such holder. The presence of holders representing a majority of all the votes
            entitled to be cast at the meeting will constitute a quorum at the meeting. In
            accordance with Maryland law, abstentions, but not broker non-votes, are counted for
            purposes of determining the presence or absence of a quorum for the transaction of
            business. Each item on the agenda must receive the affirmative vote of a majority of
            the shares of Common Stock voted at the meeting in order to pass. Abstentions and
            broker non-votes are not counted in determining the votes cast with respect to any of
            the matters submitted to a vote of stockholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">It is expected that the following business will be considered at the
            meeting and action taken thereon:</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">1.&nbsp; ELECTION OF DIRECTORS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Pursuant to the Certificate of Incorporation and Bylaws, as amended, the
            director nominees elected at this Meeting will be elected to serve one-year terms that
            expire upon the date of the next annual meeting or until their respective successors
            are duly elected and qualified.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">It is intended that the accompanying form of Proxy will be voted for the
            nominees set forth below, each of whom, except for Ms. Pamela N. Hootkin, is presently
            a director of the Company. If some unexpected occurrence should make necessary, in the
            Board of Directors&rsquo; judgment, the substitution of some other person or persons
            for these nominees, shares will be voted for such other persons as the Board of
            Directors may select.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Board of Directors is not aware that any nominee may be unable or
            unwilling to serve as a director. The following table sets forth certain information
            with respect to the nominees.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">NOMINEES FOR ELECTION</font></b></p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="608" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="136">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <b><font size="2">Name</font></b></p>
                            </div>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="48">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <b><font size="2">Age</font></b></p>
                            </div>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="344">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <b><font size="2">Principal Occupation and</font></b><br>
                                <b><font size="2">Positions Held</font></b></p>
                            </div>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="80">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <b><font size="2">Served as a Director</font></b><br>
                                <b><font size="2">Since</font></b></p>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="136">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">James J. Burns</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">68</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="344">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Burns, a director since 2001 and a member of the
                            Audit (Chair), Compensation and Nominating/Corporate Governance
                            Committees, was chief financial officer and senior vice president of
                            Reis, Inc. (formerly Wellsford Real Properties, Inc.) from December
                            2000 until March 2006 when he became vice chairman. He joined Reis in
                            October 1999 as chief accounting officer upon his retirement from Ernst
                            &amp; Young LLP in September 1999. At Ernst &amp; Young LLP, Mr. Burns
                            was a senior audit partner in the E&amp;Y Kenneth Leventhal Real Estate
                            Group for 22 years. Since 2000, Mr. Burns has also served as a director
                            of One Liberty Properties, Inc., a real estate investment trust listed
                            on the New York Stock Exchange. Mr. Burns is a certified public
                            accountant and a member of the American Institute of Certified Public
                            Accountants. Mr. Burns received a B.A. and M.B.A. from Baruch College
                            of the City University of New York.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2001</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="136">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Richard Homburg</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">59</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="344">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Homburg, a director since 1999, and chairman from
                            November 1999 to August 2000, was born and educated in the Netherlands.
                            Mr. Homburg was the president and CEO of Uni-Invest N.V., a
                            publicly-listed Netherlands real estate fund, from 1991 until 2000. In
                            2002, an investment group purchased 100% of the shares of Uni-Invest
                            N.V., taking it private, at which time it was one of the largest real
                            estate funds in the Netherlands with assets of approximately $2.5
                            billion. Mr. Homburg is chairman and CEO of Homburg Invest Inc. and
                            president of Homburg Invest USA Inc. (a wholly-owned subsidiary of
                            Homburg Invest Inc.). In addition to his varied business interests, Mr.
                            Homburg has served on many boards. Previous positions held by Mr.
                            Homburg include president and director of the Investment Property
                            Owners of Nova Scotia, the Evangeline Trust and the World Trade Center
                            in Eindhoven, the Netherlands, as well as director or advisory board
                            member of other large charitable organizations. Mr. Homburg holds an
                            honorary Doctorate in Commerce from St. Mary&rsquo;s University in
                            Canada and an honorary Doctorate in Law from the University of Prince
                            Edward Island.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2002</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="136">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Pamela N. Hootkin</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">60</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="344">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Ms. Hootkin has been senior vice president, treasurer
                            and director of investor relations at Phillips-Van Heusen Corporation
                            since June 2007. She joined Phillips-Van Heusen in 1988 as vice
                            president, treasurer and corporate secretary and in 1999 became vice
                            president, treasurer and director of investor relations. From 1986 to
                            1988, Ms. Hootkin was vice president and chief financial officer of
                            Yves Saint Laurent Parfums, Inc. From 1975 to 1986, she was employed by
                            Squibb Corporation in various capacities, with her last position being
                            vice president and treasurer of a division of Squibb. Ms. Hootkin is a
                            board member of Safe Horizon, New York (a not-for-profit organization)
                            where she also serves on the executive and finance committees. Ms.
                            Hootkin received a B.A. from the State University of New York at
                            Binghamton and a M.A. from Boston University.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="136">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Paul G. Kirk, Jr.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 2.7pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">70</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="344">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Kirk, a director since 2005 and a member of the
                            Nominating/Corporate Governance (Chair) and Compensation Committees and
                            the Lead Director (as among the independent directors), is a retired
                            partner of the law firm of Sullivan &amp; Worcester, LLP of Boston, MA.
                            He was a member of the firm from 1977 through 1990. He also serves as
                            Chairman and CEO of Kirk &amp; Associates, Inc., a business advisory
                            and consulting firm. Mr. Kirk currently serves on the Board of
                            Directors of the Hartford Financial Services Group, Inc. and Rayonier,
                            Incorporated (a real estate investment trust listed on the New York
                            Stock Exchange). He has previously served on the Boards of Directors of
                            ITT Corporation (1989-1997) and of Bradley Real Estate, Inc.
                            (1991-2000), a real estate investment trust that was subsequently
                            acquired by Heritage Property Investment Trust, Inc. Mr. Kirk also
                            serves as Chairman of the Board of Directors of the John F. Kennedy
                            Library Foundation and was a founder and continues to serve as
                            co-chairman of the Commission on Presidential Debates. From 1985 to
                            1989, Mr. Kirk served as Chairman of the Democratic Party of the U.S.,
                            and from 1983-1985 as its Treasurer. A graduate of Harvard College and
                            Harvard Law School, Mr. Kirk is past-Chairman of the Harvard Board of
                            Overseers&rsquo; Nominating Committee and currently serves as Chairman
                            of the Harvard Board of Overseers&rsquo; Committee to Visit the
                            Department of Athletics. He has received many awards for civic
                            leadership and public service, including honorary doctors of law
                            degrees from Stonehill College and the Southern New England School of
                            Law.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="80">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2005</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="608" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Everett B. Miller, III</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">62</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="337">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Miller, a director since 1998 and a member of the
                            Audit and Compensation Committees, is vice president of alternative
                            investments at the YMCA Retirement Fund. In March 2003, Mr. Miller was
                            appointed to the Real Estate Advisory Committee of the New York State
                            Common Retirement Fund. Prior to his retirement in May 2002 from
                            Commonfund Realty, Inc., a registered investment advisor, Mr. Miller
                            was the chief operating officer of that company from 1997 until May
                            2002. From January 1995 through March 1997, Mr. Miller was the
                            Principal Investment Officer for Real Estate and Alternative Investment
                            at the Office of the Treasurer of the State of Connecticut. Prior
                            thereto, Mr. Miller was employed for eighteen years at affiliates of
                            Travelers Realty Investment Co., at which his last position was senior
                            vice president. Mr. Miller received a B.S. from Yale
                            University.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="82">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">1998</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Leo S. Ullman</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">68</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="337">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Ullman, chief executive officer, president and
                            chairman of the board of directors, has been involved in real estate
                            property and asset management for more than thirty years. He was
                            chairman and president since 1978 of the real estate management
                            companies which were merged into the Company in 2003, and their
                            respective predecessors and affiliates. Mr. Ullman was first elected as
                            the Company&rsquo;s chairman in April 1998 and served until November
                            1999. He was re-elected in December 2000. Mr. Ullman also has been
                            chief executive officer and president from April 1998 to date. He has
                            been a member of the New York Bar since 1966 and was in private legal
                            practice until 1998. From 1984 until 1993, he was a partner in the New
                            York law firm of Reid &amp; Priest (now Thelen Reid Brown Raysman &amp;
                            Steiner LLP), and served as initial director of its real estate group.
                            Mr. Ullman received an A.B. from Harvard University, an M.B.A. from the
                            Columbia University Graduate School of Business and a J.D. from the
                            Columbia University School of Law where he was a Harlan Fiske Stone
                            scholar. He has lectured and written several books, monographs and
                            articles on investment in U.S. real estate, and is a former adjunct
                            professor of business at the NYU Graduate School of Business. He also
                            serves on the boards of several charities, is a member of the
                            Development Committee of the U.S. Holocaust Memorial Museum, and has
                            received several awards for community service. From 2005 to date, Mr.
                            Ullman, a past regional winner, has served as a National Judge for the
                            Ernst &amp; Young LLP Entrepreneur of the Year Award
                            Program.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="82">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">1998</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="132">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Roger M. Widmann</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="50">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">68</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="337">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Widmann, a director since 2003 and a member of the
                            Audit, Compensation (Chair), and Nominating/Corporate Governance
                            Committees, is an investment banker. He was a principal of the
                            investment banking firm of Tanner &amp; Co., Inc. from 1997 to 2004.
                            From 1986 to 1995, Mr. Widmann was a senior managing director of
                            Chemical Securities, Inc., a subsidiary of Chemical Banking Corporation
                            (now JPMorgan Chase Corporation). Prior to joining Chemical Securities,
                            Inc., Mr. Widmann was a founder and managing director of First Reserve
                            Corporation, the largest independent energy investing firm in the U.S.
                            Previously, he was senior vice president with the investment banking
                            firm of Donaldson, Lufkin &amp; Jenrette, responsible for the
                            firm&rsquo;s domestic and international investment banking business. He
                            had also been a vice president with New Court Securities (now
                            Rothschild, Inc.). He was a director of Lydall, Inc. (NYSE), a
                            manufacturer of thermal, acoustical and filtration materials, from 1974
                            to 2004, and its chairman from 1998 to 2004. He is a director of
                            Standard Motor Products, Inc., a manufacturer of automobile replacement
                            parts and GigaBeam Corporation, a manufacturer of &ldquo;last
                            mile&rdquo; wireless transmission systems. He is also a senior
                            moderator of the Executive Seminar at The Aspen Institute, and is a
                            board member of the March of Dimes of Greater New York and of Oxfam
                            America. Mr. Widmann received an A.B. from Brown University and a J.D.
                            from Columbia University.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 6pt; PADDING-LEFT: 6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="82">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 6pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2003</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">CORPORATE GOVERNANCE PRINCIPLES</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Independent Directors</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Pursuant to rules of the New York Stock Exchange and applicable law, a
            majority of the Company&rsquo;s directors must be independent as specified therein. As
            a result, the Board undertook a review of the independence of the Company&rsquo;s
            directors. During this review, the Board considered transactions and relationships
            between each director or any member of his or her immediate family and the Company and
            its subsidiaries and affiliates, including those reported under &ldquo;Transactions
            with Related Persons&rdquo; below. The Board also examined transactions and
            relationships between directors or their affiliates and members of the Company&rsquo;s
            senior management or their affiliates. The purpose of this review was to determine
            whether any such relationship or transaction was inconsistent with a determination that
            the director is independent.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">As the result of this review, the Board affirmatively determined that
            each of Messrs. Burns, Kirk, Miller and Widmann is independent of the Company and its
            management. The Board determined that none of these independent directors had any
            material relationships with the Company. The directors who are not independent are
            Messrs. Ullman and Homburg and Ms. Walker. Ms. Walker is not standing for re-election
            as a director. If elected, Ms. Hootkin would be an independent director.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Corporate Governance Principles and Committee Charters</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Our Board of Directors has adopted a comprehensive set of corporate
            governance principles to reflect its commitment to corporate governance and the role of
            such principles in building and sustaining stockholder value. These principles are
            discussed more fully below and are set forth in our Code of Business Conduct and Ethics
            and the committee charters for our Audit Committee, Compensation Committee and
            Nominating/Corporate Governance Committee. These documents are available on our website
            at www.cedarshoppingcenters.com or by written request to the Company, attention:
            Investor Relations, 44 South Bayles Avenue, Port Washington, NY 11050-3765.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Code of Business Conduct and Ethics</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">All of our employees, including our chief executive officer, chief
            financial officer and chief accounting officer, and our Directors are required to
            comply with our Code of Business Conduct and Ethics. Our Code is available on our
            website. It is our intention to disclose any amendments to, or waivers from, any
            provisions of this Code as it applies to our chief executive officer, chief financial
            officer and chief accounting officer on our website within three business days of such
            amendment or waiver.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Audit Committee</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Board of Directors has established an Audit Committee consisting of
            James J. Burns, Everett B. Miller, III and Roger M. Widmann. The charter of the Audit
            Committee is available on the Company&rsquo;s website. All the members of the Audit
            Committee are independent under the rules of the New York Stock Exchange and applicable
            law. Mr.&nbsp;Burns is qualified as an audit committee financial expert within the
            meaning of applicable law and the Board has determined that he has accounting and
            related financial management expertise under the rules of the New York Stock Exchange.
            The functions of this committee include engaging and discharging of the independent
            registered public accounting firm, reviewing with the independent registered public
            accounting firm the plan and results of the auditing engagement, reviewing the
            independence of the independent registered public accounting firm and reviewing the
            range of audit and non-audit fees.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Compensation Committee</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Board of Directors has established a Compensation Committee
            consisting of James J. Burns, Paul G. Kirk, Jr., Everett B. Miller, III and Roger M.
            Widmann, all of whom are independent. This committee reviews and approves the
            compensation and benefits of executive officers and directors, administers and makes
            recommendations to the Board of Directors regarding executive and director compensation
            and stock incentive plans and produces an annual report on executive compensation for
            inclusion in the proxy statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Nominating/Corporate Governance Committee</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Board of Directors has established a Nominating/Corporate Governance
            Committee consisting of James J. Burns, Paul G. Kirk, Jr., and Roger M. Widmann, all of
            whom are independent. This committee develops and recommends to the Board of Directors
            a set of corporate governance principles, adopts a code of ethics, adopts policies with
            respect to conflicts of interest, monitors compliance with corporate governance
            requirements of state and federal law and the rules and regulations of the New York
            Stock Exchange, establishes criteria for prospective members of the Board of Directors,
            conducts candidate searches and interviews, oversees and evaluates the Board of
            Directors and management, evaluates from time to time the appropriate size and
            composition of the Board of Directors and formally proposes the slate of Directors to
            be elected at each Annual Meeting of Stockholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Nomination of Directors</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Nominating/Corporate Governance Committee is responsible for the
            selection and nomination of directors. The Committee has adopted a policy to consider
            nominees recommended by stockholders of the Company. Stockholders who wish to recommend
            a nominee should send nominations directly to the Nominating/Corporate Governance
            Committee, at the principal executive offices of the Company, that include all
            information relating to such person that is required to be disclosed in solicitations
            of proxies for the election of directors, including the nominee&rsquo;s name, business
            experience and consent to be nominated for membership on our Board of Directors and to
            serve if elected by the stockholders. The recommendation must be received not later
            than the date for stockholder proposals set forth herein under &ldquo;Other
            Matters&mdash;Stockholder Proposals.&rdquo; We did not receive for this Meeting any
            recommended nominees for director from any of our stockholders, other than from our
            directors. We do not currently pay any fees to third parties to identify or evaluate or
            assist in identifying or evaluating potential nominees for director. The
            Nominating/Corporate Governance Committee considers candidates</font>
            <font size="2">for Board membership suggested by its members and other Board members,
            as well as management and stockholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Once the Nominating/Corporate Governance Committee has identified a
            prospective nominee, the Committee makes an initial determination as to whether to
            conduct a full evaluation of the candidate. This initial determination is based on
            whatever information is provided to the Committee with the recommendation of the
            prospective candidate, as well as the Committee&rsquo;s own knowledge of the
            prospective candidate, which may be supplemented by inquiries to the person making the
            recommendation or others. The preliminary determination is based primarily on the need
            for additional Board members to fill vacancies or expand the size of the Board and the
            likelihood that the prospective nominee can satisfy the evaluation factors described
            below. If the Committee determines, in consultation with the Chairman of the Board and
            other Board members as appropriate, that additional consideration is warranted, it may
            request additional information about the prospective nominee&rsquo;s background and
            experience and report its findings to the Board. The Committee then evaluates the
            prospective nominee against the standards and qualifications set out in the
            Company&rsquo;s guidelines, including:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">the ability of the prospective nominee to represent the
                            interests of the stockholders of the Company;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">the prospective nominee&rsquo;s standards of integrity,
                            commitment and independence of thought and judgment;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">the prospective nominee&rsquo;s ability to dedicate
                            sufficient time, energy and attention to the diligent performance of
                            his or her duties, including the prospective nominee&rsquo;s service on
                            other public company boards and other professional experience to
                            enhance the Board&rsquo;s effectiveness;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">the extent to which the prospective nominee contributes
                            to the range of talent, skill and expertise appropriate for the
                            business of the Company; and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">the extent to which the prospective nominee helps the
                            Board reflect the diversity of the Company&rsquo;s stockholders,
                            employees, customers and communities.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Committee also considers such other relevant factors as it deems
            appropriate, including the current composition of the Board, the balance of management
            and independent directors, the need for Audit Committee expertise and the evaluations
            of other prospective nominees. In connection with this evaluation, the Committee
            determines whether to interview the prospective nominee, and if warranted, one or more
            members of the Committee, and others as appropriate, interview prospective nominees in
            person or by telephone. After completing this evaluation and interview, the Committee
            makes a recommendation to the full Board as to the persons who should be nominated by
            the Board, and the Board determines the nominees after considering the recommendation
            and report of the Committee.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">There would be no differences in the manner in which the
            Nominating/Corporate Governance Committee evaluates nominees for director based on
            whether the nominee is recommended by a stockholder or the Committee.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
            <b><font size="2">Board Meetings</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In the fiscal year ended December 31, 2007, there were ten meetings of
            the Board of Directors, four meetings of the Audit Committee, six meetings of the
            Compensation Committee and five meetings of the Nominating/Corporate Governance
            Committee. Each Director of the Company attended in excess of 75% of the total number
            of meetings of the Board of Directors and committees on which he or she served. Board
            members are encouraged to attend our Annual Meeting of Stockholders. All but one of our
            Directors attended our 2007 Annual Meeting.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Communications with the Board</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Nominating/Corporate Governance Committee of the Board approved a
            process for handling letters received by the Company and addressed to non-management
            members of the Board. Stockholders and other parties interested in communicating with
            any Directors of the Company (or the Board as a group), may do so by writing to the
            Secretary of the Company, at the Company&rsquo;s principal executive offices. The
            Secretary will review all such correspondence and regularly forward to the Board a
            summary of all such correspondence and copies of all correspondence that, in the
            Secretary&rsquo;s opinion, deals with the functions of the Board or committees thereof
            or that he otherwise determines to require the Board&rsquo;s attention. The Board, or
            any member thereof, may at any time request that copies of all such correspondence be
            forwarded to the Board.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Correspondence relating to accounting, internal controls or auditing
            matters is handled by the Audit Committee in accordance with its procedures.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The non-management directors of our Board meet in executive session
            several times during the year, generally on the same day as regularly scheduled
            meetings of the Board of Directors or as considered necessary or appropriate. Mr. Kirk
            has been chosen by the non-management Directors to be the independent lead director and
            to preside at each such meeting.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">COMPENSATION DISCUSSION AND ANALYSIS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Overview of Compensation Program</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In 2004, shortly after completion of a significant offering of our
            common stock, we formulated a preliminary compensation philosophy that was designed to
            provide a market-competitive, performance-based compensation package consisting of base
            salary, annual bonuses and long-term equity awards for performance. Since then, our
            Compensation Committee has designed and implemented this compensation program for the
            chief executive officer, or CEO, and other executives. The Committee evaluates the
            performance of the CEO and</font> <font size="2">determines his compensation in light
            of the goals and objectives of the compensation program, based on all the criteria
            discussed herein. Based on initial recommendations and input from the CEO, the
            Committee assesses the performance of the other executives and determines their
            compensation. Our Compensation Committee retained a compensation consulting firm,
            Chernoff Diamond &amp; Co., LLC, to assist our Committee in implementing the
            compensation policy. The consultant provides to our Committee relevant market data
            about our peer companies and makes recommendations as to compensation matters. The
            discussion under this Compensation Discussion and Analysis relates to the CEO and the
            other named executive officers included in the Summary Compensation Table.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Compensation Objectives</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">As set forth in its Charter, the Committee's compensation philosophy is
            to align executive compensation with the interests of stockholders, attract, retain and
            motivate a highly competent team of executives, link pay to performance, achieve a
            balance between short-term and long-term results, teamwork and individual contributions
            and utilize equity as a significant reward for performance.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Committee uses three components in establishing executive
            compensation, namely base salary, annual bonuses and long-term equity compensation. As
            a result, two key elements of compensation depend upon the performance of the
            executive, including (a) an annual bonus that is based on an assessment of the
            executive&rsquo;s performance against pre-determined measures within the context of our
            overall performance and (b)&nbsp;equity compensation in the form of performance-based
            full value shares that are earned only if a three-year total stockholder return target
            is achieved, and that are subject to three-year vesting to require continued service
            with us. Salary is intended to be commensurate with the executive&rsquo;s scope of
            responsibility and effectiveness. Bonuses are designed to reward annual results.
            Long-term equity compensation focuses on our Company achieving long-term sustained
            results. We attempt to retain our executives by rewarding the executives with long-term
            equity only if the executive remains with us for the entire three-year performance
            period. The policy for allocating between either cash and non-cash compensation or
            short-term or long-term compensation is established on an annual basis. The Committee
            determines the appropriate level and mix of compensation. The Committee also considers
            the individual components of compensation, as well as the total compensation received
            by each named executive officer, relative to such officer&rsquo;s performance, the peer
            group and each other (i.e., internal equity) in making its determination. The Company
            does not provide material perquisites or supplemental retirement benefits. The
            Committee has not utilized tally sheets or wealth accumulation in evaluating
            compensation, but it may do so in the future.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Implementation</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The consultant selected a peer group of 16 equity REITs with a business
            focus similar to ours, a majority of which are our direct competitors. The data that
            was obtained for these companies was for the 2006 fiscal year. The peer group selected
            by the consultant was reviewed and approved by the Chairman of the Committee and
            consisted of the following companies:</font></p>

            <div align="left">
                <table style="MARGIN-LEFT: 29.4pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="296">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Agree Realty Corp.</font><br>
                            <font size="2">Hersha Hospitality Trust</font><br>
                            <font size="2">Kite Realty Group Trust</font><br>
                            <font size="2">Ramco Gershenson Properties Trust</font><br>
                            <font size="2">First Potomac Realty Trust</font><br>
                            <font size="2">Acadia Realty Trust</font><br>
                            <font size="2">Saul Centers Inc.</font><br>
                            <font size="2">Glimcher Realty Trust</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="342">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Inland Real Estate Corp.</font><br>
                            <font size="2">Tanger Factory Outlet Centers Inc.</font><br>
                            <font size="2">Ashford Hospitality Trust Inc.</font><br>
                            <font size="2">Lexington Realty Trust</font><br>
                            <font size="2">National Retail Properties, Inc.</font><br>
                            <font size="2">Pennsylvania Real Estate Investment Trust</font><br>
                            <font size="2">Washington Real Estate Investment Trust</font><br>
                            <font size="2">Cousins Properties Inc.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Since we had a market capitalization that was smaller than 70% of such
            peers, the Committee determined to utilize the median of the peer group as an
            indication of target market position. With respect to the long-term compensation, the
            consultant determined that restricted stock was used more widely among the peer group
            than stock options, as is the practice of our Company. Although comparisons of
            compensation paid to our named executive officers relative to compensation paid to
            similarly situated executives in our peer group assists the Committee in determining
            compensation, the Committee evaluates compensation based on the corporate objectives
            discussed above.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Based on its review of compensation amounts for 2006, the consultant
            determined that the total compensation for the named executive officers (consisting of
            base salary, annual bonus and value of long-term equity grants) was at or slightly
            above the median of the peer group. Base salaries were determined to be within a
            reasonable range of the peer group median, total cash compensation was generally
            slightly below the median of the peer group and total equity grants were slightly above
            the median of the peer group.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Base Salary</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Base salaries for our named executive officers depend on the scope of
            their responsibilities and their performance. Base salary is designed to compensate the
            executives for services rendered during the year. These salaries are compared to
            amounts paid to the executive&rsquo;s peers outside our company. Salary levels are
            typically considered annually as part of the Committee&rsquo;s performance review
            process and increases are based, in part, on the Committee&rsquo;s assessment of the
            performance of the executive. Due to the growth and performance of our Company and
            other factors, the Committee determined that base salary for 2008 for each of the named
            executive officers would be increased by 5%.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Annual Bonus</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We seek to align the interests of the named executive officers by
            evaluating executive performance on the basis of specified financial tests. Target
            bonuses were established at a percentage of base salary according to the
            executive&rsquo;s level of responsibility. In addition, 30% of the bonus for the CEO
            would be discretionary and tied to strategic planning, governance, relationship with
            the Board of Directors, succession planning and other factors</font>
            <font size="2">deemed relevant by the Committee. We attempt to achieve an appropriate
            mix between cash payments and equity awards.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">As part of its continuing review of appropriate performance measures in
            2006, the Compensation Committee determined that the bonus award should be based
            entirely on a calculation of the Company&rsquo;s adjusted funds from operations
            (&ldquo;AFFO&rdquo;). The Committee believes that such AFFO calculation is the
            appropriate benchmark for incentive compensation. For 2007, the Committee set $1.04 per
            share of AFFO as the performance target for receiving the bonus, a significant increase
            over the $0.89 per share of AFFO realized by the Company in 2006. The payout scale for
            2007 was a 3% increase (or decrease) in bonus for each 1% increase (or decrease) in
            actual performance from the base target. No bonus would be paid if our actual results
            were less than 80% of the target. The maximum payout would be 200% of the target bonus.
            AFFO is defined as funds from operations (&ldquo;FFO&rdquo;), as reduced by
            straight-line rents and amortization of intangible lease liabilities, and increased by
            non-real estate amortization and the effect of restricted stock awards. For 2007, the
            Committee increased the AFFO result for the one-time charge related to the retirement
            of our former chief financial officer and for the hiring of a new chief financial
            officer, which had the effect of increasing the annual bonus amount by approximately
            $90,000 in the aggregate for the named executive officers. The resulting bonus amounts
            paid to the named executive officers, premised on such AFFO calculation, was
            approximately 13.8% below the target amount for such officers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Each year, a portion of the annual bonus is deferred in the form of
            restricted stock to be issued in accordance with the terms of our 2004 Stock Incentive
            Plan (the &ldquo;2004 Stock Incentive Plan&rdquo;), which is discounted 15% from the
            market price and which cliff vests on the third anniversary of the grant date, subject
            to acceleration of vesting under the 2004 Stock Incentive Plan upon retirement, death
            or disability or upon the occurrence of a change in control. For 2007, the portion of
            annual bonus allocated to restricted stock was 50%.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Long-Term Compensation</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Committee determined that long-term incentive compensation would be
            in the form of performance-based restricted stock to be issued in accordance with the
            terms of our 2004 Stock Incentive Plan, with performance measured against an
            agreed-upon three-year total stockholder return (&ldquo;TSR&rdquo;) target. TSR was
            selected since it ties this portion of the compensation to stockholder value, with the
            total value of these awards corresponding to stock price appreciation and dividends. It
            was determined to use different criteria for long-term compensation than for annual
            bonuses, with TSR having a longer-term focus than AFFO. For 2006, such compensation was
            paid by the granting of restricted stock under the 2004 Stock Incentive Plan, with 50%
            vesting on the third anniversary if the employee was still employed by the Company, and
            the remaining 50% to vest if the TSR over the three year period of 2006-2008 averaged
            8% or more per year for the three years. For 2007, the Committee determined to use the
            same dollar amount as for 2006, with 40% to be based on time and 60% on performance,
            subject to the same vesting requirements. Dividends are paid on the shares issued as
            restricted stock even though such stock has not vested. TSR is determined by adding
            dividends paid during the year to the change in stock price for such year, with the
            stock price to be measured as the average closing price for the last 20 trading days of
            the year. This would be measured for the complete three-year period. Stock awards are
            based on both performance and continued service with us, subject to acceleration of
            vesting upon retirement, death or disability or upon a change in control. In order for
            the stock to be earned, we must achieve TSR goals within the three-year performance
            period and the employee must remain employed by us for such three years. Our practice
            is to determine the dollar amount of equity compensation to be granted and then to
            grant a number of full value shares that have a fair market value equal to that amount
            on the first trading day of the year for which the grant is made. Fair market value is
            determined by selecting the closing price of our common stock applicable to the
            relevant grant dates. The Committee reserved the right to establish different criteria
            for grants in future years. Historically, our practice has been to issue restricted
            stock and not to grant stock options. Aside from some minor grants of stock options to
            our directors in 2001, we have not granted any stock options.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Perquisites</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The only material perquisite provided to our named executive officers is
            reimbursement for use of an automobile for business purposes since the executives need
            such vehicles for frequent travel to and from the Company&rsquo;s numerous shopping
            centers. No other material perquisites are provided. Since the perquisites are de
            minimus, the Committee does not focus on them.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Retirement Benefits</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Named executive officers participate in the Company&rsquo;s tax
            qualified 401(k) plan providing for employer and employee contributions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We do not provide any supplemental retirement benefits for the named
            executive officers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Employment Agreements</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We entered into employment agreements with the named executive officers
            and other officers commencing in 2003 and with our new chief financial officer in 2007.
            Each of these agreements has change in control provisions that are designed to promote
            stability and continuity of senior management. These agreements, including change in
            control payments, were negotiated on an arms-length basis and are more fully described
            in &ldquo;Employment Agreements with Named Executive Officers.&rdquo; The Committee
            does not believe these provisions will adversely affect the interests of our
            shareholders in the event of a change in control.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Stock Ownership Guidelines</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In March 2007, we established target stock ownership guidelines for our
            named executive officers to more closely align their interests with our shareholders.
            The number of shares of our common stock that is targeted to be owned is set at a
            multiple of the executive&rsquo;s base salary. For the chief executive officer, the
            multiple is four times base salary, while for the other named executive officers the
            multiple is two times base salary. The chief executive officer exceeds this level,
            while the other named executive officers have until March 2011 to reach such
            level.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">We also established target ownership guidelines for our directors. For
            each director who has served as a director for at least four years, such director is
            expected to own shares of our common stock totaling not less than the number of shares
            constituting the equity portion of his annual retainer for the previous four years. All
            our directors meet such guidelines.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left"><u><font size="2">Tax
            Deductibility of Compensation</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The financial reporting and income tax consequences to the Company of
            the compensation components for the executive officers are considered by the Committee
            in analyzing the level and mix of compensation. The Internal Revenue Code of 1986, as
            amended (the &ldquo;Code&rdquo;), was amended in 1993 with respect to the ability of
            publicly-held corporations such as the Company to deduct compensation in excess of
            $1,000,000 per individual, other than performance-based compensation. The Compensation
            Committee continues to evaluate the deductibility of executive compensation, while
            retaining the discretion it deems necessary to compensate executive
            officers.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Executive Compensation</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following table sets forth certain information regarding
            compensation paid by the Company to its chief executive officer, chief financial
            officer and to each of its three other most highly compensated executive officers whose
            salary and bonus for 2007 exceeded $100,000.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Summary Compensation Table</font></b></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Name and Principal Position</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="66">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Year</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Salary <sup>(1)</sup></font><br>
                            <font size="1">($)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Bonus <sup>(1)(2)</sup></font><br>
                            <font size="1">($)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Stock Awards <sup>(3)</sup></font><br>
                            <font size="1">($)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">All Other</font><br>
                            <font size="1">Compensation <sup>(4)</sup></font><br>
                            <font size="1">($)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Total</font><br>
                            <font size="1">($)</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Leo S. Ullman</font><br>
                            <font size="1">President and Chief Executive Officer</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="66">
                            <p style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">2007</font></p>

                            <p style="MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">456,875</font><br>
                            <br>
                            <font size="1">425,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">428,337</font><br>
                            <br>
                            <font size="1">514,568</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">275,866</font><br>
                            <br>
                            <font size="1">212,156</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">39,387</font><br>
                            <br>
                            <font size="1">16,922</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">1,200,465</font><br>
                            <br>
                            <font size="1">1,168,646</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Thomas J. O&rsquo;Keeffe<sup>(5)</sup></font><br>
                            <font size="1">Chief Financial Officer</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="66">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">2007</font><br>
                            <br>
                            <font size="1">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">161,250</font><br>
                            <br>
                            <font size="1">300,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">167,500</font><br>
                            <br>
                            <font size="1">363,230</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">486,894<sup>(5)</sup></font><br>
                            <br>
                            <font size="1">93,964</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">30,662</font><br>
                            <br>
                            <font size="1">16,813</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">844,306</font><br>
                            <br>
                            <font size="1">&nbsp;&nbsp;774,007</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Lawrence E. Kreider, Jr.<sup>(6)</sup></font><br>
                            <font size="1">Chief Financial Officer</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="66">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">2007</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">331,731</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">145,138</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">84,611</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">5,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">566,480</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Thomas B. Richey</font><br>
                            <font size="1">Vice President</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="66">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">2007</font><br>
                            <br>
                            <font size="1">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">268,750</font><br>
                            <br>
                            <font size="1">250,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">302,349</font><br>
                            <br>
                            <font size="1">363,230</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">152,027</font><br>
                            <br>
                            <font size="1">87,315</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">20,117</font><br>
                            <br>
                            <font size="1">10,718</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">743,243</font><br>
                            <br>
                            <font size="1">&nbsp;&nbsp;711,263</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Brenda J. Walker</font><br>
                            <font size="1">Vice President</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="66">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">2007</font><br>
                            <br>
                            <font size="1">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">268,750</font><br>
                            <br>
                            <font size="1">250,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">166,292</font><br>
                            <br>
                            <font size="1">199,782</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">68,541</font><br>
                            <br>
                            <font size="1">47,128</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">27,205</font><br>
                            <br>
                            <font size="1">12,150</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">530,788</font><br>
                            <br>
                            <font size="1">&nbsp;&nbsp;509,060</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="156">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Nancy H. Mozzachio</font><br>
                            <font size="1">Vice President</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="66">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">2007</font><br>
                            <br>
                            <font size="1">2006</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="71">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">241,875</font><br>
                            <br>
                            <font size="1">225,000</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">176,875</font><br>
                            <br>
                            <font size="1">211,876</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">61,713</font><br>
                            <br>
                            <font size="1">22,667</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="87">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">14,805</font><br>
                            <br>
                            <font size="1">&nbsp;9,060</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="77">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="1">495,268</font><br>
                            <br>
                            <font size="1">&nbsp;&nbsp;468,603</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">In 2006, all of the named executives contributed (a) a
                            portion of their cash bonus to the 2005 Cedar Shopping Centers, Inc.
                            Deferred Compensation Plan, and (b) a portion of their salaries to the
                            Company&rsquo;s 401(k) Savings Plan. In 2007, all of the named
                            executives other than Messrs. Ullman, O&rsquo;Keeffe and Kreider
                            contributed a portion of their cash bonus to the 2005 Cedar Shopping
                            Centers, Inc. Deferred Compensation Plan; in addition, all of the named
                            executives contributed a portion of their salaries to the
                            Company&rsquo;s 401(k) Savings Plan.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">This column represents (a)&nbsp;the total bonus earned
                            in 2007, 50% of which was paid in cash and 50% of which was paid in the
                            form of restricted shares of common stock issued at a 15% discount to
                            the market price as of the close of business on January 2, 2008 and
                            (b)&nbsp;the total bonus earned in 2006, 40% of which was paid in cash
                            and 60% of which was paid in the form of restricted shares of common
                            stock issued at a 15% discount to the market price as of the close of
                            business on January 2, 2007. These shares vest on the third anniversary
                            of the grant dates, or January 2, 2011 and January 2, 2010,
                            respectively.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(3)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">This column represents the dollar amount charged to
                            operations for financial statement reporting purposes during 2007 and
                            2006 with respect to all restricted stock grants (those granted in the
                            respective years as well as for prior years), in accordance with the
                            Financial Accounting Standards Board&rsquo;s Statement of Financial
                            Accounting Standards No. 123R, &ldquo;Share-Based Payments&rdquo;
                            (&ldquo;SFAS 123R&rdquo;), as adjusted for fluctuations in the market
                            value of the Company&rsquo;s common stock in accordance with the
                            provisions of the Emerging Issues Task Force No. 97-14,
                            &ldquo;Accounting for Deferred Compensation Arrangements Where Amounts
                            Earned Are Held in a Rabbi Trust and Invested&rdquo; (&ldquo;EITF
                            97-14&rdquo;). A portion of the restricted share grants is subject to
                            market conditions, i.e., they are tied to total stockholder return, as
                            described in the Compensation Discussion and Analysis
                            (&ldquo;CDA&rdquo;), which reduces the grant-date fair value under SFAS
                            123R. For additional information, see Note 2, &ldquo;Summary of
                            Significant Accounting Policies &ndash; Stock-Based
                            Compensation&rdquo;, to the Company&rsquo;s consolidated financial
                            statements in the Company&rsquo;s Annual Report on Form 10-K for the
                            year ended December 31, 2007, as filed with the Securities and Exchange
                            Commission.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(4)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Consists of matching contributions and other payments
                            made by the Company related to its 401(k) plan.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(5)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. O&rsquo;Keeffe retired as Chief Financial Officer on
                            June 20, 2007. The stock award amount includes $485,849 that was
                            charged by the Company to operations as the result of Mr.
                            O&rsquo;Keeffe&rsquo;s retirement.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(6)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Kreider was appointed as Chief Financial Officer
                            effective June 20, 2007.</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Employment Agreements With Named Executive Officers</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company has entered into employment agreements, as amended, with
            each of the named executive officers, Messrs.&nbsp;Ullman, Kreider and Richey and Ms.
            Mozzachio and Ms. Walker. The annual base salary established for each of these officers
            for 2008 is $456,875, $350,000, $268,750, $241,875 and $268,750,
            respectively.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Each agreement initially was for a term of four years expiring October
            31, 2007, except for Mr. Kreider that was for four years expiring June 2011 and for Ms.
            Mozzachio that was for two years. Commencing October 1, 2007, and on each October 1
            thereafter, Mr. Ullman&rsquo;s agreement is automatically extended for successive one
            year periods unless either the Company or Mr. Ullman, by notice given at least 60 days
            prior to the scheduled termination, elects not to so extend the agreement. Thus, Mr.
            Ullman&rsquo;s term is effectively a three-year evergreen term. Mr. Richey&rsquo;s
            agreement was amended to provide that it terminates on October 31, 2009, while Ms.
            Mozzachio&rsquo;s and Ms. Walker&rsquo;s agreements were amended to provide that they
            expire October 31, 2008.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Effective June 20, 2007, the Company entered into an employment
            agreement with Mr. Kreider. Upon the effectiveness of the agreement, Mr. Kreider was
            paid $150,000 and received 20,000 shares of restricted common stock of the Company
            which cliff vest on the third anniversary of grant. Mr. Kreider also participates in
            the Company&rsquo;s annual bonus plan for senior executive officers, with his initial
            bonus for 2007 targeted at an annualized amount of $275,000. Payment of the bonus is
            guaranteed for one year. In addition, Mr. Kreider participates in the Company&rsquo;s
            long-term incentive compensation plan pursuant to which he will be entitled to receive
            grants of restricted stock, initially to be valued at $275,000 for the first
            year.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Mr. Kreider&rsquo;s agreement is for four years, but the Company has the
            right to terminate the agreement not less than 60 days prior to June 30, 2008. If the
            Company elects to terminate the agreement prior to June 30, 2008 other than for
            &ldquo;cause&rdquo; or if Mr. Kreider elects to terminate the agreement for &ldquo;good
            reason&rdquo; (as such terms are defined in the agreement), then Mr. Kreider will
            receive, as severance pay, a lump sum cash payment equal to 125% of his annual salary
            and bonus and 50% of the restricted shares shall vest. If thereafter Mr.
            Kreider&rsquo;s employment shall be terminated by the Company without cause or by Mr.
            Kreider for good reason, he will be entitled to receive a lump sum cash payment equal
            to two and one-half times his annual base salary and average annual bonus for the
            preceding two years, his health insurance benefits will be continued for 12&nbsp;months
            and the vesting of all restricted stock will be accelerated.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Under each agreement, an officer&rsquo;s employment agreement will
            terminate automatically upon the retirement, death or disability of such officer,
            without payment of any additional compensation, except that under the 2004 Stock
            Incentive Plan all unvested Restricted Shares will immediately become fully vested.
            Upon the termination of employment by an officer without cause, no additional
            compensation will be due to such officer. In the event of termination of an agreement
            by the Company without cause or by the executive for good reason, or, in the case of
            Mr. Ullman the Company elects not to extend his employment on October 1, 2008 or on any
            October 1 thereafter, the executive is entitled to receive from the Company within five
            days following termination:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Any earned and unpaid base salary;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">A lump sum cash payment of two and one-half times (2.99
                            times with respect to Mr.&nbsp;Ullman) the executive&rsquo;s annual
                            base salary and average annual bonus for the preceding two
                            years;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Continuation of health insurance benefits for 12 months
                            (to be reduced to the extent the executive receives comparable
                            benefits); and</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Acceleration of vesting of all options, restricted
                            shares and other awards.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The named executive officers (other than Mr. Kreider) will also be
            entitled to be grossed up, on an after-tax basis, for any excise taxes imposed under
            the Code on any excess parachute payments that they receive in connection with the
            benefits and payments provided to them in connection with any change in
            control.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Good reason means:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Material breach by the Company of the employment
                            agreement;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">A material reduction in the executive&rsquo;s duties or
                            responsibilities;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The relocation of the executive or the headquarters of
                            the Company to any location outside of the New York City metropolitan
                            area; or</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="24">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="4"><b>&bull;</b></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">A change in control of the Company.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Each employment agreement also provides that each executive will not
            compete with the Company or hire any employees of the Company for a period of one year
            after the termination of the executive&rsquo;s employment, unless employment is
            terminated by the Company without cause or by the executive for good reason.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">If employment of any of our named executive officers is terminated by
            the Company without cause or by the executive for good reason in a situation not
            involving a change in control, the chart below sets forth the severance payments that
            would have been made based on a hypothetical termination date of December 31, 2007 and
            using the closing price of our stock on that date. These amounts are estimates and the
            actual amounts to be paid can only be determined at the time of the termination of the
            executive&rsquo;s employment.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Termination of Employment Without Change In Control</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center"></p>

            <table cellspacing="0" cellpadding="0" width="600" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="155">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="left">
                        <font style="FONT-SIZE: 9pt">Name</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Cash Compensation<br>
                        (Salary and Bonus) ($)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Value of Accelerated Vesting of Stock Awards
                        ($)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Medical and Other Benefits ($)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Total ($)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Leo S. Ullman</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">2,775,699</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">705,423</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">12,337</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">3,493,459</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Thomas J. O&rsquo;Keeffe</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">&nbsp;&nbsp; 737,500</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">202,915</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">N/A</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">&nbsp;&nbsp;940,415</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Lawrence E. Kreider, Jr.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,750,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">229,485</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">12,337</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,991,822</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Brenda J. Walker</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,129,468</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">162,588</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">&nbsp; 5,589</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,297,645</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Thomas B. Richey</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,503,849</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">335,139</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">15,975</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,854,963</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Nancy H. Mozzachio</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,090,626</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">131,789</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="115">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">12,337</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="127">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,234,752</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If
            employment of any of our named executive officers is terminated in connection with a
            change in control, the chart below sets forth the change in control payments that would
            have been made based on a hypothetical termination date of December 31, 2007 and using
            the closing price of our stock on that date. These amounts are estimates and the actual
            amounts to be paid can only be determined at the time of the termination of the
            executive&rsquo;s employment.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Termination of Employment In Connection With Change In
            Control</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left"></p>

            <table style="WIDTH: 654px; HEIGHT: 160px" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="155">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="left">
                        <font style="FONT-SIZE: 9pt">Name</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Cash Compensation<br>
                        (Salary and Bonus) ($)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Value of Accelerated Vesting of Stock Awards
                        ($)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Tax Gross<br>
                        Up ($)(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Medical and Other Benefits ($)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px; BORDER-BOTTOM: 0.5pt solid" align="center">
                        <font style="FONT-SIZE: 9pt">Total ($)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                    &nbsp;</td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Leo S. Ullman</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">2,775,699</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">705,423</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,544,690</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">12,337</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">5,038,149</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Thomas J. O&rsquo;Keeffe</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,658,075</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">202,915</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">&nbsp;&nbsp;759,425</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">N/A</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">2,620,415</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Lawrence E. Kreider, Jr.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,750,000</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">229,485</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">N/A</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">12,337</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,991,822</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Brenda J. Walker</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,129,468</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">162,588</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">538,989</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">&nbsp;5,589</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,836,634</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Thomas B. Richey</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,503,849</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">335,139</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">812,536</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">15,975</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">2,667,499</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="155">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 9pt">Nancy H. Mozzachio</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,090,626</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="125">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">131,789</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="79">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">509,170</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">12,337</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="91">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 9pt">1,743,922</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">___________</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Upon a change in control, several of the Company&rsquo;s
                            executives may be subject to certain excise taxes under Section 280G of
                            the Internal Revenue Code of 1986, as amended. The Company has agreed
                            to reimburse the affected executives (except for Mr. Kreider) for those
                            excise taxes as well as for any income and excise taxes payable by the
                            executives as a result of any such reimbursement. The amounts in this
                            column are based on an excise tax rate of 20% and a total income tax
                            rate of 40% to cover federal, state and other payroll-related
                            taxes.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Equity Awards</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following table sets forth certain information with respect to the
            grant of equity awards for the fiscal year ended December 31, 2007.</font></p>

            <p align="center"><b><font size="2">GRANTS OF PLAN-BASED AWARDS FOR YEAR ENDED DECEMBER
            31, 2007</font></b></p>

            <table cellspacing="0" cellpadding="0" width="712" border="0">
                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 10pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">Name</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Grant<br>
                        Date</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="156" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Estimated Future Payouts Under<br>
                        Non-Equity Incentive<br>
                        Plan Awards</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="152" colspan="3">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Estimated Future Payouts<br>
                        Under Equity Incentive<br>
                        Plan Awards</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">All Other Stock<br>
                        Awards:<br>
                        Number of<br>
                        Shares of Stock<br>
                        or Units<br>
                        (#) (1)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">All Other<br>
                        Option<br>
                        Awards:<br>
                        Number of<br>
                        Securities<br>
                        Underlying<br>
                        Options<br>
                        (#)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Exercise or<br>
                        Base Price<br>
                        of Option<br>
                        Awards<br>
                        ($/Sh)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Grant Date<br>
                        Full Fair<br>
                        Value (7)<br>
                        ($)</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Threshold<br>
                        ($)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Target<br>
                        ($)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Maximum<br>
                        ($)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="48">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Threshold<br>
                        (#)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Target<br>
                        (#)<br>
                        (1)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="54">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">Maximum<br>
                        (#)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                    &nbsp;</td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">Leo S. Ullman</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="51">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="49">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="48">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">18,599(2)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="54">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">12,399(3)<br>
                        22,992(4)<br>
                        &nbsp;4,729(5)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">681,986</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">Thomas J. O&rsquo;Keeffe</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="51">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="49">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="48">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="50">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="54">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">&nbsp;9,300(3)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">152,985</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">Lawrence E. Kreider, Jr.</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="51">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="49">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="48">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="50">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="54">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">19,164(3)<br>
                        20,000(6)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">562,003</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">Thomas B. Richey</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="51">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="49">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="48">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">7,440(2)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="54">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">&nbsp;4,960(3)<br>
                        16,229(4)<br>
                        &nbsp;&nbsp; &nbsp;907(5)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">331,371</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">Brenda J. Walker</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="51">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="49">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="48">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">3,162(2)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="54">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">&nbsp;2,108(3)<br>
                        &nbsp;8,926(4)<br>
                        &nbsp;&nbsp; 775(5)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">166,108</font></p>
                    </td>
                </tr>

                <tr>
                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="112">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                        <font style="FONT-SIZE: 8pt">Nancy H. Mozzachio</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="41">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="51">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="49">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="48">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="50">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">1,860(2)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="54">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="73">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">&nbsp;1,240(3)<br>
                        &nbsp;9,494(4)<br>
                        &nbsp;&nbsp; &nbsp;730(5)</font></p>
                    </td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="59">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="60">
                    &nbsp;</td>

                    <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 0.02in; BORDER-TOP: medium none; PADDING-LEFT: 0.02in; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="56">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
                        <font style="FONT-SIZE: 8pt">143,851</font></p>
                    </td>
                </tr>
            </table>
            <br>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="625" border="0">
                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(1)</font></p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Dividends were paid on such shares from January 1, 2007, the
                        date the shares were earned, even though the stock certificates
                        representing such shares were not issued until a subsequent
                        date.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(2)</font></p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">These are restricted shares granted to the named executives
                        that will vest at the end of a three-year performance period (commencing
                        January 1, 2007 and ending December 31, 2009) which are market and cash
                        return driven and therefore completely at risk. See the CDA for a
                        description of the performance goals.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(3)</font></p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">These are restricted shares granted to the named executives
                        representing the time based portion of long term compensation (see CDA)
                        that will vest three years from the date of grant.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(4)</font></p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">These are restricted shares granted to the named executives
                        representing the stock portion of the annual bonus (see CDA) that will vest
                        three years from the date of grant.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(5)</font></p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">These are additional restricted shares granted to the named
                        executive officers that will vest three years from the date of
                        grant.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(6)</font></p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">Restricted shares granted to Mr.&nbsp;Kreider upon
                        commencement of employment that will vest three years from the date of
                        grant.</font></p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>
                </tr>

                <tr>
                    <td valign="top" width="52">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">(7)</font></p>
                    </td>

                    <td valign="top" width="573">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">This column shows the grant date full fair value of
                        restricted share grants to the named executives for 2007 under SFAS 123R
                        (including the restricted share portion of the 2007 bonus, as reflected in
                        the Summary Compensation Table). For restricted share grants, fair value is
                        determined (1) for time based grants as the market price of the
                        Company&rsquo;s common stock on the date of grant and (2) for
                        market/performance based grants by an independent appraisal.</font></p>
                    </td>
                </tr>
            </table>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">No options were granted by the Company or exercised during the fiscal
            year ended December 31, 2007. The following table sets forth certain information with
            respect to option exercises and option values and stock awards for the fiscal year
            ended December 31, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END FOR YEAR ENDED DECEMBER
            31, 2007</font></b></p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="704" border="0">
                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" colspan="5">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Option Awards</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Stock Awards</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Name</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Number of Securities Underlying Unexercised
                            Options</font><br>
                            <font size="1">(#) Exercisable</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Number of Securities Underlying Unexercised
                            Options</font><br>
                            <font size="1">(#)</font><br>
                            <font size="1">Unexercisable</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Equity Incentive Plan Awards:</font><br>
                            <font size="1">Number of Securities Underlying Unexercised Unearned
                            Options</font><br>
                            <font size="1">(#)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Option Exercise Price</font><br>
                            <font size="1">($)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Option</font><br>
                            <font size="1">Expiration Date</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="58">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Number of Shares or Units of Stock That Have Not
                            Vested</font><br>
                            <font size="1">(#)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="55">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Market Value of Shares or Units of Stock That Have Not
                            Vested</font><br>
                            <font size="1">($)</font><br>
                            <font size="1">(1)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="62">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Equity Incentive Plan Awards: Number of Unearned Shares,
                            Units or Other Rights That Have Not Vested</font><br>
                            <font size="1">(#)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: medium none" valign="top" width="70">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">Equity Incentive Plan Awards: Market or Payout Value of
                            Unearned Shares, Units or Other Rights That Have Not Vested</font><br>
                            <font size="1">($)</font><br>
                            <font size="1">(1)</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 30.35pt">
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Leo S. Ullman</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">3,333</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">10.50</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">7/10/2011</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="58">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">27,700(2)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">17,768(3)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">20,646(4)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">12,399(5)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">4,729(6)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">22,992(7)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="55">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">283,371</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">181,767</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">211,209</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">126,842</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">48,378</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">235,208</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="62">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <br>
                            <font size="1">17,768(10)</font><br>
                            <br>
                            <font size="1">18,599(11)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: black 0.5pt solid; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 30.35pt" valign="top" width="70">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <br>
                            <font size="1">181,767</font><br>
                            <br>
                            <font size="1">190,268</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 34.75pt">
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Thomas J. O&rsquo;Keeffe</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="58">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">12,200(2)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">10,660(3)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">14,574(4)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">9,300(5)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="55">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">124,806</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">109,052</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">149,092</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">95,139</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="62">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="70">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 34.75pt">
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Lawrence E. Kreider, Jr.</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="58">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">39,164(8)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="55">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">400,648</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="62">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="70">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 34.75pt">
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Thomas B. Richey</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="58">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">12,200(2)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">7,107(3)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">14,574(4)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">4,960(5)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: left">
                            <font size="1">907(6)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0.75pt; TEXT-ALIGN: left">
                            <font size="1">16,229(7)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="55">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">124,806</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">72,705</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">149,092</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">50,741</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            <font size="1">9,279</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">166,023</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="62">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <br>
                            <font size="1">&nbsp;7,107(10)</font><br>
                            <br>
                            <font size="1">&nbsp;7,440(11)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 34.75pt" valign="top" width="70">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <br>
                            <font size="1">&nbsp;72,705</font><br>
                            <br>
                            <font size="1">&nbsp;76,111</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Brenda J. Walker</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">3,333</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="1">10.50</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">7/10/2011</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="58">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">7,000(2)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">3,021(3)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">8,016(4)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">2,108(5)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: left">
                            <font size="1">775(6)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">8,926(7)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">71,610</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">30,905</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">82,004</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">21,565</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            <font size="1">7,928</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">91,313</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="62">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <br>
                            <font size="1">&nbsp;3,021(10)</font><br>
                            <br>
                            <font size="1">&nbsp;3,162(11)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="70">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <br>
                            <font size="1">&nbsp;30,905</font><br>
                            <br>
                            <font size="1">&nbsp;32,347</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: black 0.5pt solid; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="122">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">Nancy H. Mozzachio</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="72">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="69">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="52">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="68">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="58">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">1,777(3)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">8,501(4)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">1,240(5)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 9.75pt; TEXT-ALIGN: left">
                            <font size="1">730(6)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">9,494(7)</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: left">
                            <font size="1">3,600(9)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="55">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">18,179</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">86,965</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">12,685</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            <font size="1">7,468</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">97,124</font></p>

                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 3pt; TEXT-ALIGN: left">
                            <font size="1">36,828</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="62">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 1.5pt; TEXT-ALIGN: left">
                            <font size="1">1,777(10)</font><br>
                            <br>
                            <font size="1">&nbsp;1,860(11)</font></p>
                        </td>

                        <td style="BORDER-RIGHT: black 0.5pt solid; PADDING-RIGHT: 5.4pt; BORDER-TOP: medium none; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; BORDER-LEFT: medium none; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="top" width="70">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1">18,179</font><br>
                            <br>
                            <font size="1">19,028</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Based on the closing price of a share of common stock on
                            December 31, 2007.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on September 13, 2008.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(3)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on October 25, 2009.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(4)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on January 2, 2010.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(5)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on February 16, 2010.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(6)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on November 13, 2010.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(7)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on January 2, 2011.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(8)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on June 20, 2010.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(9)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on December 30, 2008.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(10)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on December 31, 2009.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="34">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(11)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="700">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">These shares vest on December 31, 2010.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Consulting Agreement</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Effective June 20, 2007, the Company entered into a consulting agreement
            with Thomas J. O&rsquo;Keeffe. On that date, Mr. O&rsquo;Keeffe retired as Chief
            Financial Officer of the Company and his employment agreement with the Company was
            terminated. The consulting agreement terminates March 30, 2010 and provides for payment
            of monthly consulting fees commencing July 1, 2007 of $25,000 per month through June
            30, 2008 and $20,000 per month thereafter. In addition, he was paid his salary through
            June 30, 2007 and received a bonus of $167,500 for 2007. These payments will continue
            to be made if the Company terminates Mr. O&rsquo;Keeffe&rsquo;s services or if Mr.
            O&rsquo;Keeffe should die or become disabled. Mr. O&rsquo;Keeffe has agreed to make
            himself available to the Company for consulting purposes at reasonable times and to be
            available at least ten days each calendar quarter. Mr. O&rsquo;Keeffe will receive
            $1,500 for each day spent providing consulting services to the Company. Upon the
            occurrence of a change in control, Mr. O&rsquo;Keeffe will be entitled to receive a
            lump sum payment equal to two and one-half times his annual salary and bonus for 2006
            and all restricted shares shall be vested and he will be entitled to be grossed up, on
            an after-tax basis, for any excise taxes imposed under the Internal Revenue Code of
            1986 on any excess parachute payments.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Compensation of Directors</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Prior to January 1, 2008, independent directors&rsquo; fees were $25,000
            per year and meeting attendance fees were $1,500 and $1,000, respectively, for each
            Board and Committee meeting. Audit Committee members (other than the chairman) also
            received a flat fee of $4,000 per year, while other committee members (other than the
            chairmen) received a flat fee of $3,000 per year. The chairman of the Audit Committee
            received $12,000 per year, the chairman of the Compensation Committee received $7,500
            per year and the chairman of the Nominating/Corporate Governance Committee received
            $5,500 per year. The annual Directors fees, at the option of each Director, may be paid
            in cash or shares of the Company&rsquo;s common stock. Each Director (other than
            Directors who are members of management) also was to receive an annual grant of $40,000
            of restricted stock that would vest on the third anniversary of the date of grant. The
            annual retainer for the lead director was $15,000.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Compensation Committee retained a compensation consulting firm,
            Chernoff Diamond &amp; Co., LLC, to assist the Committee in determining the appropriate
            compensation to be paid to our independent directors. Director compensation was
            compared to the same peer group of companies used by the consultant to recommend
            executive compensation. The consultant determined that total compensation of the
            directors was above the peer group (the director data was for the 2006 fiscal year of
            the peer group).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The consultant determined that since our company was towards the small
            end of the peer group, a reasonable target for total director compensation would be the
            median (approximately $80,000 per annum).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Committee concluded that, based on the workload and responsibilities
            of the directors, the trend of annual increases in director compensation being made by
            public companies, the last increase in director compensation was in mid-2006, and the
            range of director compensation within the peer group, it was appropriate to increase
            director compensation. Accordingly, effective January 1, 2008, director compensation
            was increased as follows: the annual retainer was increased by 5% from $25,000 to
            $26,250; the retainer for the chairman of the Audit Committee was increased from
            $12,000 to $15,000; and the retainer for the chairman of the Nominating/Corporate
            Governance Committee was increased from $5,500 to $7,500.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following table provides information regarding Director compensation
            in 2007, which reflects the compensation described above. The table does not include
            reimbursement of travel expenses related to attending Board and Committee meetings. Mr.
            Ullman and Ms. Walker do not receive additional compensation for serving as
            directors.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Director Compensation - 2007</font></b></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="143">
                            <div style="BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                                <font size="2">Name</font></p>
                            </div>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="176">
                            <div style="BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <font size="2">Fees Earned or Paid</font><br>
                                <font size="2">in Cash ($) (1)</font></p>
                            </div>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="160">
                            <div style="BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <font size="2">Stock Awards ($) (2)</font></p>
                            </div>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="160">
                            <div style="BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <font size="2">Total ($)</font></p>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">James J. Burns</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 43.5pt; TEXT-ALIGN: left">
                            <font size="2">77,000</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 51.75pt; TEXT-ALIGN: left">
                            <font size="2">935</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42.75pt; TEXT-ALIGN: left">
                            <font size="2">77,935</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Richard Homburg</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 43.5pt; TEXT-ALIGN: left">
                            <font size="2">38,000</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 39pt; TEXT-ALIGN: left">
                            <font size="2">10,856</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42.75pt; TEXT-ALIGN: left">
                            <font size="2">48,856</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Paul G. Kirk, Jr.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 43.5pt; TEXT-ALIGN: left">
                            <font size="2">73,000</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 39pt; TEXT-ALIGN: left">
                            <font size="2">21,623</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42.75pt; TEXT-ALIGN: left">
                            <font size="2">94,623</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Everett B. Miller, III</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 43.5pt; TEXT-ALIGN: left">
                            <font size="2">55,000</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 40.5pt; TEXT-ALIGN: left">
                            <font size="2">(3,995)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42.75pt; TEXT-ALIGN: left">
                            <font size="2">51,005</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="143">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Roger M. Widmann</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="176">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 43.5pt; TEXT-ALIGN: left">
                            <font size="2">70,000</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 39pt; TEXT-ALIGN: left">
                            <font size="2">10,856</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="160">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 42.75pt; TEXT-ALIGN: left">
                            <font size="2">80,856</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Mr. Miller contributed a portion of his fees to the 2005
                            Cedar Shopping Centers, Inc. Deferred Compensation Plan.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Each director received a grant of $40,000 of restricted
                            stock that will vest on the third anniversary of the date of grant.
                            This column represents the dollar amount charged to operations for
                            financial statement reporting purposes during 2007 with respect to all
                            restricted stock grants (for 2007 as well as for prior years), in
                            accordance with SFAS No. 123R, as adjusted for fluctuations in the
                            market value of the Company&rsquo;s common stock, in accordance with
                            the provisions of EITF 97-14. Each of Messrs. Burns and Miller has
                            outstanding options to purchase 3,333 shares of Common Stock of the
                            Company. Each director has the following total number of restricted
                            shares which have not yet vested: James J. Burns, 7,200; Richard
                            Homburg, 7,200; Paul G. Kirk, Jr., 7,200; Everett B. Miller, III,
                            7,200; and Roger M. Widmann, 7,200. All these shares are included in
                            the security ownership chart for directors and executive
                            officers.</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            &nbsp;

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Stock Plans</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company has in effect the 2004 Stock Incentive Plan and the 1998
            Stock Option Plan (the &ldquo;Option Plan&rdquo;). Under the 2004 Stock Incentive Plan,
            a total of 850,000 shares of common stock may be issued. In connection with the
            adoption of the 2004 Stock Incentive Plan, the Company agreed that it would not issue
            any more options under the Option Plan. The Plans are administered by the Compensation
            Committee, which determines, among other things, the number of shares subject to each
            grant, the vesting period for each grant and the exercise price (subject to applicable
            regulations with respect to incentive stock options) for the awards.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following table sets forth information at March 31, 2008 regarding
            the existing compensation plans and individual compensation arrangements pursuant to
            which the Company&rsquo;s equity securities are authorized for issuance to employees or
            non-employees (such as directors, consultants, advisors, vendors, customers, suppliers,
            or lenders) in exchange for consideration in the form of goods and services.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Equity Compensation</font></b></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr style="HEIGHT: 8.45pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.45pt" valign="top" width="257">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 8.45pt" valign="top" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">A</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.45pt" valign="top" width="25">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 8.45pt" valign="top" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">B</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 8.45pt" valign="top" width="17">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid; HEIGHT: 8.45pt" valign="top" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="2">C</font></b></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="257">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><b><font size="1">Plan Category</font></b></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Number of Securities to be Issued Upon Exercise of
                            Outstanding Options, Warrants and Rights</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="25">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <b><font size="1">Weighted-Average Exercise Price of Outstanding
                            Options, Warrants and Rights</font></b></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <br>
                            <b><font size="1">Number of Securities Remaining
                            Available</font></b><br>
                            <b><font size="1">for Future Issuances Under Equity Compensation Plans
                            (Excluding Securities</font></b><br>
                            <b><font size="1">in Column A)</font></b></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 5.75pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.75pt" valign="top" width="257">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.75pt" valign="top" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.75pt" valign="top" width="25">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.75pt" valign="top" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.75pt" valign="top" width="17">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 5.75pt" valign="top" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="257">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Equity compensation plans approved by security
                            holders</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; TEXT-ALIGN: left">
                            <font size="2">13,332</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="25">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30.75pt; TEXT-ALIGN: left">
                            <font size="2">$10.50</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left">
                            <font size="2">229,258</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="257">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Equity compensation plans not approved by security
                            holders</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; TEXT-ALIGN: left">
                            <font size="2">83,333</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="25">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30.75pt; TEXT-ALIGN: left">
                            <font size="2">$13.50</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="17">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 47.25pt; TEXT-ALIGN: left">
                            <font size="2">--</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="257">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 30pt; TEXT-ALIGN: left">
                            <font size="2">96,665</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="25">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="108">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="17">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="123">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 27.75pt; TEXT-ALIGN: left">
                            <font size="2">229,258</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Compensation Committee Interlocks and Insider
            Participation</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">James J. Burns, Paul G. Kirk, Jr., Everett B. Miller, III and Roger M.
            Widmann are members of the Compensation Committee. None of the executive officers of
            the Company has served on the Board of Directors or Compensation Committee of any other
            entity that has had any of such entity&rsquo;s executive officers serve either on the
            Company&rsquo;s Board of Directors or Compensation Committee.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Security Ownership of Certain Beneficial Owners and
            Management</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following is a schedule of all persons who, to the knowledge of the
            Company, beneficially owned more than 5% of the outstanding common stock of the Company
            as of March 10, 2008:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0in; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Name and Address</font></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Number of Shares</font><br>
                            <u><font size="2">Beneficially Owned</font></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">Percent</font><br>
                            <u><font size="2">of Stock</font></u></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Inland American Real Estate Trust, Inc.</font><br>
                            <font size="2">Inland Investment Advisors, Inc.</font><br>
                            <font size="2">Inland Real Estate Investment Corporation</font><br>
                            <font size="2">The Inland Group, Inc.</font><br>
                            <font size="2">2901 Butterfield Road</font><br>
                            <font size="2">Oak Brook, IL 60523</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">6,191,788</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">13.9%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Cohen &amp; Steers Capital Management, Inc.</font><br>
                            <font size="2">280 Park Avenue</font><br>
                            <font size="2">New York, NY 10017</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">4,193,277</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">9.43%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Snyder Capital Management, L.P. and</font><br>
                            <font size="2">Snyder Capital Management, Inc.
                            <sup>(1)</sup></font><br>
                            <font size="2">One Market Plaza, Suite 1200</font><br>
                            <font size="2">San Francisco, CA 94105</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2,988,158</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">6.7%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">The Vanguard Group, Inc.</font><br>
                            <font size="2">100 Vanguard Blvd.</font><br>
                            <font size="2">Malverne, PA 19355</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2,726,107</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">6.13%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Barclay&rsquo;s Global Investors, NA</font><br>
                            <font size="2">Barclay&rsquo;s Global Fund Advisors</font><br>
                            <font size="2">Barclay&rsquo;s Global Investors, Ltd.</font><br>
                            <font size="2">45 Fremont Street</font><br>
                            <font size="2">San Francisco, CA 94105</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2,312,287</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">5.20%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="409">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">FMR LLC</font><br>
                            <font size="2">82 Devonshire Street</font><br>
                            <font size="2">Boston, MA 02109</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="128">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2,235,236</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="116">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">5.03%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">_______________</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">According to a Schedule 13G, these shares are owned
                            under shared dispositive power. Moreover, the direct parent company of
                            Snyder Capital Management, L.P. (&ldquo;SCMLP&rdquo;), and Snyder
                            Capital Management, Inc. (&ldquo;SCMI&rdquo;), is IXIS Asset Management
                            North America, L.P. (&ldquo;IXIS&rdquo;), which is ultimately owned by
                            three large affiliated French financial services firms. SCMI and IXIS
                            operate under an understanding that all investment and voting decisions
                            regarding managed accounts are to be made by SCMI and SCMLP and not by
                            IXIS or any entity controlling it. Accordingly, SCMI and SCMLP do not
                            consider IXIS Asset Management North America or any entity controlling
                            it to have any direct or indirect control over the securities held in
                            managed accounts.</font></p>
                        </td>
                    </tr>
                </table>
            </div>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following table sets forth information concerning the security
            ownership of directors, nominees for directors and named executive officers as of March
            31, 2008:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Name</font></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="103">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <font size="2">Number of Shares</font><br>
                                <font size="2">Beneficially Owned(1)</font></p>
                            </div>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="92">
                            <div style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; BORDER-BOTTOM: black 0.5pt solid">
                                <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                                <font size="2">Percent</font><br>
                                <font size="2">of Stock(2)</font></p>
                            </div>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Leo S. Ullman <sup>(3)</sup></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="2">777,778</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">1.74%</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">James J. Burns <sup>(4)</sup></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: center">
                            <font size="2">20,095</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Richard Homburg <sup>(5)</sup></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: center">
                            <font size="2">62,772</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Pamela N. Hootkin</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">0</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">0</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Paul G. Kirk, Jr.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: center">
                            <font size="2">11,172</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Everett B. Miller III <sup>(4)</sup></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: center">
                            <font size="2">20,128</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Brenda J. Walker <sup>(6)</sup></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="2">170,015</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Roger M. Widmann</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: center">
                            <font size="2">13,772</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Lawrence E. Kreider, Jr.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: center">
                            <font size="2">49,164</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Thomas B. Richey</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 4.5pt; TEXT-ALIGN: center">
                            <font size="2">142,671</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Nancy H. Mozzachio</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 7.5pt; TEXT-ALIGN: center">
                            <font size="2">37,422</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">*</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="395">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="left">
                            <font size="2">Directors, nominees and executive officers as a group
                            (12 persons) <sup>(7)</sup></font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="103">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">1,358,395</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="92">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">3.03%</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">____________________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.5in; TEXT-INDENT: -0.5in; TEXT-ALIGN: left">
            <font size="2">*Less than 1%</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Beneficial ownership is determined in accordance with
                            the rules of the Securities and Exchange Commission and generally
                            includes voting or investment power with respect to securities. Shares
                            of common stock subject to options currently exercisable or exercisable
                            within 60 days of the date hereof, are deemed outstanding for computing
                            the percentage of the person holding such options but are not deemed
                            outstanding for computing the percentage of any other
                            person.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Percentage amount assumes the exercise by such persons
                            of all options to acquire shares of common stock or exchange of limited
                            partnership interests in Cedar Shopping Centers Partnership, L.P. for
                            shares of common stock and no exercise or exchange by any other
                            person.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(3)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Includes options to purchase 3,333 shares of common
                            stock and 296,670 limited partnership interests in Cedar Shopping
                            Centers Partnership, L.P. exchangeable for an equal number of shares of
                            common stock of the Company (&ldquo;OP Units&rdquo;). 66,080 of the
                            shares of common stock owned by Mr. Ullman are pledged to a bank to
                            secure loans made by such bank to Mr. Ullman.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(4)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Includes options to purchase 3,333 shares of common
                            stock.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(5)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Includes 50,000 shares owned by subsidiaries of Homburg
                            Invest, Inc., a company controlled by Richard Homburg for the benefit
                            of his family. Mr. Homburg may be deemed to be the beneficial owner of
                            all shares of common stock owned by Homburg Invest, Inc. He disclaims
                            beneficial ownership of these shares.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(6)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Includes options to purchase 3,333 shares of common
                            stock and 69,333 OP Units.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(7)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Includes 13,332 shares of common stock issuable on
                            exercise of options and 366,003 OP Units.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Audit Committee Report</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Audit Committee is comprised of James J. Burns, Everett&nbsp;B.
            Miller, III and Roger M. Widmann, all of whom are independent directors as defined by
            Sections 303.01(B)(2)(a) and (3) of the New York Stock Exchange Listing Standards. The
            Audit Committee operates under a written charter, which was adopted by the Board. The
            Audit Committee appoints the Company&rsquo;s independent registered public accounting
            firm, presently Ernst &amp; Young LLP (&ldquo;Ernst &amp; Young&rdquo;).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Company management has primary responsibility for preparing the
            Company&rsquo;s financial statements and the financial reporting process, including
            establishing and maintaining adequate internal control over financial reporting and
            evaluating the effectiveness of internal control over financial reporting. Ernst &amp;
            Young is responsible for performing an independent audit of (i)&nbsp;the
            Company&rsquo;s consolidated financial statements in accordance with the standards of
            the Public Company Accounting Oversight Board (United States) and (ii)&nbsp;the
            Company&rsquo;s internal control over financial reporting, and issuing reports thereon.
            The Audit Committee&rsquo;s responsibility is to monitor and oversee these
            processes.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In this context, during 2007 the Audit Committee met four times and held
            separate discussions with management, the accounting firm that provides internal audit
            services to the Company and Ernst &amp; Young.&nbsp;</font> <font size="2">Management
            represented to the Audit Committee that its consolidated financial statements were
            prepared in accordance with generally accepted accounting principles. Additionally, the
            Audit Committee has reviewed and discussed the audited consolidated financial
            statements with management and Ernst &amp; Young. The Audit Committee discussed with
            Ernst &amp; Young matters required to be discussed by the Statement on Auditing
            Standards No. 61 (Communication with Audit Committees).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Committee received and reviewed a report from the internal auditors
            detailing the results of such firm&rsquo;s internal audit procedures and the
            Company&rsquo;s compliance with Section 404 of the Sarbanes-Oxley Act of 2002. The
            Committee discussed with Ernst &amp; Young the Company&rsquo;s internal quality control
            procedures and any material issues raised by Ernst &amp; Young&rsquo;s most recent
            internal quality-control review.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Audit Committee discussed with Ernst &amp; Young their independence
            from the Company under the rules adopted by the Public Company Accounting Oversight
            Board.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In discharging its duties, during the year the Committee met with
            management of the Company and Ernst &amp; Young and discussed the status of the
            Company&rsquo;s internal control procedures and reviewed and discussed the
            Company&rsquo;s interim unaudited consolidated financial statements for 2007 and
            audited financial statements for the fiscal year ended December 31, 2007. The Committee
            also discussed with Ernst &amp; Young the critical accounting policies and practices
            used in the preparation of the Company&rsquo;s audited financial statements. Management
            and Ernst &amp; Young have represented to the Committee that the audited financial
            statements for the year ended December 31, 2007 were prepared in accordance with U.S.
            generally accepted accounting principles.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Based on the review and discussions with management, the internal
            auditors and Ernst &amp; Young LLP, and subject to the limitations on the role and
            responsibilities of the Committee referred to above and in the Audit Committee Charter,
            the Committee has recommended to the Board of Directors the inclusion of the audited
            financial statements of the Company in the Company&rsquo;s Annual Report on Form 10-K
            for the year ended December 31, 2007.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Audit Committee</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">James J. Burns</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Everett B. Miller, III</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Roger M. Widmann</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Compensation Committee Report on Executive
            Compensation</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Compensation Committee reviewed and discussed with management of the
            Company the Compensation Discussion and Analysis required by the Securities Exchange
            Act of 1934. Based on its review and discussions, the Committee recommended to the
            Board of Directors that the Compensation Discussion and Analysis be included in this
            Proxy Statement.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">The Compensation Committee</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">James J. Burns</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Paul G. Kirk, Jr.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">Everett B. Miller, III</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">Roger M. Widmann</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Transactions With Related Persons</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">With respect to approval of transactions with related persons, we have a
            written policy to have the Audit Committee approve any transactions between the Company
            and any related person. In determining whether to approve a related person transaction,
            the Audit Committee takes into account, among other factors it deems appropriate,
            whether the related person transaction is on terms no less favorable than terms
            generally available to an unaffiliated third party under the same or similar
            circumstances and the extent of the related person&rsquo;s interest in the
            transaction.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company&rsquo;s principal executive offices are located at 44 South
            Bayles Avenue, Port Washington, New York. Mr. Ullman owns 24% of this building through
            general and limited partner interests. The lease, at rentals consistent with other
            leases in the building, expires in March 2012. Rent is currently approximately $265,000
            per year and escalates annually.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Mr. Ullman&rsquo;s son, Frank C. Ullman, is employed by the Company as a
            vice president and received total compensation in 2007 of $280,000 (including a
            restricted stock grant of $80,000).</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On December 6, 2007, the Company completed the formation of a joint
            venture with a wholly-owned U.S. subsidiary of Homburg Invest Inc., a publicly-traded
            Canadian corporation listed on the Toronto and Euronext Amsterdam Stock Exchanges
            (&ldquo;Homburg Invest&rdquo;), pursuant to an April 2, 2007 agreement, with respect to
            four shopping centers owned and managed by the Company at the time the agreement was
            entered into and five shopping centers acquired by the Company on April 4, 2007; the
            aggregate valuation for the nine properties was approximately $170 million. Richard
            Homburg, a director of the Company, is Chairman and CEO of Homburg Invest. In
            connection with the joint venture transaction, the independent members of the
            Company&rsquo;s board of directors obtained appraisals in support of the transfer
            values of the then-owned properties. The Company holds a 20% interest in, and is the
            sole general partner of, the joint venture and Homburg Invest, through such subsidiary,
            acquired the remaining 80% interest. In connection with the transaction, the Company
            received $53.2 million, including closing costs and preliminary adjustments, which was
            used to reduce the outstanding balance on its secured revolving credit facility.
            Homburg Invest is entitled to certain fees with respect to funding its interest in the
            joint venture, up to a maximum of $958,000, payable by the Company ($479,000 of such
            fees have been paid through December 31, 2007). The Company is entitled to a
            &ldquo;promote&rdquo; structure, applicable separately to each property, which, if
            certain targets are met, will permit the Company between 40% and 50% of the returns in
            excess of a leveraged 9.25% threshold. Additionally, the Company will receive fees for
            ongoing property management,</font> <font size="2">leasing, construction management,
            acquisitions, dispositions, financings and refinancings. The joint venture transaction
            does not qualify as a sale for financial reporting purposes; accordingly, the Company
            continues to consolidate the properties.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Our articles of incorporation generally prohibit any person or group
            from owning more than 9.9% of our outstanding shares of stock, subject to a waiver of
            the limit that may be granted by our board of directors. Inland American Real Estate
            Trust, Inland Investment Advisors, Inc., Inland Real Estate Corporation and The Inland
            Group, Inc. (collectively, &ldquo;Inland&rdquo;) requested a waiver of this provision
            to permit them to acquire up to 14% of our outstanding stock. Our board of directors
            agreed to this waiver, contingent on Inland agreeing to various voting and other
            restrictions. As the result, Inland has entered into a voting agreement with us, dated
            as of February 13, 2008. We have previously granted a waiver of this provision to other
            stockholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Pursuant to the voting agreement, we have agreed to waive the 9.9% limit
            for Inland to permit purchases of additional shares by Inland such that they may
            acquire up to an additional 1,881,111 shares; provided, however, that they may not own
            collectively more than 14% of our issued and outstanding shares or voting securities.
            If the number of outstanding voting securities is reduced for any reason, Inland will
            not be required to dispose of any of their holdings even if their beneficial ownership
            exceeds 14% of the outstanding voting securities. If during the term of the voting
            agreement shares beneficially owned by Inland are sold, transferred or otherwise
            disposed of, then they may not reacquire any shares above the greater of (i)&nbsp;their
            then existing ownership percentage of the Company or (ii)&nbsp;the existing 9.9%
            ownership limit.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The voting agreement grants certain officers of the Company named in the
            voting agreement a proxy to vote all shares owned by Inland in excess of 9.9%, and
            Inland has agreed otherwise to cause such shares to be (a)&nbsp;voted in favor of any
            matters proposed by the Company&rsquo;s board of directors and presented to the
            Company&rsquo;s stockholders; (b)&nbsp;voted for all nominees for directors that have
            been nominated by the Company&rsquo;s board of directors; (c)&nbsp;voted against any
            matters or nominees for directors not proposed by the Company&rsquo;s board of
            directors and presented to the Company&rsquo;s stockholders; and (d)&nbsp;duly
            represented, in person or by proxy, at each meeting of stockholders of the Company duly
            called by the Company&rsquo;s board of directors.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Inland has also agreed under the voting agreement that they will not,
            without the prior consent of the Company&rsquo;s board of directors (w)&nbsp;directly
            or indirectly or through any other person or entity, solicit proxies with respect to
            voting securities under any circumstance or become a &ldquo;participant&rdquo; in any
            &ldquo;election contest&rdquo; relating to the election of directors of the Company (as
            such terms are used in Rule 14a-11 of Regulation 14A under the Securities Exchange Act
            of 1934); (x)&nbsp;deposit any voting securities in a voting trust, or subject any
            voting securities to a voting or similar agreement; (y)&nbsp;directly or indirectly or
            through or in conjunction with any other person or entity, engage in a tender or
            exchange offer for the Company&rsquo;s voting securities made by any other person or
            entity without the prior approval of the Company, or engage in any proxy solicitation
            or any other activity with any other person or entity relating to the Company without
            the prior approval of the Company; or (z)&nbsp;become a member of a Section 13(d) group
            that is seeking to obtain or take control of the Company.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Unless terminated earlier by the written agreement of the parties, the
            voting agreement will terminate upon the earlier of (1)&nbsp;the sale or other
            disposition by Inland of all its shares in excess of 9.9%, (ii)&nbsp;February 13, 2018
            or (iii)&nbsp;any action by the Company&rsquo;s board of directors to revoke the waiver
            of the ownership limit.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Section 16(a) Beneficial Ownership Reporting
            Compliance</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company believes that during 2007 its officers, directors and
            holders of more than 10% of its common stock complied with all filing requirements
            under Section 16(a) of the Securities Exchange Act of 1934, except for Mr. Homburg. He
            was late in filing a Form 4. In making this disclosure, the Company has relied solely
            on written representations of its directors, officers and holders of more than 10% of
            the Company&rsquo;s common stock and on copies of reports that have been filed with the
            Securities and Exchange Commission.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">2.&nbsp;&nbsp; PROPOSAL TO APPROVE THE AMENDMENT OF THE 2004 STOCK
            INCENTIVE PLAN</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">On March 23, 2004, the Board of Directors approved the Cedar Shopping
            Centers, Inc. 2004 Stock Incentive Plan (the &ldquo;2004 Stock Incentive Plan&rdquo;),
            which was approved by the stockholders on June 15, 2004. The 2004 Stock Incentive Plan
            has been amended, subject to stockholder approval, to increase the number of shares of
            Common Stock that may be issued thereunder from 850,000 shares to 2,750,000 shares, an
            increase of 1,900,000 shares. In addition, the 2004 Stock Incentive Plan has been
            amended to change the number of shares that may be granted to any participant during
            any calendar year. As of March 31, 2008, a total of 620,742 Restricted Shares had been
            granted pursuant to the 2004 Stock Incentive Plan, of which 599,372 remained unvested
            as of that date. After giving effect to the amendment and subject to stockholder
            approval, 2,129,258 shares will be available for future issuance under the 2004 Stock
            Incentive Plan.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The 2004 Stock Incentive Plan provides for the granting of incentive
            stock options, nonqualified stock options, stock appreciation rights, restricted
            shares, performance units and performance shares (collectively, &ldquo;Awards&rdquo;);
            however, there are no stock appreciation rights outstanding and the Company will not
            issue any stock appreciation rights in the future.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The table below summarizes as of March 31, 2008, the remaining share
            reserve under each of our equity incentive plans and the number of shares subject to
            outstanding awards under each such plan. Under the 1998 Stock Option Plan, we have a
            total of 13,332 options outstanding at an exercise price of $10.50 per share, all of
            which expire July 10, 2011. The Company will no longer grant any more awards under this
            plan. As the result, the 2004 Stock Incentive Plan is the only employee benefit plan
            under which the Company may award shares of stock.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="250">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <u><font size="2">Shares Available for Future Grant</font></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="175">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <u><font size="2">Outstanding Awards</font></u></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <u><font size="2">Plan</font></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="250">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <u><font size="2">Number of Shares</font></u></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="175">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <u><font size="2">Number of Shares</font></u></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">2004 Stock Incentive Plan</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="250">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2,129,258*</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="175">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">620,742**</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="213">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">1998 Stock Option Plan</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="250">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">0</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="175">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">13,332&nbsp;&nbsp;&nbsp;</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">_____________</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">*Includes 229,258 shares presently authorized and 1,900,000 shares that
            may be issued subject to stockholder approval of the amendment to the 2004 Stock
            Incentive Plan.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">**Includes 21,370 shares that have vested and 599,372 shares that will
            vest and become issuable upon the passage of time or the attainment of designated
            performance objectives.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following is a summary of certain provisions of the 2004 Stock
            Incentive Plan and is qualified in its entirety by reference to the full text of the
            2004 Stock Incentive Plan.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Administration</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The 2004 Stock Incentive Plan is administered by the Compensation
            Committee (the &ldquo;Committee&rdquo;) of the Board of Directors, which is composed of
            at least two members of the Board of Directors, each of whom satisfies the requirements
            for a &ldquo;non-employee director&rdquo; within the meaning of Rule 16b-3 promulgated
            under Section 16(b) of the Securities Exchange Act of 1934, as amended (the
            &ldquo;Exchange Act&rdquo;), and to the extent compliance with Section 162(m) of the
            Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;) is desired, an
            &ldquo;outside director&rdquo; within the meaning of regulations promulgated under
            Section 162(m) of the Code. Pursuant to the 2004 Stock Incentive Plan, the Committee
            selects participants to whom Awards will be granted and determines the type, size,
            terms and conditions of Awards, including the per share purchase price and vesting
            provisions of stock options and the restrictions or performance criteria relating to
            restricted shares and performance Awards, except that all determinations regarding any
            Award granted to a non-employee director will be made by the Board of Directors. The
            Committee also administers, construes and interprets the 2004 Stock Incentive
            Plan.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">At March 31, 2008, approximately 100 employees and directors of the
            Company were eligible to participate in the 2004 Stock Incentive Plan.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Securities Offered</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The maximum number of shares of common stock of the Company that the
            Company may issue pursuant to the 2004 Stock Incentive Plan will be 2,750,000 if the
            proposed amendment is approved by stockholders. The maximum number of shares that were
            the subject of Awards granted to any participant during the term of the 2004 Stock
            Incentive Plan or any calendar year had been set at 250,000 shares. This provision has
            been amended so that the maximum number of shares that may be granted to a participant
            in any calendar year may not exceed 250,000 shares and the provision relating to the
            maximum number of shares that may be granted during the term of the 2004 Stock
            Incentive Plan has been deleted. In the event of certain changes in capitalization of
            the Company, the Committee may adjust the maximum number and class of shares with
            respect to which Awards may be granted under the 2004 Stock Incentive Plan, the maximum
            number of shares with respect to which Awards may be granted to any participant during
            the term of the 2004 Stock Incentive Plan or any calendar year, the number and class of
            shares which are subject to outstanding Awards granted under the 2004 Stock Incentive
            Plan, and if applicable, the purchase price therefor. In addition, if any Award expires
            or terminates without having been exercised, the shares subject to that Award again
            become available for grant under the 2004 Stock Incentive Plan. On April 18, 2008, the
            closing price of a share of common stock of the Company was $12.58.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Eligibility</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">All of the Company&rsquo;s (and any of its subsidiaries&rsquo;)
            officers, employees, consultants and directors are eligible to receive Awards under the
            2004 Stock Incentive Plan. Awards under the 2004 Stock Incentive Plan are granted at
            the sole discretion of the Committee. The granting of an Award does not confer upon the
            participant any right to continue in the employ or service of the Company or affect any
            right or power of the Company to terminate the services of such participant at any
            time.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Awards</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Stock Options</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Committee may grant to participants options to purchase shares of
            common stock of the Company. Subject to the provisions of the Code, and in the sole
            discretion of the Committee, options may either be incentive stock options (within the
            meaning of Section 422 of the Code, and referred to herein as &ldquo;ISOs&rdquo;) or
            nonqualified stock options. The per share purchase price (i.e., the exercise price)
            under each option is established by the Committee at the time the option is granted.
            The per share exercise price of any option will be determined by the Committee, but may
            not be less than 100% of the fair market value of a share of common stock of the
            Company on the date the option is granted, or 110% in the case of an ISO granted to a
            participant who owns more than 10% of the total combined voting power of all classes of
            shares of the Company (a &ldquo;Ten-Percent Shareholder&rdquo;). Options may be
            exercisable at such times and in such installments as determined by the Committee. The
            Committee may accelerate the exercisability of any option at any time. The Committee
            will not modify or substitute outstanding options to effect any re-pricing or
            replacement of any options that have an exercise price that is above the then fair
            market value of the Company&rsquo;s common stock. The term of each option granted
            pursuant to the 2004 Stock Incentive Plan will be determined by the Committee,
            provided, however, that no option may be exercisable after the expiration of ten years
            from its grant date (five years in the case of an ISO granted to a Ten-Percent
            Shareholder). Each option granted pursuant to the 2004 Stock Incentive Plan will be
            evidenced by a written agreement setting forth the terms and conditions applicable to
            such option, including, but not limited to: (i)&nbsp;the exercise price, (ii)&nbsp;the
            term, (iii)&nbsp;the vesting schedule, (iv)&nbsp;the amount of shares subject to such
            option, and (v)&nbsp;the effect of a termination or change in the employment or service
            status of the optionee, in each case, as determined by the Committee and in accordance
            with the 2004 Stock Incentive Plan.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Unless permitted by the Committee, options are not transferable by the
            optionee other than by will or the laws of descent and distribution and may be
            exercised during the optionee&rsquo;s lifetime only by the optionee or the
            optionee&rsquo;s guardian or legal representative. The purchase price for shares
            acquired pursuant to the exercise of an option must be paid (i) in cash, (ii) by
            transferring shares to the Company, or (iii) a combination of the foregoing, upon such
            terms and conditions as determined by the Committee. Notwithstanding the foregoing, the
            Committee has the discretion to determine the form of payment acceptable in respect of
            the exercise of an option, including establishing cashless exercise procedures, which
            provide for the simultaneous exercise of an option and sale of the underlying share.
            Upon a &ldquo;change in control&rdquo; (as determined under the 2004 Stock Incentive
            Plan) of the Company, all options outstanding under the 2004 Stock Incentive Plan will
            become immediately and fully exercisable.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Stock Appreciation Rights</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The 2004 Stock Incentive Plan permits the granting of stock appreciation
            rights (&ldquo;SARs&rdquo;) to participants in connection with the grant of an option
            or as a freestanding right. A SAR permits the grantee to receive, upon exercise, cash
            and/or shares of common stock of the Company, at the discretion of the Committee, equal
            in value to an amount determined by multiplying: (i) the excess, if any, of (A) for
            SARs granted in connection with the grant of an option, the per share fair market value
            on the date preceding the exercise date over the per share purchase price under the
            related option, or (B) for SARs not granted in connection with the grant of an option,
            the per share fair market value on the date preceding the exercise date over the per
            share fair market value on the grant date of the SAR by (ii) the number of shares as to
            which such SAR is being exercised.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">SARs granted in connection with an option cover the same shares of
            common stock as those covered by such option and are generally subject to the same
            terms. A SAR granted in connection with an ISO is exercisable only if the fair market
            value of a share of common stock of the Company on the exercise date exceeds the
            purchase price specified in the related ISO agreement. Freestanding SARs may be granted
            on such terms and conditions as shall be determined by the Committee, but may not have
            a term of greater than ten years. The Committee will not modify or substitute
            outstanding SARs to effect any re-pricing or replacement of any that have a base value
            above the then fair market value. Upon a &ldquo;change in control&rdquo; (as determined
            under the 2004 Stock Incentive Plan) of the Company, all SARs will become immediately
            and fully exercisable.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">There are no SARs outstanding and the Company will not issue any SARs in
            the future.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Restricted Shares</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The terms of a restricted share Award, including the restrictions placed
            on such shares of common stock of the Company and the time or times at which such
            restrictions will lapse, will be determined by the Committee at the time the Award is
            made; provided, however, that all restricted shares will require a minimum vesting of
            three years if time-based and one year if performance-based. The Committee may
            determine at the time an Award of restricted shares is granted that dividends paid on
            such restricted shares may be paid to the grantee or deferred and, if deferred, whether
            such dividends will be reinvested in shares of common stock of the Company. Deferred
            dividends (together with any interest accrued thereon) will be paid upon the lapsing of
            restrictions on restricted shares or forfeited upon the forfeiture of restricted
            shares. Each restricted share Award granted pursuant to the 2004 Stock Incentive Plan
            will be evidenced by a written agreement setting forth the terms and conditions
            applicable to such Award, including, but not limited to, the effect of a termination or
            change in the employment or service status of the grantee. Upon a &ldquo;change in
            control&rdquo; (as determined under the 2004 Stock Incentive Plan) of the Company, the
            restrictions on restricted shares will lapse and all such shares will become fully
            vested.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Performance Units and Performance Shares</font></u></p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            Performance units and performance shares may be awarded at such times as the Committee
            may determine and the vesting of performance units and performance shares is based upon
            the attainment of specified performance objectives by the Company and/or a subsidiary
            or all subsidiaries of the Company within the specified performance period (the
            &ldquo;Performance Cycle&rdquo;); provided, however, all performance units and
            performance shares will require a minimum vesting of one year. Performance objectives
            and the length of the Performance Cycle for performance units and performance shares
            may be determined by the Committee at the time the Award is made. Performance
            objectives may be expressed in terms of earnings per share, pre-tax profits, net
            earnings or net worth, return on equity or assets, any combination of those objectives
            or any other standards determined appropriate by the Committee at the time the Award is
            made. Prior to the end of a Performance Cycle, the Committee may, in its discretion,
            adjust the performance objectives to reflect certain changes in capitalization of the
            Company, a change in the tax rate or book tax rate of the Company or any subsidiary of
            the Company, or any other event which may materially affect the performance of the
            Company or a subsidiary of the Company. Each performance unit or performance share
            Award granted pursuant to the 2004 Stock Incentive Plan will be evidenced by a written
            agreement setting forth the terms and conditions applicable to such Award, including,
            but not limited to, the effect of a termination or change in the employment or service
            status of the grantee. Each performance unit will represent one share of common stock
            of the Company and payments in respect of vested performance units will be made in
            cash, common stock of the Company or restricted shares or any combination of the
            foregoing. The Committee may determine the total number of performance shares subject
            to an Award and the time or times at which the performance shares will be issued to the
            grantee at the time the Award is made. In addition, the Committee may determine (a) the
            time or times at which the awarded but not issued performance shares will be issued to
            the grantee and (b) the time or times at which awarded and issued performance shares
            will become vested or forfeited by the grantee, in either case based upon the
            attainment of specified performance objectives within the Performance Cycle. At the
            time the Award of performance shares is made, the Committee may determine that
            dividends be paid or deferred on the performance shares issued. Deferred dividends
            (together with any interest accrued thereon) will be paid upon the lapsing of
            restrictions on performance shares or forfeited upon the forfeiture of performance
            shares. Upon a &ldquo;change in control&rdquo; (as determined under the 2004 Stock
            Incentive Plan) of the Company, (i) a percentage of performance units, as determined by
            the Committee at the time an Award of performance units is made, will become vested and
            the grantee will be entitled to receive a cash payment equal to the per share fair
            market value multiplied by the number of performance units which become vested, and
            (ii) with respect to performance shares, all restrictions will lapse with respect to a
            percentage of the performance shares, as determined by the Committee at the time the
            Award of performance shares is made.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Additional Information</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The 2004 Stock Incentive Plan provides that in satisfaction of the
            federal, state and local income taxes and other amounts as may be required by law to be
            withheld with respect to an Award, the optionee or grantee may make a written election
            to have withheld a portion of the shares of common stock of the Company issuable to him
            or her having an aggregate fair market value equal to the withholding taxes.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Committee has the authority at the time a grant of an option or
            other type of Award is made to award designated optionees or grantees tax bonuses that
            will be paid on the exercise of such option or payment of such other type of Award. The
            Committee will have full authority to determine the amount of any such tax bonus and
            the terms and conditions affecting the vesting and payment thereof.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The 2004 Stock Incentive Plan will terminate on the day preceding the
            tenth anniversary of its effective date. The Board of Directors may terminate or amend
            the 2004 Stock Incentive Plan at any time, except that (i)&nbsp;no such amendment or
            termination may adversely affect outstanding Awards without the consent of the
            recipients thereof, (ii)&nbsp;no such amendment may increase benefits to participants,
            increase the number of shares subject to the 2004 Stock Incentive Plan or modify
            eligibility requirements unless approved by shareholders, and (iii)&nbsp;to the extent
            necessary under applicable law or securities exchange rule, no amendment will be
            effective unless approved by shareholders.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Certain Federal Income Tax Consequences</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Stock Options</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In general, an optionee will not recognize taxable income upon grant or
            exercise of an ISO and the Company will not be entitled to any business expense
            deduction with respect to the grant or exercise of an ISO. However, upon the exercise
            of an ISO, the excess of the fair market value on the date of the exercise of the
            shares of common stock of the Company received over the exercise price of the shares of
            the common stock will be treated as an adjustment to alternative minimum taxable
            income. In order for the exercise of an ISO to qualify for the foregoing tax treatment,
            the optionee generally must be an employee of the Company or a subsidiary of the
            Company from the date the ISO is granted through the date three months before the date
            of exercise, except in the case of death or disability, where special rules
            apply.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">If the optionee has held the shares of common stock of the Company
            acquired upon exercise of an ISO for at least two years after the date of grant and for
            at least one year after the date of exercise, upon disposition of such shares by the
            optionee, the difference, if any, between the sale price of such shares and the
            exercise price of the option will be treated as long-term capital gain or loss. If the
            optionee does not satisfy these holding period requirements, the optionee will
            recognize ordinary income at the time of the disposition of the shares, generally in an
            amount equal to the excess of the fair market value of the shares at the time the
            option was exercised over the exercise price of the option. The balance of gain
            realized, if any, will be long-term or short-term capital gain, depending on whether or
            not the shares were sold more than one year after the option was exercised. If the
            optionee sells the shares prior to the satisfaction of the holding period requirements
            but at a price below the fair market value of the shares at the time the option was
            exercised, the amount of ordinary income will be limited to the excess of the amount
            realized on the sale over the exercise price of the option. Subject to the discussion
            below with respect to Section 162(m) of the Code, the Company will be allowed a
            business expense deduction to the extent the optionee recognizes ordinary
            income.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">In general, an optionee to whom a nonqualified stock option is granted
            will recognize no income at the time of the grant of the option. Upon exercise of a
            nonqualified stock option, the optionee will recognize ordinary</font>
            <font size="2">income in an amount equal to the amount by which the fair market value
            of the shares on the date of exercise exceeds the exercise price of the option (special
            rules may apply in the case of an optionee who is subject to Section 16(b) of the
            Exchange Act). Subject to the discussion below with respect to Section 162(m) of the
            Code, the Company will be entitled to a business expense deduction in the same amount
            and at the same time as the optionee recognizes ordinary income.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Stock Appreciation Rights</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Upon exercise of a SAR, the optionee will recognize ordinary income in
            an amount equal to the cash or fair market value of the shares of common stock of the
            Company received on the exercise date. Subject to the discussion below with respect to
            Section 162(m) of the Code, the Company will be entitled to a business expense
            deduction in the same amount and at the same time as the optionee of a SAR recognizes
            ordinary income.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Restricted Shares</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Generally, a participant will not recognize income upon the grant of
            restricted shares. However, a participant will recognize ordinary income in an amount
            equal to the excess of the fair market value of the restricted shares at the end of the
            applicable restricted period over the amount (if any) paid by the participant. Any
            disposition of a restricted share by a participant after the end of the restricted
            period will result in a long-term or short-term capital gain or loss (depending on the
            length of time the restricted share is held after the end of the restricted period).
            Alternatively, a participant may, within thirty days after the grant of a restricted
            share Award, elect to recognize ordinary income as of the date of grant in an amount
            equal to the excess of the fair market value of such shares on such date of grant over
            the amount (if any) paid by the participant (in which case subsequent appreciation or
            depreciation will generally be taxed as capital gain or loss). Dividends received by a
            participant prior to the end of the restricted period will constitute ordinary income
            to the participant in the year paid. The Company generally will be entitled to a
            business expense deduction in the same amount and at the same time as the participant
            recognizes ordinary income.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Performance Shares and Performance Units</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Generally, a participant will not recognize taxable income upon the
            grant of a performance share or performance unit. A participant will recognize ordinary
            income equal to any cash that is paid or the fair market value of any shares of common
            stock of the Company transferred in settlement of a performance unit. To the extent
            performance units are settled in restricted shares, the participant will recognize
            ordinary income as applicable to restricted shares as described above. A participant
            generally will recognize ordinary income in an amount equal to the fair market value of
            the performance shares at the time the restrictions on such performance shares lapse.
            Alternatively, a participant may, within thirty days after the date of the grant of a
            performance share Award, elect to recognize ordinary income as of the date of grant in
            an amount equal to the excess of the fair market value of such shares on such date of
            grant over the amount (if any) paid by the participant (in which case subsequent
            appreciation or depreciation will generally be taxed as capital gain or loss). Any
            deferred dividends are taken into income when paid. The Company generally will be
            entitled to a business expense deduction in the same amount and at the same time as the
            participant recognizes ordinary income.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Sections 280G and 162(m) of the Code</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Under certain circumstances, the accelerated vesting of options or the
            accelerated lapse of restrictions on other Awards in connection with a &ldquo;change in
            control&rdquo; (as determined under the 2004 Stock Incentive Plan) of the Company might
            be deemed an &ldquo;excess parachute payment&rdquo; for purposes of the golden
            parachute tax provisions of Section 280G of the Code. To the extent it is so
            considered, the optionee or grantee of the other Award may be subject to a 20% excise
            tax and the Company may be denied a tax deduction.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Section 162(m) of the Code and the regulations thereunder generally
            would disallow the Company a federal income tax deduction for compensation paid to its
            Chief Executive Officer and its four other most highly compensated executive officers
            to the extent such compensation paid to any of such individuals exceeds $1,000,000 in
            any year. Section 162(m) generally does not disallow a deduction for payments of
            &ldquo;qualified performance-based compensation&rdquo; the material terms of which have
            been approved by shareholders. The Company intends that compensation attributable to
            options, SARs, performance shares and performance units granted under the 2004 Stock
            Incentive Plan will be &ldquo;qualified performance-based
            compensation.&rdquo;</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <u><font size="2">Section 409A of the Code</font></u></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The American Jobs Creation Act of 2004 introduced a new section of the
            Code (&ldquo;Section 409A&rdquo;) covering certain nonqualified deferred compensation
            arrangements. Section 409A generally established new rules that must be followed with
            respect to covered deferred compensation arrangements in order to avoid the imposition
            of an additional 20% tax (plus interest) on the service provider who is entitled to
            receive the deferred compensation. Certain awards that may be granted under the 2004
            Stock Incentive Plan may constitute &ldquo;deferred compensation&rdquo; within the
            meaning of and subject to Section 409A. While the Company intends to administer and
            operate the 2004 Stock Incentive Plan and establish terms (or make required amendments)
            with respect to awards subject to Section 409A in a manner that will avoid the
            imposition of additional taxation under Section 409A upon a participant, there can be
            no assurance that additional taxation under Section 409A will be avoided in all
            cases.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Vote Required</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The affirmative vote of a majority of the votes cast on the proposal to
            approve the amendment to the 2004 Stock Incentive Plan is required for approval of this
            Proposal 2.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <b><font size="2">The Board of Directors recommends a vote FOR approval of the proposal
            to approve the amendment to the 2004 Stock Incentive Plan.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">3.&nbsp;&nbsp; APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC
            ACCOUNTING FIRM</font></b></p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
            <font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
            The Audit Committee of the Company has selected Ernst &amp; Young LLP as the
            independent registered public accounting firm for the Company for the fiscal year
            ending December 31, 2008. A representative of Ernst &amp; Young LLP is expected to be
            present at the meeting with the opportunity to make a statement if such representative
            so desires and to respond to appropriate questions.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <b><font size="2">Audit and Non-Audit Fees</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The following table presents fees for professional audit services
            rendered by Ernst &amp; Young LLP for the audit of the Company&rsquo;s financial
            statements for the years ended December 31, 2006 and 2007 and fees billed for other
            services rendered by such firm during the periods:</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="639" border="0">
                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2006</font><br>
                            <font size="2">Actual Fees</font></p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">2007</font><br>
                            <font size="2">Actual Fees</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 0.5pt solid" valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-TOP: black 0.5pt solid" valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Audit fees</font></b>
                            <font size="2"><sup>(1)</sup></font></p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Audit of consolidated financial</font><br>
                            <font size="2">statements and internal controls</font></p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">$&nbsp;&nbsp;516,000</font></p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">$&nbsp;&nbsp;659,000</font></p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Quarterly reviews</font></p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">90,000</font></p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">90,000</font></p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">SEC filings, including comfort letters</font><br>
                            <font size="2">and consents</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">167,500</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">40,000</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total Audit Fees</font></p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">773,500</font></p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">789,000</font></p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <b><font size="2">Audit-Related Fees</font></b>
                            <font size="2"><sup>(2)</sup></font></p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Audits and accounting consultations</font><br>
                            <font size="2">in connection with acquisitions</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">403,373</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">215,000</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total Audit-Related Fees</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">403,373</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">215,000</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">All Other Fees</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">0</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 1pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">0</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 0.5pt solid" valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 6pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td valign="bottom" width="271">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Total Fees</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="114">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">$1,176,873</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="65">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td valign="top" width="12">
                            <p style="MARGIN-TOP: 1.5pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            &nbsp;</p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="110">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: right">
                            <font size="2">$1,004,000</font></p>
                        </td>

                        <td style="BORDER-BOTTOM: black 2.25pt double" valign="bottom" width="67">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2">________________</font></p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(1)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Includes fees and expenses related to the annual audit
                            and interim reviews, notwithstanding when the fees and expenses were
                            billed or when the services rendered.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="48">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(2)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Includes fees and expenses for services rendered from
                            January through December, notwithstanding when the fees and expenses
                            were billed. Such fees include audits of acquisitions required by the
                            rules of the Securities and Exchange Commission.</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">All audit-related services and each of the other services were
            pre-approved by the Audit Committee, which concluded that the provision of such
            services by the Company&rsquo;s auditors was compatible with the maintenance of that
            firm&rsquo;s independence in the conduct of its auditing functions. The policy of the
            Audit Committee provides for pre-approval of the yearly audits, quarterly reviews and
            tax compliance on an annual basis. As individual engagements arise, they are approved
            on a case-by-case basis. The Audit Committee may delegate to one or more of its members
            pre-approval authority with respect to permitted services.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2"><strong>Audit Committee Consideration of these Fees</strong></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The Company&rsquo;s Audit Committee has considered whether the
            provisions of the services covered under the categories of &ldquo;Audit-Related
            Fees&rdquo; and &ldquo;All Other Fees&rdquo; are compatible with maintaining the
            independence of Ernst &amp; Young LLP.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <b><font size="2">The Board of Directors of the Company recommends a vote FOR the
            ratification of the appointment of Ernst &amp; Young LLP as the independent registered
            public accounting firm of the Company.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">4.&nbsp; OTHER MATTERS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: left">
            <font size="2"><strong>Stockholder Proposals</strong></font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">Proposals of stockholders intended to be presented at the
            Company&rsquo;s 2009 Annual Meeting of Stockholders must be received by the Company on
            or prior to December 29, 2008 to be eligible for inclusion in the Company&rsquo;s Proxy
            Statement and form of Proxy to be used in connection with such meeting. Any notice of
            stockholder proposals received after this date is considered untimely.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">OTHER BUSINESS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">At the date of this Proxy Statement, the only business which the Board
            of Directors intends to present or knows that others will present at the Meeting is
            that hereinabove set forth. If any other matter or matters are properly brought before
            the Meeting, or any adjournment thereof, it is the intention of the persons named in
            the accompanying form of Proxy to vote the Proxy on such matters in accordance with
            their judgment.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="MARGIN-LEFT: 0pt" cellspacing="0" cellpadding="0" width="400" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Leo S. Ullman</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <i><font size="2">Chairman of the Board</font></i></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 0pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="638">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                            <font size="2">Dated:&nbsp;&nbsp;&nbsp;&nbsp;April 28, 2008</font></p>
                        </td>
                    </tr>
                </table>
            </div>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">CEDAR SHOPPING CENTERS, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">2008 ANNUAL MEETING OF STOCKHOLDERS - JUNE 17, 2008</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center">
            <b><font size="2">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF
            DIRECTORS</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-INDENT: 0.5in; TEXT-ALIGN: left">
            <font size="2">The undersigned stockholder of Cedar Shopping Centers, Inc., a Maryland
            corporation, hereby appoints Leo S. Ullman and Brenda J. Walker and each of them the
            proxies of the undersigned with full power of substitution to vote at the Annual
            Meeting of Stockholders of the Company to be held at 4:00 PM on June 17, 2008, and at
            any adjournment or adjournments thereof (the &ldquo;Meeting&rdquo;), with all the power
            which the undersigned would have if personally present, hereby revoking any proxy
            heretofore given. The undersigned hereby acknowledges receipt of the proxy statement
            for the Meeting and instructs the proxies to vote as directed on the reverse
            side.</font></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">(Continued and to be signed on the reverse side)</font></b></p>
            <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">ANNUAL MEETING OF STOCKHOLDERS OF</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">CEDAR SHOPPING CENTERS, INC.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">JUNE 17, 2008</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">PLEASE DATE, SIGN AND MAIL</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
            <b><font size="2">YOUR PROXY CARD IN THE</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: center">
            <b><font size="2">ENVELOPE PROVIDED AS SOON AS POSSIBLE.</font></b></p>

            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

            <div align="left">
                <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="600" border="0">
                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">- Please detach along perforated line and mail in the
                            envelope provided. -</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="12">
                            <p align="center"><font size="2">THE BOARD OF DIRECTORS RECOMMENDS A
                            VOTE &ldquo;FOR&rdquo; THE ELECTION OF DIRECTORS AND &ldquo;FOR&rdquo;
                            PROPOSALS 2 AND 3.</font><br>
                            <font size="2">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED
                            ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE
                            [X]</font></p>

                            <p align="center">&nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">1.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="10">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To elect 7 nominees for Directors:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="7">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">NOMINEES:</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">FOR ALL NOMINEES</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(&nbsp;&nbsp; )</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">James J. Burns</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(&nbsp;&nbsp; )</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Richard Homburg</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(&nbsp;&nbsp; )</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Pamela N. Hootkin</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(&nbsp;&nbsp; )</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Paul G. Kirk, Jr.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[&nbsp; &nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">WITHHOLD AUTHORITY</font><br>
                            <font size="2">FOR ALL NOMINEES</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">(&nbsp;&nbsp; )</font><br>
                            <font size="2">(&nbsp;&nbsp; )</font><br>
                            <font size="2">(&nbsp;&nbsp; )</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Everett B. Miller, III</font><br>
                            <font size="2">Leo S. Ullman</font><br>
                            <font size="2">Roger Widmann</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">[ &nbsp; ]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">FOR ALL EXCEPT</font><br>
                            <font size="2">(see instructions below)</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">INSTRUCTION:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="9">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To withhold authority to vote for any individual
                            nominee(s), mark &ldquo;FOR ALL EXCEPT&rdquo; and fill in the circle
                            next to each nominee you wish to withhold, as shown here.
                            (X)</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 54.4pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.4pt" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.4pt" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.4pt" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.4pt" valign="top" width="75">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 54.4pt" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="11">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To change the address on your account, please check the
                            box at right and indicate your new address in the address space above.
                            Please note that changes to the registered name(s) on the account may
                            not be submitted via this method.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <br>
                            <font size="2">[&nbsp;&nbsp;&nbsp;]</font></p>
                        </td>
                    </tr>

                    <tr height="22">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="3">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="6">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="59">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                            <font size="2">FOR</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                            <font size="2">AGAINST</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt" align="center">
                            <font size="2">ABSTAIN</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">2.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To amend the 2004 Stock Incentive Plan</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="59">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">3.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">To ratify the appointment of Ernst &amp; Young LLP as
                            independent registered public accounting firm for the fiscal year
                            ending December 31, 2008</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="59">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">[&nbsp; &nbsp;]</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">[&nbsp;&nbsp; ]</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="31">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">4.</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="8">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">With discretionary authority upon such other matters as
                            may properly come before the Meeting</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="59">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="83">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="84">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            &nbsp;</p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 79.5pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 79.5pt" valign="top" colspan="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">THIS PROXY, WHEN PROPERLY SIGNED, WILL BE VOTED IN THE
                            MANNER DIRECTED, IF NO SPECIFICATION IS MADE, THIS PROXY WILL BE VOTED
                            FOR THE ELECTION OF THE NOMINEES SET FORTH HEREIN, FOR PROPOSAL 2, FOR
                            THE RATIFICATION OF THE APPOINTMENT OF ERNST &amp; YOUNG LLP FOR THE
                            FISCAL YEAR ENDING DECEMBER 31, 2008, AND IN THE DISCRETION OF THE
                            PROXY HOLDERS AS TO ANY OTHER MATTERS WHICH MAY PROPERLY COME BEFORE
                            THE MEETING.</font></p>
                        </td>
                    </tr>

                    <tr style="HEIGHT: 27pt">
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; HEIGHT: 27pt" valign="top" colspan="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">PLEASE MARK, SIGN, DATE AND RETURN THIS PROXY CARD
                            PROMPTLY USING THE ENCLOSED ENVELOPE.</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: center">
                            <font size="2">MARK HERE IF YOU PLAN TO ATTEND THE MEETING
                            [&nbsp;&nbsp; ]</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Signature of Stockholder</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="5">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1"><br>
                            _________________________________</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="59">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1"><br>
                            _______________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="4">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Signature of Stockholder</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="5">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1"><br>
                            _________________________________</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="59">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Date:</font></p>
                        </td>

                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="2">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="1"><br>
                            _______________________</font></p>
                        </td>
                    </tr>

                    <tr>
                        <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" colspan="12">
                            <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                            <font size="2">Note: Please sign exactly as your name or names appear
                            on this Proxy. When shares are held jointly, each holder should sign.
                            When signing as executor, administrator, attorney, trustee or guardian,
                            please give full title as such. If the signer is a corporation, please
                            sign full corporate name by duly authorized officer, giving full title
                            as such. If signer is a partnership, please sign in partnership name by
                            authorized person.</font></p>
                        </td>
                    </tr>

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