<SUBMISSION>
<ACCESSION-NUMBER>0000950134-03-013598
<TYPE>DEFR14A
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20031016
<EFFECTIVENESS-DATE>20031016
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ACE CASH EXPRESS INC/TX
<CIK>0000849116
<ASSIGNED-SIC>6099
<IRS-NUMBER>752142963
<STATE-OF-INCORPORATION>TX
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEFR14A
<ACT>34
<FILE-NUMBER>000-20774
<FILM-NUMBER>03944254
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>1231 GREENWAY DR STE 800
<CITY>IRVING
<STATE>TX
<ZIP>75038
<PHONE>2145505000
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>1231 GREENWAY DR #800
<CITY>IRVING
<STATE>TX
<ZIP>75038
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ACE CASH EXPRESS INC
<DATE-CHANGED>19921016
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>DEFR14A
<SEQUENCE>1
<FILENAME>d08038drdefr14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT - REVISED
<TEXT>
<HTML>
<HEAD>
<TITLE>defr14a</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
        <TD width="70%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="13%">&nbsp;</TD>
        <TD width="1%">&nbsp;</TD>
        <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><FONT size="2">OMB APPROVAL</FONT></TD>
</TR>
<TR valign="bottom">
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD><FONT size="1">&nbsp;</FONT></TD>
        <TD colspan="3" nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
OMB Number:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="right" valign="top"><FONT size="2">3235-0059</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD align="left" valign="top"><FONT size="2">
Expires:
</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>

<TD nowrap align="right" valign="top"><FONT size="2">August&nbsp;31, 2004</FONT></TD>
</TR>

<TR valign="bottom">
        <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
        <TD><FONT size="2">&nbsp;</FONT></TD>
        <TD colspan="2" nowrap align="left" valign="top"><FONT size="2">Estimated average burden<br>hours per

response</FONT></TD>

        <TD align="right" valign="bottom"><FONT size="2">14.73</FONT></TD>
</TR>

</TABLE>
</CENTER>

<P align="center"><font size="2"><B>UNITED STATES<BR>SECURITIES AND EXCHANGE COMMISSION<BR>
Washington, D.C. 20549</B>
</font>

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


<P align="center"><FONT size="2">Proxy Statement Pursuant to Section 14(a) of the Securities<BR>
Exchange Act of 1934 (Amendment No. 1)
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by the Registrant
&nbsp;&nbsp;<FONT face="wingdings">&#120;</FONT></FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Filed by a Party other than the Registrant &nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT></FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">Check the appropriate box:</FONT></TD>
</TR>
</TABLE>
<p>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

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

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

<TD><FONT size="2"><FONT face="wingdings">&#120;</FONT>&nbsp;&nbsp; Definitive Proxy Statement</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Definitive Additional Materials</FONT></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Soliciting Material Pursuant to &#167;240.14a-12</FONT></TD>
</TR>
</TABLE>


<P align="center">Ace Cash Express, Inc.
<HR size="1">
<div align="center"><FONT size="2">(Name of Registrant as Specified In Its Charter)
</FONT></div>
<P>
<HR size="1">
<div align="center"><FONT size="2">(Name of Person(s) Filing Proxy
Statement, if other than the Registrant)
</FONT></div>
<P><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of Filing Fee (Check the appropriate box):
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>

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

<TD><FONT size="2"><FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp;
Fee computed on table below per Exchange Act Rules&nbsp;14a-6(i)(1) and
0-11.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Title of each class of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Aggregate number of securities to which transaction applies:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule&nbsp;0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Proposed maximum aggregate value of transaction:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5)&nbsp;Total fee paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Fee paid previously with preliminary materials.</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="wingdings">&#111;</FONT>&nbsp;&nbsp; Check box if any part of the fee is offset as provided by Exchange Act
Rule&nbsp;0-11(a)(2) and identify the filing for which the offsetting fee
was paid previously. Identify the previous filing by registration
statement number, or the Form or Schedule and the date of its filing.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1)&nbsp;Amount Previously Paid:</FONT></TD>
</TR>
</TABLE>
<HR size="1">


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2)&nbsp;Form, Schedule or Registration Statement No.:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3)&nbsp;Filing Party:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="3%"></TD>
        <TD width="97%"></TD>
</TR>
<TR valign="top">
        <TD>&nbsp;</TD>
        <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4)&nbsp;Date Filed:</FONT></TD>
</TR>
</TABLE>
<HR size="1">

<p>
<center>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
        <TD width="20%"></TD>
        <TD width="80%"></TD>
</TR>
<TR valign="top">
        <TD valign="bottom"><font size="2">SEC 1913 (02-02)</font></TD>
        <TD><font size="2"><b>Persons who potentially are to respond to the collection of information
contained in this form are not required to respond unless the form displays a currently valid
OMB control number.</b></font></TD>
</TR>
</TABLE>
</center>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">ACE Cash Express, Inc.<BR>
1231 Greenway Drive, Suite&nbsp;600<BR>
Irving, Texas 75038
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2">October&nbsp;16, 2003
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">Shareholders of<BR>
ACE Cash Express, Inc.:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Accompanying, on behalf of the Board of Directors of ACE Cash Express, Inc.
(the &#147;Company&#148;), is a complete Proxy Statement for the Annual Meeting of
Shareholders of the Company to be held November&nbsp;14, 2003. The accompanying
Proxy Statement includes the two Exhibits that were inadvertently omitted from
the Proxy Statement that was previously furnished. Those Exhibits are the
proposed amendments to the Company&#146;s Non-Employee Directors Stock Option Plan
and to the Company&#146;s 1997 Stock Incentive Plan, which are described in the
Proxy Statement. Please disregard the previously furnished Proxy Statement.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:0%; margin-right:0%"><FONT size="2">Also accompanying, for your convenience, are an additional copy of the notice
of the meeting (which is unchanged) and an additional proxy form (which is
unchanged) with a postage-paid envelope.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">

<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Sincerely,</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Walter E. Evans,<BR>
Secretary</FONT></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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


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

<P align="center"><FONT size="2"><B>ACE CASH EXPRESS, INC.<BR>
1231 Greenway Drive, Suite&nbsp;600<BR>
Irving, Texas 75038</B>
</FONT>

<P align="center"><FONT size="2"><B>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS<BR>
To Be Held November&nbsp;14, 2003</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACE Cash Express, Inc. (the &#147;Company&#148;) will hold its 2003 Annual Meeting
of Shareholders at the Company&#146;s offices, 1231 Greenway Drive, Suite&nbsp;300,
Irving, Texas 75038, on Friday, November&nbsp;14, 2003. The meeting will begin at
10:00&nbsp;a.m. At the meeting, the shareholders will be asked to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Elect seven directors.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Vote upon a proposal to amend the ACE Cash Express, Inc. Non-Employee
Directors Stock Option Plan to permit the grant of restricted stock and
to convert the manner in which grants are made from a formula-based
grant to a grant within the discretion of the Compensation Committee.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Vote upon a proposal to amend the ACE Cash Express, Inc. 1997 Stock
Incentive Plan to increase the number of shares of Common Stock that may be
issued upon exercise of options or granted as restricted stock under
that plan from 1,715,000 shares to 2,115,000 shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Consider any other business properly presented at the meeting.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders of record at the close of business on September&nbsp;29, 2003 may
vote at the meeting. A list of those shareholders may be reviewed at the
Company&#146;s offices at 1231 Greenway Drive, Suite&nbsp;600, Irving, Texas 75038, for
ten days before the meeting.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not you plan to attend the meeting, please date and sign the
enclosed proxy and return it in the accompanying postage-paid envelope. If you
attend the meeting and wish to vote in person, you may do so.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By order of the Board of Directors,</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
/s/ Walter E. Evans</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Walter E. Evans</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>Secretary</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Irving, Texas<BR>
October&nbsp;14, 2003
</FONT>


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




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

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

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">OUTSTANDING CAPITAL STOCK</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">QUORUM AND VOTING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">SOLICITATION OF PROXIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">VOTING OF PROXIES AT MEETING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#004">REVOCATION OF PROXIES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#005">SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#006">DIRECTORS AND EXECUTIVE OFFICERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Board of Directors</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Director Nominees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Board Committees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Board and Committee Meetings</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">Director Compensation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#012">Compliance with Section&nbsp;16(a) of the Securities Exchange Act of 1934</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#013">Executive Officers</A></TD></TR>
<TR><TD colspan="9"><A HREF="#014"> EXECUTIVE COMPENSATION</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#015">Summary Compensation Table</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#016">Senior Management Bonus Plan</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#017">Stock Options</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#018">Compensation Committee Interlocks and Insider Participation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#019">Compensation Committee Report on Executive Compensation</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#020">Change-in-Control Severance Agreements</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#021">Certain Relationships</A></TD></TR>
<TR><TD colspan="9"><A HREF="#022">STOCK PERFORMANCE CHART</A></TD></TR>
<TR><TD colspan="9"><A HREF="#023">AUDIT COMMITTEE REPORT</A></TD></TR>
<TR><TD colspan="9"><A HREF="#024">RELATIONSHIPS WITH INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#025">Selection</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#026">Previous Change in Independent Accountants</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#027">Audit Fees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#028">Audit-Related Fees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#029">Tax Fees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#030">All Other Fees</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#031">Pre-Approval of Audit and Non-Audit Services</A></TD></TR>
<TR><TD colspan="9"><A HREF="#032">PROPOSAL TO AMEND ACE CASH EXPRESS, INC. NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#033">Background</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#034">Description of Current Terms of the Directors Option Plan</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#035">Tax Treatment of Stock Options</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#036">Proposed Amendments to the Directors Option Plan</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#037">Federal Income Tax Consequences Regarding Restricted Stock</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#038">Accounting Treatment</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#039">Amended Plan Benefits to Certain Persons</A></TD></TR>
<TR><TD colspan="9"><A HREF="#040">PROPOSAL TO AMEND ACE CASH EXPRESS, INC. 1997 STOCK INCENTIVE PLAN</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#041">Background</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#042">Description of Current Terms of the 1997 Incentive Plan</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#043">Tax Treatment of Stock Options and Restricted Stock</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#044">Accounting Treatment</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#045">Amended Plan Benefits to Certain Persons</A></TD></TR>
<TR><TD colspan="9"><A HREF="#046">EQUITY COMPENSATION PLAN INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="#047">SHAREHOLDER PROPOSALS FOR 2004 ANNUAL MEETING</A></TD></TR>
<TR><TD colspan="9"><A HREF="#048">MISCELLANEOUS</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P align="center"><FONT size="2"><B>ACE CASH EXPRESS, INC.<BR>
PROXY STATEMENT<BR>
For<BR>
ANNUAL MEETING OF SHAREHOLDERS<BR>
To Be Held November&nbsp;14, 2003</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Proxy Statement is furnished to shareholders of ACE Cash Express,
Inc., a Texas corporation (the &#147;Company&#148;), to solicit, on behalf of the
Company&#146;s Board of Directors, proxies to vote at the Annual Meeting of
Shareholders of the Company to be held November&nbsp;14, 2003 (the &#147;Annual
Meeting&#148;). Proxies in the form enclosed will be voted at the Annual Meeting if
properly executed, returned to the Company before the Annual Meeting, and not
revoked. This Proxy Statement and the enclosed proxy form are first being sent
to shareholders on or about October&nbsp;14, 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accompanying this Proxy Statement is a copy of the Company&#146;s Annual Report
to Shareholders for the fiscal year ended June&nbsp;30, 2003 (&#147;fiscal 2003&#148;). The
Annual Report to Shareholders is not part of the proxy solicitation material.
</FONT>
<P align="left"><FONT size="2"><B>TABLE OF CONTENTS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>PAGE</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Outstanding Capital Stock</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Quorum and Voting</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Solicitation of Proxies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Voting of Proxies at Meeting</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Revocation of Proxies</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Security Ownership of Certain Beneficial Owners and Management</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Directors and Executive Officers</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Board of Directors</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Director Nominees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Board Committees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Board and Committee Meetings</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Director Compensation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">9</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Compliance with Section&nbsp;16(a) of the Securities Exchange Act of 1934</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Executive Compensation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Summary Compensation Table</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Senior Management Bonus Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Stock Options</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Compensation Committee Interlocks and Insider Participation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Compensation Committee Report on Executive Compensation</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Change-in-Control Severance Agreements</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Certain Relationships</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Stock Performance Chart</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Audit Committee Report</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">20</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Relationships with Independent Certified Public Accountants</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Selection</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Previous Change in Independent Accountants</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Audit Fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Audit-Related Fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax Fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">All Other Fees</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Pre-Approval of Audit and Non-Audit Services</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Proposal to Amend ACE Cash Express, Inc. Non-Employee Directors Stock Option Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Background</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">&nbsp;</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>PAGE</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Description of Current Terms of the Directors Option Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax Treatment of Stock Options</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Proposed Amendments to the Directors Option Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">26</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Federal Income Tax Consequences Regarding Restricted Stock</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounting Treatment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amended Plan Benefits to Certain Persons</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">28</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Proposal to Amend ACE Cash Express, Inc. 1997 Stock Incentive Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Background</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Description of Current Terms of the 1997 Incentive Plan</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">29</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Tax Treatment of Stock Options and Restricted Stock</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">32</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Accounting Treatment</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">33</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Amended Plan Benefits to Certain Persons</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity Compensation Plan Information</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">34</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Shareholder Proposals for 2004 Annual Meeting</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="2"><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Miscellaneous</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">35</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">2</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "OUTSTANDING CAPITAL STOCK" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>OUTSTANDING CAPITAL STOCK</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record date for shareholders entitled to vote at the Annual Meeting is
September&nbsp;29, 2003. At the close of business on that date, there were
10,344,979 shares of common stock, $0.01 par value per share, of the Company
(&#147;Common Stock&#148;) outstanding.
</FONT>
<!-- link1 "QUORUM AND VOTING" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="center"><FONT size="2"><B>QUORUM AND VOTING</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The presence, in person or by proxy, of the holders of a majority of all
outstanding shares of the Common Stock on the record date is necessary to
constitute a quorum at the Annual Meeting. Assuming the presence of a quorum:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">A plurality of the votes cast at the Annual Meeting, in
person or by proxy, is required for the election of directors; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">A majority of the votes cast at the Annual Meeting, in person
or by proxy, is required to approve the proposals to amend the ACE
Cash Express, Inc. Non-Employee Directors Stock Option Plan (the
&#147;Directors Option Plan&#148;), to amend the ACE Cash Express, Inc. 1997
Stock Incentive Plan (the &#147;1997 Incentive Plan&#148;), or to act on any
other matter.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each shareholder is entitled to one vote, in person or by proxy, for each
share of Common Stock held in such shareholder&#146;s name on the record date.
Because the seven nominees for director who receive the most votes will be
elected, any abstention will not be included in the vote totals. Regarding any
of the other proposals voted upon at the Annual Meeting, an abstention will be
included in vote totals and will have the same effect as a negative vote.
Where brokers who are nominee record holders do not vote on specific matters
because they did not receive specific instructions on such matters from the
beneficial owners of such shares (&#147;broker non-votes&#148;), such broker non-votes
will not be included in vote totals and will have no effect on the election of
directors or any of the other proposals.
</FONT>
<!-- link1 "SOLICITATION OF PROXIES" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>SOLICITATION OF PROXIES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accompanying proxies are solicited on behalf of the Board of
Directors. The Company will pay all expenses of soliciting these proxies.
Proxies may be solicited not only by mail, but also by personal interview,
telephone, and electronic transmission by the Company&#146;s directors, officers,
and employees. Arrangements may also be made with brokerage houses and other
custodians, nominees, and fiduciaries to forward solicitation material to the
beneficial owners of shares of Common Stock held of record by such persons, and
the Company may reimburse them for the corresponding reasonable out-of-pocket
expenses.
</FONT>
<!-- link1 "VOTING OF PROXIES AT MEETING" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>VOTING OF PROXIES AT MEETING</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When shareholders have appropriately specified how their proxies should be
voted, the proxies will be voted accordingly. Unless the shareholder otherwise
specifies therein, the proxies will be voted:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">FOR the election as directors of the Company of the seven
nominees named below under &#147;Directors and Executive Officers &#151;
Director Nominees&#148;;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">FOR the proposal to amend the Directors Option Plan; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">FOR the proposal to amend the 1997 Incentive Plan.
</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">3</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any other matter or business is properly presented at the Annual
Meeting, the proxies will be voted at the discretion of the proxy holders, in
accordance with their best judgment. On the date of this Proxy Statement, the
Board of Directors does not know of any other matter or business to be
presented at the Annual Meeting other than as addressed in this Proxy
Statement.
</FONT>
<!-- link1 "REVOCATION OF PROXIES" -->
<DIV align="left"><A NAME="004"></A></DIV>
<P align="center"><FONT size="2"><B>REVOCATION OF PROXIES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A proxy may be revoked any time before it is exercised. A shareholder
giving a proxy may revoke it by:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Sending in another proxy with a later date;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Giving written notice to the Company&#146;s Secretary before the
Annual Meeting that the proxy has been revoked; or</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Voting in person at the Annual Meeting.</FONT></TD>
</TR>
</TABLE>

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




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

<!-- link1 "SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT" -->
<DIV align="left"><A NAME="005"></A></DIV>
<P align="center"><FONT size="2"><B>SECURITY OWNERSHIP OF<BR>
CERTAIN BENEFICIAL OWNERS AND MANAGEMENT</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth certain information regarding the
beneficial ownership of the Common Stock as of September&nbsp;29, 2003, by each
person the Company knows to beneficially own more than 5% of the outstanding
Common Stock, each of the Company&#146;s directors, the Named Executive Officers (as
defined in &#147;Executive Compensation &#151; Summary Compensation Table&#148; below), and
all directors and executive officers as a group. The Company believes each such
shareholder has sole voting and dispositive power over the shares held, except
as otherwise indicated.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="69%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Shares of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Percentage of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Common Stock</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Common Stock</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Beneficially Owned</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Beneficially Owned</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="7"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Raymond C. Hemmig<BR>
10000 N. Central Expressway, Suite&nbsp;1060<BR>
Dallas, Texas 75231</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">597,124</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(1</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">5.8</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="2">Donald H. Neustadt<BR>
1231 Greenway Drive, Suite&nbsp;600<BR>
Irving, Texas 75038</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">938,885</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(2</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">9.1</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Marshall B. Payne</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">223,838</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(3</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2.2</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" ><FONT size="2">Edward W. Rose III<BR>
500 Crescent Court, Suite&nbsp;250<BR>
Dallas, Texas 75201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,191,444</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(4</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">11.5</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Michael S. Rawlings</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">21,249</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(5</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(6</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Jay B. Shipowitz</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">247,848</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(7</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2.4</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Charles Daniel Yost</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">37,999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(8</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(6</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Barry M. Barron</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">45,954</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(9</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(6</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Joe W. Conner</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">- 0 -</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(6</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Michael J. Briskey</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">21,347</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(10</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(6</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" ><FONT size="2">Greenbrier Partners, Ltd.<BR>
1901 North Akard<BR>
Dallas, Texas 75201</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">742,348</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(11</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">7.2</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" ><FONT size="2">FMR Corp.<BR>
82 Devonshire Street<BR>
Boston, Massachusetts 02109</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">1,017,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(12</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">9.8</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>

<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap valign="top" ><FONT size="2">All directors and executive officers as a<BR>
group (11 persons)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">3,327,688</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">(13</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap valign="top"  align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">32.2</FONT></TD>
    <TD nowrap valign="top" ><FONT size="2">%</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">5</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 5,000 shares Mr.&nbsp;Hemmig holds as custodian for his children, 11,250
shares held for the Hemmig Family Trust and options to purchase 26,749
shares exercisable within 60&nbsp;days of the date of this Proxy Statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 56,750 shares held by KLN Foundation, a private charitable
foundation of which Mr.&nbsp;Neustadt is one of three officers. Mr.&nbsp;Neustadt
shares voting and dispositive power with those other foundation officers.
Mr.&nbsp;Neustadt disclaims beneficial ownership of the shares held by KLN
Foundation. Also includes options to purchase 54,966 shares exercisable
within 60&nbsp;days of the date of this Proxy Statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 24,120 shares owned by Scout Ventures, a Texas general
partnership of which Mr.&nbsp;Payne is a general partner (&#147;Scout&#148;); Mr.&nbsp;Payne
shares voting and dispositive power over the shares held by Scout with the
other partners of Scout. Also includes options to purchase 19,999 shares
exercisable within 60&nbsp;days of the date of this Proxy Statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 918,738 shares of Common Stock owned by Mr.&nbsp;Rose and options to
purchase 19,999 shares exercisable within 60&nbsp;days of the date of this
Proxy Statement. Also includes shares owned by the following:</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="90%"><FONT size="2">Evelyn P. Rose, the wife of Mr.&nbsp;Rose &#150; 115,341 shares</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Lela Helen Rose, the daughter of Mr. and Mrs.&nbsp;Rose &#150; 21,705
shares</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">William Edward Rose, the son of Mr. and Mrs.&nbsp;Rose &#150; 21,705
shares</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">d)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Kaiser-Francis Oil Company &#150; 27,675 shares.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">e)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Evelyn P. Rose Irrevocable Trust &#150; 66,281 shares.</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Mr.&nbsp;Rose might be considered to share dispositive power with each of these
persons over the shares of Common Stock owned by that person. Mr.&nbsp;Rose,
however, disclaims beneficial ownership of any of the shares owned by each
of these persons.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Consists of options to purchase 21,249 shares exercisable within 60&nbsp;days
of the date of this Proxy Statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(6)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Less than 1%.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(7)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes options to purchase 138,448 shares exercisable within 60&nbsp;days of
the date of this Proxy Statement. Also includes 100,000 shares of Common
Stock, granted as restricted stock on July&nbsp;1, 2003 under the 1997
Incentive Plan, not reflected in &#147;Executive Compensation &#150; Summary
Compensation Table&#148; because such shares were not granted during, or as
compensation for, fiscal 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(8)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes options to purchase 19,999 shares exercisable within 60&nbsp;days of
the date of this Proxy Statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(9)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes options to purchase 18,454 shares exercisable within 60&nbsp;days of
the date of this Proxy Statement. Also includes 25,000 shares of Common
Stock, granted as restricted stock on July&nbsp;1, 2003 under the 1997
Incentive Plan, not reflected in &#147;Executive Compensation &#150; Summary
Compensation Table&#148; because such shares were not granted during, or as
compensation for, fiscal 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(10)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes options to purchase 21,085 shares exercisable within 60&nbsp;days of
the date of this Proxy Statement.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(11)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes 4,500 shares held by Mr.&nbsp;Frederick E. Rowe, Jr., the general
partner of Greenbrier Partners, Ltd. (&#147;Greenbrier&#148;). As general partner,
Mr.&nbsp;Rowe has the power to manage Greenbrier&#146;s operations, including the
shared right with Greenbrier to vote and dispose of the 722,848 shares of
Common Stock Greenbrier holds. Mr.&nbsp;Rowe has sole voting and dispositive
power over the 4,500 shares he holds. Also includes an additional 15,000
shares owned by the Rowe Family Partnership, of which Mr.&nbsp;Rowe is a
general partner.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(12)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">From an amended Schedule&nbsp;13G dated February&nbsp;14, 2003, filed by FMR Corp.
with the Securities and Exchange Commission, it appears that FMR Corp. has
beneficial ownership of these shares as the result of beneficial ownership
by its wholly owned subsidiary, Fidelity Management &#038; Research Company, a
registered investment adviser. These shares are owned by a registered
investment company managed by the investment adviser (the &#147;Fund&#148;). It
appears that, with respect to the shares owned by the Fund, (a)&nbsp;each of
Edward C. Johnson 3d, as Chairman of FMR Corp.; FMR Corp., through its
control of the investment adviser to the Fund; and the Fund has the sole
power to dispose of the shares owned by the Fund, (b)&nbsp;neither FMR Corp.
nor Edward C. Johnson 3d has the sole power to vote or direct the voting
of the shares owned directly by the Fund, but that power resides with the
Fund&#146;s Board of Trustees, and (c)&nbsp;Edward C. Johnson 3d and Abigail P.
Johnson, with members of their family, may be deemed a controlling group
of FMR Corp.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(13)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">See Notes (1)&nbsp;through (10). Includes holdings of William S. McCalmont,
an executive officer of the Company who is not a Named Executive Officer
(and, therefore, is not listed individually) because his employment with
the Company did not commence during fiscal 2003.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">6</FONT>
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<!-- link1 "DIRECTORS AND EXECUTIVE OFFICERS" -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="center"><FONT size="2"><B>DIRECTORS AND EXECUTIVE OFFICERS</B>
</FONT>

<!-- link2 "Board of Directors" -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><FONT size="2"><B>Board of Directors</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Seven directors are to be elected at the Annual Meeting. Each nominee
will be elected to hold office until the next annual meeting of shareholders or
until his successor is elected and qualified. Proxy holders will not be able
to vote the proxies held by them for more than seven persons. To be elected a
director, each nominee must receive a plurality of all the votes cast at the
Annual Meeting for the election of directors. Should any nominee become unable
or unwilling to accept nomination or election, the proxy holders may vote the
proxies for the election, in his stead, of any other person the Board of
Directors may recommend. Each nominee is currently a director of the Company.
Each nominee has expressed his intention to serve the entire term for which
election is sought.
</FONT>
<!-- link2 "Director Nominees" -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="left"><FONT size="2"><B>Director Nominees</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Raymond C. Hemmig, age 53, </I>has served as the Chairman of the Board of the
Company since September 1988, when he first became a director. From September
1988 to October 1994, Mr.&nbsp;Hemmig also served as the Company&#146;s Chief Executive
Officer. Mr.&nbsp;Hemmig served as a director of the National Association of Check
Cashers and was the founding President of the Texas Association of Check
Cashers, Inc. Since June 1994, Mr.&nbsp;Hemmig also has served as a director of
Restoration Hardware, Inc., a publicly held retail company. Since December
1995, Mr.&nbsp;Hemmig has served as the Chairman of the Board and Chief Executive
Officer of Retail &#038; Restaurant Growth Capital L.P., a licensed Small Business
Investment Corporation and a provider of financing to emerging retail and
restaurant companies. Mr.&nbsp;Hemmig also serves as a director of various private
companies. From 1990 until May 1994, Mr.&nbsp;Hemmig served as a director of On The
Border Cafes, Inc., a publicly held restaurant chain. From 1985 to September
1988, Mr.&nbsp;Hemmig was a partner and co-founder of Hemmig &#038; Martin, a consulting
firm to clients in the food service, retail, and franchise industries.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Donald H. Neustadt, age 54, </I>has served as the Chief Executive Officer of
the Company since November 1994 and as a director of the Company since January
1987. Mr.&nbsp;Neustadt served as the Company&#146;s President from November 1994 to
December 1999. Mr.&nbsp;Neustadt served as the Company&#146;s President and Chief
Operating Officer from January 1987 to November 1994. From 1972 to January
1987, Mr.&nbsp;Neustadt served in various capacities with Associates Corporation of
North America (&#147;Associates NA&#148;) and its affiliates, including as President of
Associates Financial Express, Inc. (&#147;Associates Financial&#148;), a money order
company; as Senior Vice President and Controller of Associates Diversified
Services, Inc., which owned a consumer credit card bank, a savings and loan and
Associates Financial; as Vice President of Strategic Planning for Associates
NA; and as Controller of Consumer Operations and a systems manager for
Associates Financial Services, a consumer finance company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Jay B. Shipowitz, age 40, </I>has served as the President and Chief Operating
Officer and as a director of the Company since January 2000. Mr.&nbsp;Shipowitz
served as the Company&#146;s Senior Vice President and Chief Financial Officer from
May 1997 to January 2000. From July 1996 to May 1997, Mr.&nbsp;Shipowitz was the
senior vice president and chief financial officer of USDATA Corporation, a
software company located in Richardson, Texas. From June 1993 to July 1996,
Mr.&nbsp;Shipowitz was the vice president of finance and administration and chief
financial officer of Westinghouse Security Systems, Inc., a residential
security company headquartered in Dallas, Texas. From 1987 to 1993, Mr.
Shipowitz worked at Price Waterhouse in Baltimore, Maryland, in various
positions, the last of which was senior manager. Mr.&nbsp;Shipowitz worked at KPMG
Peat Marwick in Greensboro, North Carolina from 1985 to 1987. Mr.&nbsp;Shipowitz is
a director of Financial Service Centers of America, Inc. (the successor
</FONT>
<P align="center"><FONT size="2">7</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">organization to the
National Association of Check Cashers), and from March 2000 through August
2003, served as a director of a private electronic payment processing company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Marshall B. Payne, age 46, </I>has served as a director of the Company since
1987. Since 1983, Mr.&nbsp;Payne has been Vice President of Cardinal Investment
Company, Inc., an investment management firm. In addition, he serves as a
director of various private companies.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Michael S. Rawlings, age 49, </I>has served as a director of the Company since
November 2000. Since March 2003, Mr.&nbsp;Rawlings has been a professional
investor. From June 1997 through February 2003, Mr.&nbsp;Rawlings was the President
of Pizza Hut, Inc., an operating company of YUM! Brands, Inc., and owner of the
world&#146;s largest chain of pizza restaurants. From 1991 to 1996, Mr.&nbsp;Rawlings
was the Chairman, President and Chief Executive Officer of the Dallas Group of
DDB Needham Worldwide, a large marketing communications agency.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Edward W. Rose, III, age 62, </I>has served as a director of the Company since
1987. Since 1974, Mr.&nbsp;Rose has been the President and sole shareholder of
Cardinal Investment Company, Inc. In addition, Mr.&nbsp;Rose serves as Chairman of
the Board of Drew Industries, Inc., an aluminum window manufacturer,
as a director of Liberte Investors Inc., a company investing in notes receivable, and as a
director of various private companies.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Charles Daniel Yost, age 54, </I>has served as a director of the Company since
August 1996. Since March 1998, Mr.&nbsp;Yost has been the President and Chief
Operating Officer of Allegiance Telecom, Inc., an integrated communications
provider. In May 2003, Allegiance Telecom, Inc. filed a voluntary petition for
reorganization under Chapter&nbsp;11 of the United States Bankruptcy Code. From
July 1997 to February 1998, Mr.&nbsp;Yost was President and Chief Operating Officer
of NETCOM On-line Communications Systems, Inc., an Internet service provider.
From 1994 to 1997, Mr.&nbsp;Yost served as President of the Southwest Region of AT&#038;T
Wireless Services, Inc., a provider of cellular telephone service. From 1991
to June 1994, Mr.&nbsp;Yost served as President of the Southwest Region for McCaw
Cellular Communications/LIN Broadcasting.
</FONT>
<P align="center"><FONT size="2"><B>THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE ELECTION OF<BR>
EACH NOMINEE.</B>
</FONT>

<!-- link2 "Board Committees" -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="left"><FONT size="2"><B>Board Committees</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors of the Company has two permanent committees: the
Audit Committee and the Compensation Committee. None of the directors who
serve as members of either permanent committee are employees of the Company or
any of its subsidiaries. The Company has no nominating committee or committee
that recommends qualified candidates to the Board of Directors for election as
directors. The entire Board of Directors is responsible for selecting nominees
for election as directors.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee&#146;s functions include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Engaging independent auditors and determining
their compensation;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Making recommendations to the Board of Directors
for reviewing the completed audit and audit report with the
independent auditors, the conduct of the audit, significant
accounting adjustments, recommendations for improving internal
controls, and all other significant findings during the audit;</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">8</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Meeting at least quarterly with the Company&#146;s
management and auditors to discuss internal accounting and
financial controls, as well as results of operations reviews
performed by the auditors;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Determining the scope of and authorizing or
approving any non-audit services provided by the independent
auditors and the compensation for those services; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Initiating and supervising any special
investigation it deems necessary regarding the Company&#146;s
accounting and financial policies and controls.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">See &#147;Audit Committee Report&#148; below. Messrs.&nbsp;Rose (Chairman), Yost and Payne
are the Audit Committee members.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee&#146;s functions include:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Establishing and administering the Company&#146;s compensation policies;</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Administering the 1997 Incentive Plan and the Directors Option Plan; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Overseeing the administration of other employee
benefit plans and fringe benefits paid to or provided for the
Company&#146;s officers.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">See &#147;Executive Compensation &#151; Compensation Committee Report on Executive
Compensation&#148; below.
Messrs.&nbsp;Rawlings (Chairman) and Payne are the Compensation Committee members.
Mr.&nbsp;Payne served as Chairman of the Compensation Committee during and for
fiscal 2003.
</FONT>
<!-- link2 "Board and Committee Meetings" -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="left"><FONT size="2"><B>Board and Committee Meetings</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors held eight meetings during fiscal 2003. The Audit
Committee held seven meetings, and the Compensation Committee held two
meetings, during fiscal 2003. All persons who were directors during fiscal
2003 attended at least 75% of the total of the Board meetings and the meetings
of committees on which they served.
</FONT>
<!-- link2 "Director Compensation" -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="left"><FONT size="2"><B>Director Compensation</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All of the Company&#146;s current directors, other than Messrs.&nbsp;Neustadt and
Shipowitz, are non-employee directors. During fiscal 2003, each non-employee
director (other than Mr.&nbsp;Hemmig) received $1,250 per calendar quarter as a
retainer, $1,500 for attendance at each Board of Directors meeting, and $500
for attendance at each meeting of a committee of the Board of Directors that
was not held in conjunction with a Board of Directors meeting. Mr.&nbsp;Hemmig, as
the Chairman of the Board, with responsibility for coordinating all of the
activities and meetings of the Board of Directors and its committees, received
a total of approximately $80,000 during fiscal 2003, paid in approximately
equal bi-weekly installments.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board of Directors has adopted a different cash-compensation plan for
non-employee directors for fiscal 2004, which does not involve compensation on
a per-meeting basis. Under that plan, the Chairman of the Board is entitled to
an annual retainer or fee of $80,000; each non-employee director is entitled to
an annual retainer or fee of $20,000; the Chairman of the Audit Committee is
entitled to an
</FONT>

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



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

<P align="left"><FONT size="2">additional annual retainer or fee of $6,000; each member of the Audit
Committee other than the Chairman is entitled to an additional annual retainer
or fee of $3,500; the Chairman of the Compensation Committee is entitled to an
additional annual retainer or fee of $3,000; and each member of the
Compensation Committee other than the Chairman is entitled to an additional
annual retainer or fee of $2,000. The annual retainer or fee payable to the
Chairman of the Board is paid in approximately equal bi-weekly installments,
and the annual retainers or fees payable to the other non-employee directors
are payable in advance in equal quarterly installments. Each non-employee
director also is currently and will continue to be reimbursed expenses related
to his activities as a director. The Company does not compensate its employees
for service as a director.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the current Directors Option Plan:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Each non-employee director elected to the Board
of Directors who has not previously served as a director of
the Company is automatically granted, on the date of his
election, an option to purchase 11,250 shares of Common Stock;
and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Each non-employee director serving on December 1
of each year is automatically granted an option on that date
to purchase 5,000 shares of Common Stock.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">The Directors Option Plan requires that the exercise price of each option must
be equal to the closing price of the Common Stock on The Nasdaq Stock Market on
the date the option is granted. During fiscal 2003, under the Directors Option
Plan, each of Mr.&nbsp;Hemmig, Mr.&nbsp;Payne, Mr.&nbsp;Rawlings, Mr.&nbsp;Rose and Mr.&nbsp;Yost was
granted an option to purchase 5,000 shares of Common Stock, at an exercise
price of $8.01 per share, on December&nbsp;1, 2002. The Directors Option Plan is
proposed to be amended to, among other things, change the grants from
formula-based to discretionary. See &#147;Proposal to Amend ACE Cash Express, Inc.
Non-Employee Directors Stock Option Plan.&#148;
</FONT>
<!-- link2 "Compliance with Section&nbsp;16(a) of the Securities Exchange Act of 1934" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="left"><FONT size="2"><B>Compliance with Section&nbsp;16(a) of the Securities Exchange Act of 1934</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;16(a) of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), requires the Company&#146;s directors, executive officers, and
holders of more than 10% of the Common Stock to file with the Securities and
Exchange Commission (&#147;SEC&#148;) reports of ownership changes in ownership of Common
Stock. SEC regulations require those directors, executive officers, and
greater than 10% shareholders to furnish the Company with copies of all Section
16(a) forms they file.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on the Company&#146;s review of reports and on written representations
that no other reports were required during fiscal 2003, the Company believes
that the directors, executive officers, and greater than 10% shareholders
complied with all applicable Section&nbsp;16(a) filing requirements.
</FONT>
<!-- link2 "Executive Officers" -->
<DIV align="left"><A NAME="013"></A></DIV>
<P align="left"><FONT size="2"><B>Executive Officers</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Position</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">Raymond C. Hemmig</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chairman of the Board</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Donald H. Neustadt</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Chief Executive Officer</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Jay B. Shipowitz</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
President and Chief Operating Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">10</FONT>
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<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="27%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="68%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Position</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Barry M. Barron</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Executive Vice President-Operations</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Michael J. Briskey</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Interim Chief Financial Officer (until August 2003)</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">William S. McCalmont</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Executive Vice President and Chief Financial Officer
and Treasurer</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">Walter E. Evans</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Senior Vice President and General Counsel and Secretary</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">See &#147;&#150; Directors&#148; above for business experience information concerning Messrs.
Hemmig, Neustadt and Shipowitz.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Barry M. Barron, </I>age 46, has served as the Company&#146;s Executive Vice
President&#150;Operations since July 2003. Mr.&nbsp;Barron served as the Company&#146;s
Senior Vice President-Operations from February 2001 to July 2003. From
February 1998 until February 2001, Mr.&nbsp;Barron was Senior Vice President of the
International Division at Papa John&#146;s International, Inc., an owner and
franchisor of pizza restaurants, where he developed operations in Alaska,
Hawaii, Canada, Mexico, Latin America, South America and the Middle East. From
April 1994 to February 1998, Mr.&nbsp;Barron served as Vice President of Papa
John&#146;s. From 1994 to 1995, Mr.&nbsp;Barron was Division President at Golden Corral
Corporation, an owner of family-style restaurants.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>William S. McCalmont, </I>age 47, became the Company&#146;s Executive Vice
President and Chief Financial Officer and Treasurer in August 2003. From
January 2002 through August 2003, Mr.&nbsp;McCalmont served as a founding member and
principal of the Turtle Creek Group. From September 2000 to August 2001, Mr.
McCalmont was the Chief Financial Officer of HQ Global Workplaces, Inc., a
supplier of furnished, fully supported office space, which filed a voluntary
petition for reorganization under Chapter&nbsp;11 of the United States Bankruptcy
Code in March 2002. From August 1999 until June 2000, Mr.&nbsp;McCalmont served as
the Interim President and Chief Executive Officer, and from August 1997 to
August 1999, as the Senior Vice President and Chief Financial Officer, of La
Quinta Inns, Inc., an owner and operator of hotels. From 1996 to 1997, Mr.
McCalmont was Senior Vice President, Chief Financial Officer and Treasurer of
FelCor Suite&nbsp;Hotels, Inc., an owner of hotels.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Michael J. Briskey, </I>age 37, served as the Interim Chief Financial Officer,
Treasurer and Secretary from April 2003 until August 2003. Mr.&nbsp;Briskey is the
Company&#146;s Vice President of Finance and Assistant Treasurer of the Company and
has served in that position since April 2001. Mr.&nbsp;Briskey served as the
Company&#146;s Senior Director of Financial Planning and then Assistant Vice
President of Finance for the Company from November 1997 to April 2001. From
March 1995 to November 1997, Mr.&nbsp;Briskey served as the Senior Director of
Business Development and Senior Director of Financial Planning for Protection
One (successor to Westar Security Services and Westinghouse Security Systems),
a residential security company headquartered in Dallas, Texas. From August
1988 to March 1995, Mr.&nbsp;Briskey held various finance positions at Westinghouse
Electric Corporation in Baltimore, Maryland.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Walter E. Evans, </I>age 39, became the Company&#146;s Senior Vice President and
General Counsel and Secretary in August 2003. From August 2001 through March
2003, Mr.&nbsp;Evans served as the Executive Vice President, General Counsel and
Secretary of Hollywood Casino Corporation, an owner and operator of casinos.
Mr.&nbsp;Evans served, from May 2000 through August 2001, as Vice President and
Deputy General Counsel, and from July 1995 through May 2000, as Associate
General Counsel, of Hollywood Casino Corporation. Before joining Hollywood
Casino Corporation, Mr.&nbsp;Evans practiced law in the Dallas, Texas offices of the
law firms Hughes &#038; Luce, L.L.P. and Akin, Gump, Strauss, Hauer &#038; Feld, L.L.P.
</FONT>
<P align="center"><FONT size="2">11</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 " EXECUTIVE COMPENSATION" -->
<DIV align="left"><A NAME="014"></A></DIV>
<P align="center"><FONT size="2"><B>EXECUTIVE COMPENSATION</B>
</FONT>

<!-- link2 "Summary Compensation Table" -->
<DIV align="left"><A NAME="015"></A></DIV>
<P align="left"><FONT size="2"><B>Summary Compensation Table</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table sets forth all compensation paid or accrued for
services rendered to the Company for the last three fiscal years by the Chief
Executive Officer (&#147;CEO&#148;) and each of the executive officers of the Company
whose total annual salary and bonus for fiscal 2003 exceeded $100,000
(collectively with the CEO, the &#147;Named Executive Officers&#148;):
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Annual Compensation</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="11"><FONT size="1"><B>Long-Term Compensation</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="11"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Awards</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Payouts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="7"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Other</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Annual</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Restricted</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>LTIP</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>All Other</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Ended</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Compensation</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Stock</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Underlying</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Payouts</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Compensation</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name and Principal Position</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>June 30,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Salary ($)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Bonus ($)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)<SUP>(1)</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Awards ($)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Options/SARs (#)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Donald H. Neustadt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">430,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">430,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14,049</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,961</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Chief Executive</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">380,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">320,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,369</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">7,461</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,077</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Officer)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">338,650</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,834</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,756</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,721</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Jay B. Shipowitz</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">330,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">330,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14,183</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,834</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(President and</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">300,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">249,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,512</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">43,949</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,792</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Chief Operating Officer)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">262,695</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,138</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,425</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,636</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Barry M. Barron</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">252,181</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">180,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">12,449</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">24,750</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(3)</SUP></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,600</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Executive Vice</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">233,333</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">166,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,288</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,409</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,800</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">

<TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">President - Operations)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">80,907</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,888</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">27,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">62,372</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(5)</SUP></FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Joe W. Conner<SUP>(2)</SUP></FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">169,615</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,433</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">900</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Senior Vice President,</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">192,336</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">127,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,872</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">31,447</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">975</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:0px"><FONT size="2">Chief Financial Officer,<BR>
Secretary and Treasurer)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Michael J. Briskey</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2003</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">135,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">70,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,059</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">(Vice President -</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2002</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">126,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">40,525</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2,329</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">262</FONT></TD>
    <TD nowrap><FONT size="2"><SUP>(4)</SUP></FONT></TD>
</TR>

<TR valign="top">
    <TD><DIV style="margin-left:0px; text-indent:0px"><FONT size="2">Finance and Assistant<BR>
Treasurer)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">2001</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">112,421</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,737</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">15,561</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">&#151;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes a cash car allowance equal to $9,000 annually (except for
Mr.&nbsp;Briskey).</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Mr.&nbsp;Conner ceased his employment with the company on April&nbsp;18, 2003.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">On January&nbsp;28, 2003, the Company issued Mr.&nbsp;Barron 2,500 shares of
Common Stock that were granted as restricted stock under the 1997
Incentive Plan. Though the shares were not on the date of grant, and are
not currently, transferable under the terms of the Restricted Stock
Agreement under which they were issued, the market value of those shares
on the date of grant and on June&nbsp;30, 2003, the last day of fiscal 2003,
based on the closing price of a share of Common Stock on The Nasdaq Stock
Market on each such date, was $24,750 and $27,175, respectively. Although
the Company does not intend to declare or pay any dividends on shares of
Common Stock, if it were to do so, Mr.&nbsp;Barron would be entitled to receive
a dividend paid on his shares of restricted stock.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(4)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Company-matching contributions to the Company&#146;s qualified section 401(k)
plan and the Company&#146;s executive non-qualified deferred compensation plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(5)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Relocation expenses paid by the Company.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">12</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of the Named Executive Officers is a party to an employment agreement
with the Company, and each Named Executive Officer&#146;s employment is &#147;at-will,&#148;
which permits either the Company or the Named Executive Officer to terminate
employment for any, or no, reason at any time.
</FONT>
<!-- link2 "Senior Management Bonus Plan" -->
<DIV align="left"><A NAME="016"></A></DIV>
<P align="left"><FONT size="2"><B>Senior Management Bonus Plan</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The &#147;Bonus&#148; column of the compensation table above consists of annual
bonuses paid under the Company&#146;s senior management bonus plan (the &#147;Bonus
Plan&#148;). Under the Bonus Plan, bonuses were payable to the Company&#146;s senior
executive officers, which include the Named Executive Officers, if certain
targets for the Company&#146;s financial performance and for the participants&#146;
respective personal (financial or non-financial) performance related to the
Company, as determined or approved by the Compensation Committee, were achieved
in fiscal 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee determined that bonuses under the Bonus Plan
for fiscal 2003 would depend not only on the Company&#146;s improved financial
performance (as in previous fiscal years), but also on each participant&#146;s
performance of individual goals intended to enhance the Company&#146;s long-term
business and operations (as determined or approved by the Compensation
Committee, in the case of the CEO and the Company&#146;s President and Chief
Operating Officer (&#147;COO&#148;), and as determined by the CEO and COO, in the case of
all other participants in the Bonus Plan). For fiscal 2003, bonuses were
payable to the Named Executive Officers (other than Mr.&nbsp;Briskey, who became
Interim Chief Financial Officer only upon Mr.&nbsp;Conner&#146;s resignation in April
2003) based 75% on the increase in the Company&#146;s diluted earnings per share
(&#147;EPS&#148;) for fiscal 2003 over its EPS for fiscal 2002, to be determined in
accordance with the Company&#146;s audited annual financial statements, and 25% on
the achievement of personal goals related to the Company. Under the Bonus
Plan, the objectives or goals and the relative importance of them for
individual bonuses were, in some cases, different for other senior executive
officers, including Mr.&nbsp;Briskey.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The target bonus for each Named Executive Officer (other than Mr.&nbsp;Briskey)
was established at a percentage of his annual base salary, with the percentage
varying from 35% to 75% according to the seniority of his position with the
Company. A Named Executive Officer could earn a bonus less than or greater
than the target bonus, however, to the extent that the annual increase in EPS
was less than or greater than the targeted increase. Further, a Named
Executive Officer could earn a partial bonus if either the requisite level of
annual increase in EPS occurred or his individual performance goals were
achieved.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal 2003, the increase in the Company&#146;s EPS for fiscal 2003 over
fiscal 2002 exceeded the targeted level of increase, and the Compensation
Committee determined (directly, or in the case of Mr.&nbsp;Barron and Mr.&nbsp;Briskey,
as recommended by the CEO and COO) that the Named Executive Officers under the
Bonus Plan achieved their respective personal goals. Therefore, bonuses
totaling $940,000 were paid under the Bonus Plan to Messrs.&nbsp;Neustadt,
Shipowitz, and Barron. Because Mr.&nbsp;Conner&#146;s employment with the Company ceased
before the end of fiscal 2003, no bonus was paid to him under the Bonus Plan.
A bonus of $70,500 was also paid to Mr.&nbsp;Briskey for fiscal 2003, $30,000 of
which was for serving as Interim Chief Financial Officer and $40,500 of which
was determined under the Bonus Plan. See &#147;&#150;&#150; Compensation Committee Report on
Executive Compensation&#148; below.
</FONT>
<P align="center"><FONT size="2">13</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Stock Options" -->
<DIV align="left"><A NAME="017"></A></DIV>
<P align="left"><FONT size="2"><B>Stock Options</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information on stock option grants to the
Named Executive Officers under the 1997 Incentive Plan during fiscal 2003:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="32%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Potential Realizable Value at</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Assumed Annual Rates of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Stock Price Appreciation for</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" colspan="17"><FONT size="1"><B>Individual Grants<SUP>(1)</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="7"><FONT size="1"><B>Option Term <SUP>(2)</SUP></B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD colspan="17"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="7"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>% of Total</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Options/</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Exercise</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>SARs</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>or</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Underlying</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Granted to</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Base</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Options/</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Employees in</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Expiration</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>5%</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>10%</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>SARs (#)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Fiscal Year</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($/Sh)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Date</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)<SUP>(3)</SUP></B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)<SUP>(3)</SUP></B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD nowrap align="left"><HR align="left" size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><HR align="left" size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><HR align="left" size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><HR align="left" size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><HR align="left" size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><HR align="left" size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="left" colspan="3"><HR align="left" size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Donald H. Neustadt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">13,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.78</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8/26/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">72,518</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">183,774</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Jay B. Shipowitz</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,500</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4.23</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8/26/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">64,150</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">162,570</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Barry M. Barron</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">10,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3.68</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8/26/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">55,783</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">141,365</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Joe W. Conner</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">4,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.47</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8/26/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">22,313</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">56,546</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Michael J. Briskey</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">3,400</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1.25</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8.87</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">8/26/12</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">18,966</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">48,064</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<BR>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Options become exercisable in four equal annual installments. The
exercise price of each option is equal to the closing price per share of
the Common Stock on The Nasdaq Stock Market on the date the option was
granted. Each option was granted for the maximum ten-year period under
the 1997 Incentive Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The values shown in these columns reflect growth rate assumptions the SEC
prescribes. Actual gains, if any, on stock option exercises and Common
Stock holdings are dependent on the Common Stock&#146;s future performance and
overall stock market conditions. There can be no assurance that the
amounts reflected in this table will be achieved.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">These values represent the difference between the assumed appreciation in
the Common Stock&#146;s market value at the date of grant and the exercise
price of the options.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information on the stock options/SARs that
the Named Executive Officers held at June&nbsp;30, 2003:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Value of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Underlying</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Unexercised In-</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Unexercised</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>the-Money</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Options/SARs</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Options/SARs at</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD valign="bottom" nowrap align="center" colspan="3"><FONT size="1"><B>Shares</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>&nbsp;</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>at FY-End (#)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>FY-End ($)*</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Acquired on</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Value</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" width="50%" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" width="50%" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Exercise</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Realized</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Exercisable/</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Exercisable/</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Name</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>(#)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>($)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Unexercisable</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Unexercisable</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><HR size="1" width="50%" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Donald H. Neustadt</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">43,740/27,896</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">11,319/41,684</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Jay B. Shipowitz</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">129,547/60,767</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">54,086/58,096</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Barry M. Barron</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">14,852/27,057</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,289/23,869</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Joe W. Conner</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0/0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0/0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Michael J. Briskey</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">0</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">17,509/13,994</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">19,560/27,725</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<BR>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Based on the closing price on The Nasdaq Stock Market of the Common Stock
on June&nbsp;30, 2003 of $10.87 per share.</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">14</FONT>




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

<!-- link2 "Compensation Committee Interlocks and Insider Participation" -->
<DIV align="left"><A NAME="018"></A></DIV>
<P align="left"><FONT size="2"><B>Compensation Committee Interlocks and Insider Participation</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marshall B. Payne and Michael S. Rawlings were the members of the
Compensation Committee during fiscal 2003. Neither of the members of the
Compensation Committee during fiscal 2003 was, or has ever been, an officer or
employee of the Company or any of its subsidiaries.
</FONT>
<!-- link2 "Compensation Committee Report on Executive Compensation" -->
<DIV align="left"><A NAME="019"></A></DIV>
<P align="left"><FONT size="2"><B>Compensation Committee Report on Executive Compensation</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee has furnished the following report on the
Company&#146;s executive compensation program. The report describes the
Compensation Committee&#146;s compensation policies applicable to the Company&#146;s
executive officers and provides specific information regarding the CEO&#146;s
compensation.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-employee members of the Company&#146;s Board of Directors review all
decisions the Compensation Committee makes relating to the Company&#146;s executive
officers&#146; compensation. The Compensation Committee determines, or may recommend
to the Board of Directors, grants or awards under the 1997 Incentive Plan.
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2"><I>Compensation Policy</I>. The Compensation Committee&#146;s overall
policy regarding compensation of the Company&#146;s executive officers is
to provide salary levels and compensation incentives that attract
and retain qualified individuals in key positions, that recognize
individual performance and the Company&#146;s performance, and that
support the Company&#146;s objective of achieving sustained improvements
in its financial condition, operating results, and market position.
The Compensation Committee attempts to implement this policy by
paying the Company&#146;s executive officers slightly above average
compensation with an emphasis on performance-related pay. The
Company&#146;s objective is to pay its executive officers competitively
in base pay and automobile allowances compared with similarly
situated executives at comparable companies, and then to give the
executive an incentive by providing the executive officers the
opportunity to earn significantly higher than average
performance-based compensation. The performance-based compensation
is made up of awards under the Bonus Plan and stock options or
restricted stock under the 1997 Incentive Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Compensation Committee periodically reviews publicly available and
private executive-compensation surveys prepared by independent
sources, including compensation consultants, to determine compensation
levels and practices of comparable companies. The Compensation
Committee identifies those comparable companies, in its discretion,
after considering a broad range of factors, including levels of
revenues, geographic regions of operations, growth, and industry
(e.g., service versus manufacturing). The group of comparable
companies includes some companies in the specialty retail industry and
some of the companies in the peer group identified below under &#147;Stock
Performance Chart,&#148; but is not limited to companies of those kinds or
companies whose stock is quoted in The Nasdaq Stock Market. The
Compensation Committee also solicits appropriate input from the CEO
and COO regarding compensation for the senior executives who report to
him.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">In determining executive officer compensation, the Compensation
Committee considers the Company&#146;s performance as compared to its
budget; each individual officer&#146;s experience level, level of
responsibility, and performance as compared to the budgeted
performance</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">15</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2"><FONT size="2">&nbsp;</FONT></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">goals for such officer; the Company&#146;s growth; and the Company&#146;s cash
flow performance. Individual salaries are reviewed every 9 to 15
months and, based on evaluations of individual performance, are
adjusted in accordance with budgeted compensation guidelines the Board
of Directors has established for all officers.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2"><I>Base Salaries and Allowances</I>. The Compensation Committee
determines the base pay and allowances for the CEO and the COO and
reviews the compensation of the Company&#146;s other executive officers
as determined by the CEO and the COO. In this determination or
review, as the case may be, as a basis for comparison, the
Compensation Committee attempts to determine the base salaries and
allowances of similarly situated executives in comparable companies.
Then the Compensation Committee determines a base salary and
automobile allowance that is comparable with that which such
similarly situated executives at the comparable companies would be
paid.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2"><I>Performance Pay</I>. The Compensation Committee determines the
performance-based compensation for the CEO and the COO and reviews
the performance-based compensation of the Company&#146;s other executive
officers as determined by the CEO and the COO. In this
determination or review, as the case may be, if the Company&#146;s
executive officers have performed in accordance with the
Compensation Committee&#146;s expectations as described above, the
Compensation Committee ensures the CEO, the COO, and the other
senior executives are provided with above average (as compared to
similarly situated executives at comparable companies)
performance-based bonuses under the Bonus Plan and stock-based
compensation under the 1997 Incentive Plan.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2"><I>Senior Management Bonus Plan</I>. The Bonus Plan is an incentive
program for the senior executive officers. The Bonus Plan&#146;s goal is
to place a portion of the participants&#146; annual compensation at risk
to encourage and reward performance that meets or exceeds the
Company&#146;s expectations. Under the Bonus Plan, at the beginning of
the fiscal year, the Compensation Committee recommends, and the
Board of Directors approves, the current fiscal year plan. The
Board of Directors reserves the right to amend the Bonus Plan from
time to time at its discretion.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">For the senior executive officers to earn their targeted bonuses for
the current fiscal year ending June&nbsp;30, 2004, the Company must achieve
certain financial growth, and each senior executive officer must
achieve certain personal (financial or non-financial), objectives for
the year as determined by the Compensation Committee, in the case of
the CEO and COO, or by the CEO and COO, in the case of all other
senior executive officers. The Company financial-growth objectives
generally correspond to an increase in the Company&#146;s earnings per
share. Participants may earn bonuses greater than targeted bonuses if
the Company&#146;s annual performance exceeds the targeted-bonus
objectives. Participants may begin to earn bonuses if the Company
achieves certain minimum annual objectives (less than the
targeted-bonus objectives) established by the Compensation Committee.
For each senior executive officer, 25% of the bonus may be earned if
certain personal performance objectives, established or approved by
the Compensation Committee, are achieved, irrespective of whether the
Company financial-growth objectives are achieved.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2"><I>Stock Options</I>. The Compensation Committee grants stock
options and shares of Common Stock as restricted stock under the
1997 Incentive Plan to encourage and facilitate personal stock
ownership by officers and key employees, including the CEO and the
COO, thus</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">16</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2"><FONT size="2">&nbsp;</FONT></FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">strengthening their commitment to the Company and encouraging a
longer-term perspective to their responsibilities. This feature of
the Company&#146;s compensation program directly links officers&#146; and key
employees&#146; interests with those of the Company&#146;s shareholders. The
Compensation Committee reviews prospective grants of stock options and
shares of Common Stock as restricted stock to the Company&#146;s officers
and considers the value and benefit of such options and restricted
stock during its review of such officers&#146; overall compensation
packages. The Compensation Committee&#146;s policy is to grant stock
option and restricted stock awards based on individual performance and
the potential for the recipient to contribute to the Company&#146;s future
success; awards are not affected by the amount or terms of the options
or restricted stock previously granted to the officer or key employee.
Under the 1997 Incentive Plan, the Compensation Committee may grant
either incentive or non-qualified options, but typically grants
incentive stock options because of the tax advantages to the optionees
resulting from the grant of such options. The Compensation Committee
generally grants options under the 1997 Incentive Plan that expire in
ten years and become exercisable in equal installments over a
four-year period. The Compensation Committee has the sole discretion
to determine the restrictions on shares of Common Stock granted as
restricted stock, which would obligate the grantee to forfeit and
surrender the shares, and the circumstances under which the
restrictions will lapse. Such restrictions and circumstances under
which the restrictions lapse are set forth in a restricted stock
agreement between the Company and the grantee. The Compensation
Committee typically provides for restrictions that will not lapse
unless the grantee continues to be employed at the end of a specified
time period (usually from three to five years) after the date of
grant. The Compensation Committee believes that such limitations
provide those holding options or restricted stock with incentives to
remain in the Company&#146;s employ, while affording the opportunity to
receive direct benefits within a relatively short period of time.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2"><I>Limits on Tax Deductibility of Compensation. </I>Under Section
162(m) of the Internal Revenue Code of 1986, as amended, the Company
is generally precluded from deducting compensation in excess of $1
million per year for any of its Named Executive Officers unless the
compensation is based on performance. This tax provision had no
effect on the Company in fiscal 2003. Further, the Compensation
Committee intends to continue to use performance-based compensation,
as described above, which should negate or minimize any effect of
this tax provision.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2"><I>CEO Compensation</I>. In accordance with the policies described
above in this report, the fiscal 2003 base salary of Mr.&nbsp;Neustadt
was established at $430,000. The Compensation Committee believed
that this salary was within the range of salaries paid to chief
executive officers of comparable companies in October 2002, when it
was established. This salary, which constituted an increase of
approximately 13% of the salary that had been set for Mr.&nbsp;Neustadt
in fiscal 2002, reflected the Committee&#146;s assessment of Mr.
Neustadt&#146;s past performance and anticipated future contributions to
the Company. Mr.&nbsp;Neustadt has overseen the Company&#146;s operations
since November 1994, and has served a key role in the expansion of
the various kinds of business that the Company conducts and in its
growth strategy, including major acquisitions. He is thoroughly
familiar with the consumer or retail financial services industry and
would (the Compensation Committee believed) continue to lead the
Company&#146;s growth and success. In accordance with the terms of the
Bonus Plan, Mr.&nbsp;Neustadt received a bonus in fiscal 2003 of
$430,000, and he was granted options under the 1997 Incentive Plan
to acquire 13,000 shares of Common Stock. See &#147;&#151; Stock Options&#148;
above.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">17</FONT>
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<P align="center"><FONT size="2"><I>The Compensation Committee of the Board of Directors:</I><BR>
Michael S. Rawlings<BR>
Marshall B. Payne
</FONT>

<!-- link2 "Change-in-Control Severance Agreements" -->
<DIV align="left"><A NAME="020"></A></DIV>
<P align="left"><FONT size="2"><B>Change-in-Control Severance Agreements</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee and the Board of Directors of the Company have
recognized that, as is the case with most publicly held companies, the
possibility of a change in control exists. To help assure continuity of
experienced and qualified management of the Company, the Compensation Committee
recommended, and the Board of Directors authorized and approved, a
Change-in-Control Executive Severance Agreement (&#147;Severance Agreement&#148;) with
each of the Named Executive Officers, other than Mr.&nbsp;Briskey. The Severance
Agreements with Mr.&nbsp;Neustadt and Mr.&nbsp;Shipowitz, the terms of which are
substantially identical, were entered into on August&nbsp;20, 1998 and amended
effective January&nbsp;3, 2001. The Severance Agreement with Mr.&nbsp;Barron, the terms
of which are substantially identical to those of the other Severance
Agreements, was entered into on May&nbsp;15, 2001. The Company&#146;s Severance
Agreement with Mr.&nbsp;Conner ceased to be effective upon his voluntary resignation
from employment with the Company in April 2003.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Severance Agreement obligates the Company to provide severance
benefits to the Executive if his or her employment with the Company and its
subsidiaries is terminated, within 24&nbsp;months after a Change in Control, either
(i)&nbsp;by the Company for any reason other than Cause or the Executive&#146;s
disability or (ii)&nbsp;by the Executive for Good Reason. &#147;Change in Control,&#148; as
defined in the Severance Agreement, includes (a)&nbsp;the acquisition (other than
from the Company) of 25% or more of the outstanding voting securities of the
Company by any person or group of persons, (b)&nbsp;a change in the Board of
Directors such that the persons who were directors at the beginning of any
two-year period (and any new director whose election was approved by at least
two-thirds of the directors who either were directors at the beginning of the
period or whose election was so approved) cease to constitute a majority of the
Board of Directors, or (c)&nbsp;a reorganization, merger, or consolidation of the
Company, or the shareholders&#146; approval of the sale or substantially all the
assets of the Company, other than in certain circumstances described in the
Severance Agreement. &#147;Cause,&#148; as defined in the Severance Agreement, includes
the Executive&#146;s continued failure to perform his or her duties after notice
from the Board of Directors or his or her engaging in conduct that materially
injures the Company. &#147;Good Reason,&#148; as defined in the Severance Agreement,
includes a material reduction of the Executive&#146;s compensation or benefits; a
material reduction in the Executive&#146;s position, authority, or responsibilities;
a forced relocation of the Executive&#146;s office by more than 50 miles; or the
failure of any successor to the Company to expressly assume the Company&#146;s
obligations under the Severance Agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The severance benefits under the Severance Agreement are (i)&nbsp;a payment
equal to two and one-half times the sum of the Executive&#146;s base salary, annual
bonus, and car allowance, (ii)&nbsp;the accelerated vesting of outstanding stock
options, and (iii)&nbsp;the continuation of insurance benefits for 30&nbsp;months after
termination of employment. The payment is to be made in cash within five
business days after the termination of employment. The severance benefits are
limited to the amount that may be paid or provided to the Executive without
making an &#147;excess parachute payment&#148; under federal tax laws.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company is obligated to pay the Executive&#146;s legal fees and other
expenses incurred in connection with any good-faith enforcement or defense of
his rights under the Severance Agreement.
</FONT>
<P align="center"><FONT size="2">18</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Severance Agreement will remain effective until terminated either (i)
upon any cessation of the Executive&#146;s employment before a Change-in-Control or
(ii)&nbsp;on June&nbsp;30, 2004 or June&nbsp;30 of any subsequent year if the Company or the
Executive gives at least six months&#146; notice of termination.
</FONT>
<!-- link2 "Certain Relationships" -->
<DIV align="left"><A NAME="021"></A></DIV>
<P align="left"><FONT size="2"><B>Certain Relationships</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During fiscal 2003, Mr.&nbsp;Shipowitz served, at the Company&#146;s request, as a
director of ePacific Incorporated, a privately held company in which the
Company invested during fiscal 2000 (&#147;ePacific&#148;). ePacific provided customized
debit-card payment systems and electronic funds transfer processing services.
For his service, Mr.&nbsp;Shipowitz was entitled to the same compensation from
ePacific as the other non-employee directors of ePacific. In June 2003,
however, the board of directors of ePacific voted to dissolve ePacific,
liquidate its assets, and terminate its existence. In August 2003, Mr.
Shipowitz resigned as a director of ePacific.
</FONT>

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




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<!-- link1 "STOCK PERFORMANCE CHART" -->
<DIV align="left"><A NAME="022"></A></DIV>
<DIV align="left"><A name="a000"></A></DIV>
<P align="center"><FONT size="2"><B>STOCK PERFORMANCE CHART</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following chart compares the return on the Company&#146;s Common Stock with
(1)&nbsp;the NASDAQ Market Index and (2)&nbsp;a financial services peer group consisting
of Cash America International, Inc.; EZ Corp, Inc.; First Cash, Inc.; and World
Acceptance Corp. (identified as the &#147;Peer Group&#148;) for the period from June&nbsp;30,
1998 through June&nbsp;30, 2003. Because the Company has changed that peer group
from the one used in the Company&#146;s 2002 Proxy Statement by excluding H&#038;R Block,
Inc., the chart also compares the return with the previously used peer group
(identified as &#147;Previous Peer Group&#148;) for the same period. The Company
believes that including H&#038;R Block, Inc. in the peer group makes the comparison
of returns less meaningful, because of that company&#146;s disproportionately large
market capitalization compared to that of the other members of the peer group.
The comparison assumes that $100 was invested on June&nbsp;30, 1998, and assumes
reinvestment of dividends and distributions.
</FONT>
<P align="center"><FONT size="2"><IMG src="d08038drd0803820.gif" alt="(STOCK PERFORMANCE CHART)">
</FONT>


<center>
<TABLE cellspacing="0" border="0" cellpadding="0" width="85%">
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="23"><FONT size="1"><B>FISCAL YEAR ENDING</B></FONT></TD>
</TR>
<TR valign="bottom">

    <TD nowrap align="center"><FONT size="1"><B>COMPANY/INDEX/MARKET</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>6/30/1998</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>6/30/1999</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>6/30/2000</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>6/30/2001</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>6/30/2002</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>6/30/2003</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Ace Cash Express</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">81.88</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">68.84</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">59.42</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">57.91</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">63.01</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">PeerGroup</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">80.93</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">48.09</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">67.18</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">71.56</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">114.85</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Previous PeerGroup</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">116.07</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">76.48</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">152.59</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">218.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">213.92</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">NASDAQ Market Index</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">100.00</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">140.14</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">210.86</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">116.77</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">79.21</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">88.08</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>

</center>


<!-- link1 "AUDIT COMMITTEE REPORT" -->
<DIV align="left"><A NAME="023"></A></DIV>
<DIV align="left"><A name="a001"></A></DIV>
<P align="center"><FONT size="2"><B>AUDIT COMMITTEE REPORT</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee of the Company&#146;s Board of Directors has furnished the
following report:
</FONT>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="3%" nowrap align="left"><FONT size="2">&#149;
</FONT></TD>
       <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2">The Audit Committee consists of three directors who are not
employees of the Company or any of its subsidiaries and who have an
understanding of and experience with financial statements and
information, in compliance with the current listing requirements of The
Nasdaq Stock Market. The Board of Directors and the Audit Committee
believe that each of the members of the Audit Committee is an
&#147;independent director&#148; as defined under the currently applicable
listing requirements of The Nasdaq Stock Market. Because of recently
adopted SEC rules and guidance to The Nasdaq Stock Market, however, the
Company anticipates that one of the existing members of the Audit
Committee, because of the extent of his beneficial ownership of the
Company&#146;s outstanding shares of Common Stock, will not meet the more
restricted definition of &#147;independence&#148; under listing requirements to
become effective in the future.
</FONT></TD>
</TR>
</TABLE>
<P><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
       <TD width="2%"><FONT size="2">&nbsp;</FONT></TD>
       <TD width="3%" nowrap align="left"><FONT size="2">&#149;
</FONT></TD>
       <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
       <TD><FONT size="2">The Audit Committee acts under the Charter of the Audit Committee
of the Board of Directors, which was initially adopted and approved by
the Board of Directors in August&nbsp;1999 and was amended and restated by
the Board of Directors, upon the recommendation of the Audit Committee,
on September&nbsp;30, 2002. A copy of the current Charter was attached as
Exhibit&nbsp;A to the Company&#146;s 2002 Proxy Statement. The Audit Committee
anticipates that it will evaluate the current Charter during the
current fiscal year for amendments that may be required to comply
</FONT></TD>
</TR>
</TABLE>

<P align="center"><FONT size="2">20</FONT>
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<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">with
the Sarbanes-Oxley Act of 2002 and the relevant implementing
regulations of the SEC and with the recently amended, and proposed,
listing requirements of The Nasdaq Stock Market.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The primary function of the Audit Committee is oversight of the
Company&#146;s financial reporting process and public financial statements.
The Company&#146;s management is responsible for preparing the Company&#146;s
financial statements, the reporting process, and the adequacy of
controls. The Company&#146;s independent auditors are responsible for
auditing the financial statements. The activities of the Audit
Committee are not intended or designed to supersede or alter those
traditional responsibilities. The Audit Committee&#146;s role does not
provide any special assurances with regard to the Company&#146;s financial
statements, nor does it involve a professional evaluation of the
quality of the audits performed by the independent auditors.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Audit Committee has reviewed and discussed the Company&#146;s
audited consolidated financial statements with management.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Audit Committee has discussed with the independent auditors,
Grant Thornton LLP, the matters required to be discussed by Statement
of Auditing Standards No.&nbsp;61, <I>Communication with Audit Committees</I>.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">The Audit Committee has received the written disclosures and the
letter from the independent auditors required by Independence Standards
Board Standard No.&nbsp;1, <I>Independence Discussions with Audit Committee</I>;
has considered the compatibility of non-audit services with the
auditors&#146; independence; and has discussed with the auditors the
auditors&#146; independence.</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Based on the review and discussions referred to above, the Audit
Committee recommended to the Board of Directors that the audited
consolidated financial statements be included in the Company&#146;s Annual
Report on Form&nbsp;10-K for fiscal 2003 for filing with the Securities and
Exchange Commission.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2"><I>The Audit Committee of the Board of Directors:</I><BR>
Edward W. Rose, III, Chair<BR>
C. Daniel Yost<BR>
Marshall B. Payne
</FONT>

<!-- link1 "RELATIONSHIPS WITH INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS" -->
<DIV align="left"><A NAME="024"></A></DIV>
<P align="center"><FONT size="2"><B>RELATIONSHIPS WITH INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS</B>
</FONT>

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<DIV align="left"><A NAME="025"></A></DIV>
<P align="left"><FONT size="2"><B>Selection</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee has selected Grant Thornton LLP as independent
auditors for the Company for the current fiscal year. One or more
representatives of Grant Thornton LLP are expected to be present and available
to respond to appropriate questions at the Annual Meeting and have the
opportunity to make a statement if they desire to do so.
</FONT>
<!-- link2 "Previous Change in Independent Accountants" -->
<DIV align="left"><A NAME="026"></A></DIV>
<P align="left"><FONT size="2"><B>Previous Change in Independent Accountants</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective on May&nbsp;31, 2002, the Board of Directors, upon recommendation of
the Audit Committee, dismissed Arthur Andersen LLP and appointed Grant Thornton
LLP to serve as the Company&#146;s independent accountants. Grant Thornton LLP
performed the audit of the Company&#146;s consolidated financial statements for
fiscal 2002 as well as for fiscal 2003. Arthur Andersen LLP
</FONT>
<P align="center"><FONT size="2">21</FONT>
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<P align="left"><FONT size="2">performed the
quarterly review of the Company&#146;s consolidated financial statements for each of
the first three quarters of fiscal 2002.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Arthur Andersen LLP&#146;s reports on the Company&#146;s consolidated financial
statements for the two fiscal years preceding the dismissal, ended June&nbsp;30,
2001 and 2000, did not contain an adverse opinion or disclaimer of opinion, nor
were they qualified or modified as to uncertainty, audit scope or accounting
principles. Further, during those two fiscal years and through May&nbsp;31, 2002,
there were no disagreements with Arthur Andersen LLP on any matter of
accounting principle or practice, financial statement disclosure or auditing
scope or procedure which, if not resolved to Arthur Andersen LLP&#146;s
satisfaction, would have caused it to make reference to the subject matter in
connection with its report on the Company&#146;s consolidated financial statements
for such fiscal years; and there were no &#147;reportable events&#148; as defined in Item
304(a)(1)(v) of the SEC&#146;s Regulation&nbsp;S-K. The Company provided Arthur
Andersen LLP with a copy of the disclosures above in this paragraph, and a
letter from Arthur Andersen LLP confirming its agreement with those disclosures
was previously filed with the SEC.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the two fiscal years preceding the dismissal of Arthur Andersen LLP
and through May&nbsp;31, 2002, the Company did not consult with Grant Thornton LLP
with respect to the application of accounting principles to a specified
transaction, either completed or proposed, or the type of audit opinion that
might be rendered on the Company&#146;s consolidated financial statements, or any
other matters or reportable events as set forth in Items 304(a)(2)(i) and (ii)
of the SEC&#146;s Regulation&nbsp;S-K.
</FONT>
<!-- link2 "Audit Fees" -->
<DIV align="left"><A NAME="027"></A></DIV>
<P align="left"><FONT size="2"><B>Audit Fees</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton LLP&#146;s fees for the audit of annual consolidated financial
statements and quarterly interim financial statements for fiscal 2003 were
$111,583. Grant Thornton LLP&#146;s fees for the audit of the annual consolidated
financial statements for fiscal 2002 were $80,000. Arthur Andersen LLP&#146;s fees
for the review of the quarterly interim financial statements for fiscal 2002
were $25,500.
</FONT>
<!-- link2 "Audit-Related Fees" -->
<DIV align="left"><A NAME="028"></A></DIV>
<P align="left"><FONT size="2"><B>Audit-Related Fees</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton LLP&#146;s fees for audit-related services during fiscal 2003,
relating to a consent for the Company&#146;s Uniform Franchise Offering Circular and
consultations regarding the application of certain accounting principles
(including new accounting pronouncements) to the Company&#146;s financial
statements, were $19,340. Grant Thornton LLP did not render any audit-related
services to the Company during fiscal 2002. Arthur Andersen LLP&#146;s fees for
audit-related services during fiscal 2002, relating to consents for the
Company&#146;s Registration Statement on Form&nbsp;S-8 regarding the 1997 Incentive Plan
and for its Uniform Franchise Offering Circular and consultations regarding the
application of new accounting pronouncements to the Company&#146;s financial
statements, were $13,750.
</FONT>
<!-- link2 "Tax Fees" -->
<DIV align="left"><A NAME="029"></A></DIV>
<P align="left"><FONT size="2"><B>Tax Fees</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton LLP&#146;s fees for tax compliance, tax advice and tax planning
during fiscal 2003, relating to preparing and filing of the Company&#146;s federal,
state and local income tax returns for fiscal 2002 and computing quarterly
estimated payments, were $48,604. Grant Thornton LLP did not render any tax
services to the Company during fiscal 2002. Arthur Andersen LLP&#146;s fees for tax
compliance, tax advice and tax planning during fiscal 2002, relating to
preparing and filing of the Company&#146;s federal, state and local income tax
returns for fiscal 2001 and computing quarterly estimated payments, were
$88,225.
</FONT>
<P align="center"><FONT size="2">22</FONT>
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<!-- link2 "All Other Fees" -->
<DIV align="left"><A NAME="030"></A></DIV>
<P align="left"><FONT size="2"><B>All Other Fees</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Grant Thornton LLP&#146;s fees for other requested services during fiscal year
2003, consisting of reviewing the 2002 proxy statement, consultation regarding
internal audit planning, and due diligence activities regarding debt
refinancing, totaled $4,525.
</FONT>
<!-- link2 "Pre-Approval of Audit and Non-Audit Services" -->
<DIV align="left"><A NAME="031"></A></DIV>
<P align="left"><FONT size="2"><B>Pre-Approval of Audit and Non-Audit Services</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Audit Committee&#146;s Charter, the Audit Committee is charged with
recommending the proposed scope of the independent auditors&#146; work for each
fiscal year, including any proposed non-audit functions to be performed by such
auditors, and reviewing the audit plan and proposed engagement letter with the
independent auditors, as well as reviewing the audit, accounting and management
advisory fees for the prior fiscal year and the estimated fees for the current
fiscal year. The Audit Committee&#146;s policy is to expressly consider and approve
(or disapprove) in advance any proposed engagement of the Company&#146;s independent
auditors to render any services to the Company. The Audit Committee has not
adopted any policy or procedures under which the independent auditors may be
engaged to render services without any specific pre-approval by the Audit
Committee. All of the services to the Company by its independent auditors in
fiscal 2003 and fiscal 2002 were rendered in accordance with engagements that
the Audit Committee approved in advance, and there was no reliance on any de
minimis exception (under the SEC&#146;s rules) to the Audit Committee pre-approval
requirement.
</FONT>

<P align="center"><FONT size="2">23</FONT>



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<!-- link1 "PROPOSAL TO AMEND ACE CASH EXPRESS, INC. NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN" -->
<DIV align="left"><A NAME="032"></A></DIV>
<P align="center"><FONT size="2"><B>PROPOSAL TO AMEND ACE CASH EXPRESS, INC.<BR>
NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN</B>
</FONT>

<!-- link2 "Background" -->
<DIV align="left"><A NAME="033"></A></DIV>
<P align="left"><FONT size="2"><B>Background</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In March 1995 the Board of Directors of the Company (the &#147;Board&#148;) adopted,
and in November 1995 the shareholders of the Company approved, the Directors
Option Plan, under which nonqualified stock options (as defined in the Internal
Revenue Code of 1986, as amended (the &#147;Code&#148;)) may be granted to directors who
are not employees of the Company for the purchase of shares of Common Stock.
On August&nbsp;25, 2003, the Board adopted, subject to shareholder approval,
amendments to the Directors Option Plan to:
</FONT>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">permit the issuance of restricted stock, as well as the grant
of stock options, under the plan and, correspondingly, to change the
name or title of the plan to the &#147;Ace Cash Express, Inc.
Non-Employee Directors Stock Incentive Plan,&#148; and</FONT></TD>
</TR>
<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="top">
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&#149;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">convert the manner in which the number of options or shares
of restricted stock granted to a non-employee director is determined
from a formula-based grant to a grant within the discretion of the
Compensation Committee or the Board.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">The proposed amendments to the Directors Option Plan are attached as Exhibit&nbsp;A
to this Proxy Statement. At the Annual Meeting, the Company&#146;s shareholders
will be asked to approve those amendments.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board believes that adoption of the amendments would provide the
Compensation Committee, which administers the Directors Option Plan, a greater
ability to effect the purposes of the Directors Option Plan, which are to
provide non-employee directors with a proprietary interest in the Company, to
furnish an incentive to those directors to continue their service to the
Company and to attract able persons to serve on the Board.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendments will not increase the total number of shares of Common
Stock that are reserved for grant or issuance for compensatory purposes under
the Directors Option Plan.
</FONT>
<!-- link2 "Description of Current Terms of the Directors Option Plan" -->
<DIV align="left"><A NAME="034"></A></DIV>
<P align="left"><FONT size="2"><B>Description of Current Terms of the Directors Option Plan</B>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of the Directors Option Plan as now in effect
(i.e., before the proposed amendments) is only a summary; it does not purport
to be a complete or detailed description of all of the provisions of the
Directors Option Plan. The Company will furnish a copy of the Directors Option
Plan to any shareholder upon written request to the Secretary of the Company at
the Company&#146;s executive offices.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors Option Plan currently provides for the grant of (i)&nbsp;an
option to purchase 5,000 shares of Common Stock to each non-employee director
on December 1 of each year (&#147;Annual Option&#148;), and (ii)&nbsp;an option to purchase
11,250 shares of Common Stock to each non-employee director elected to the
Board of Directors who has not previously served as a director of the Company
on the date of his or her election to the Board of Directors (&#147;Initial
Option&#148;). Any non-employee director may elect not to receive an option grant
by giving written notice to the Company in the manner specified in the
Directors Option Plan.
</FONT>
<P align="center"><FONT size="2">24</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each Initial Option vests fully on the date of grant. Each Annual Option
vests in three equal annual installments, beginning on the first anniversary
of the date on which the option is granted. Options under the Directors Option
Plan may not be transferred other than by will or by the laws of descent and
distribution. If a non-employee director dies before the termination of his
option without having fully exercised the option, the option may be exercised,
to the extent the deceased non-employee director could have exercised it on the
date of his death, by his estate or the person who acquired the right to
exercise the option by bequest or inheritance, provided that the option is
exercised before the date of the option&#146;s expiration or six months from the
date of the non-employee director&#146;s death, whichever occurs first.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each option granted under the Directors Option Plan is evidenced by, and
subject to, a written stock option agreement between the Company and the option
holder. The term of an option granted under the Directors Option Plan may not
exceed five years from the date of grant of that option. The options granted
under the Directors Option Plan are generally for the maximum five-year period.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors Option Plan requires that the exercise price for each stock
option be equal to the closing price of a share of Common Stock on The Nasdaq
Stock Market on the date the option is granted. Full payment for shares
purchased upon exercise of an option must be made at the time of exercise. No
shares may be issued until full payment is made.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors Option Plan is administered by the Compensation Committee.
Unless sooner terminated by action of the Board, the Directors Option Plan will
terminate on March&nbsp;26, 2005. The Board or the Compensation Committee may amend
or discontinue the Directors Option Plan without the shareholders&#146; approval,
except that neither the Board nor the Compensation Committee has the power or
authority to materially increase the benefits accruing to participants under
the Directors Option Plan, to materially increase the number of shares that may
be issued under the Directors Option Plan or to materially modify the
requirements of eligibility for participation in the Directors Option Plan; and
the Directors Option Plan may not be amended more than once every six months.
The Board or the Compensation Committee, however, may make appropriate
adjustments in the number of shares the Directors Option Plan covers, in the
number of outstanding options, and in the option exercise prices to reflect any
stock dividend, stock split, share combination or other recapitalization and,
with respect to outstanding options and option prices, to reflect any merger,
consolidation, reorganization, liquidation or similar transaction involving the
Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;29, 2003, options to purchase a total of 196,000 shares of
Common Stock under the Directors Option Plan (excluding expired or terminated
options) had been granted, options to purchase a total of 69,750 shares had
been exercised, options to purchase a total of 126,250 shares were outstanding,
and a total of 64,000 shares were available for future option grants. As of
September&nbsp;29, 2003, the total market value of all shares of Common Stock
subject to outstanding options was $1,824,313 (based upon the closing price of
the Common Stock of $14.45 per share on The Nasdaq Stock Market on that date).
</FONT>
<!-- link2 "Tax Treatment of Stock Options" -->
<DIV align="left"><A NAME="035"></A></DIV>
<P align="left"><FONT size="2"><B>Tax Treatment of Stock Options</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All options permitted to be granted under the Directors Option Plan are
nonqualified stock options for United States federal income tax purposes. In
general, no taxable income will be recognized by the optionee, and no deduction
will be allowed to the Company, upon the grant of an option. Upon exercise of
a nonqualified option, an optionee will recognize ordinary income (and the
Company will be entitled to a
corresponding tax deduction if applicable withholding requirements are
satisfied) in an amount equal to the amount by which the fair market value of
the shares on the exercise date exceeds the
</FONT>
<P align="center"><FONT size="2">25</FONT>
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<P align="left"><FONT size="2">option exercise price. Any gain or
loss realized by an optionee on disposition of such shares generally is a
capital gain or loss and does not result in any tax deduction to the Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing statements are based upon present federal income tax laws
and regulations and are subject to change if the tax laws and regulations, or
interpretations thereof, are changed.
</FONT>
<!-- link2 "Proposed Amendments to the Directors Option Plan" -->
<DIV align="left"><A NAME="036"></A></DIV>
<P align="left"><FONT size="2"><B>Proposed Amendments to the Directors Option Plan</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Stock Grants</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendments to the Directors Option Plan would allow the Compensation
Committee to grant or issue to non-employee directors shares of Common Stock as
restricted stock. &#147;Restricted stock&#148; refers to shares granted or issued to a
non-employee director that are to be held by him or her subject to
&#147;restriction,&#148; which are circumstances under which the shares will be forfeited
and returned or surrendered to the Company (e.g., upon cessation of service as
a director of the Company). A non-employee director who holds shares that
constitute restricted stock will be the record holder of those shares and,
accordingly, will generally have the rights of a shareholder of the Company,
except that the director will not have the right to sell or otherwise transfer
any of those shares while they are subject to any restrictions.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each grant of restricted stock under the Directors Option Plan as amended
will be evidenced by, and subject to, a written restricted stock agreement
between the Company and the non-employee director receiving the grant (the
&#147;Grantee&#148;). The specific terms of any individual restricted stock agreement
may vary, but only to the extent permitted by the terms of the Directors Option
Plan as amended.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A requirement of the Directors Option Plan as amended will be that each
restricted stock agreement state the restrictions on the shares of Common
Stock, which would obligate the Grantee to forfeit and surrender the shares,
and the circumstances under which the restrictions will lapse. The
Compensation Committee may, in its sole discretion, provide (as stated in the
restricted stock agreement) that the restrictions on any specific shares will
continue until a particular time or times or until the attainment of one or
more performance targets established by the Compensation Committee or the
occurrence of other event or events determined by the Compensation Committee.
Though not required, it is typical for restrictions to serve as an incentive
for continued service as a director, so that they will not lapse unless the
Grantee continues to be a director at the end of a specified time period after
the grant. The restrictions as to any particular number of the shares subject
to a restricted stock agreement may lapse at different times (i.e., in
installments) or under different circumstances.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each restricted stock agreement will also state the amount and form of any
payment required to be made for shares of Common Stock that constitute the
restricted stock. The Directors Option Plan as amended will provide that a
Grantee will not be required to pay any amount to the Company for the shares of
Common Stock received by him or her, except as required in the restricted stock
agreement or by law. The Company anticipates that most, if not all, of the
restricted stock granted under the Directors Option Plan will be issued in
exchange for a payment from the Grantee of at least the par value per share of
Common Stock issued (i.e., $0.01 per share). In any event, the Company does
not anticipate the receipt of payment from Grantees equal to the fair market
value of shares of Common Stock issued under restricted stock agreements.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the applicable restrictions, each Grantee will have the right
to vote and to receive dividends with respect to shares of Common Stock that
constitute the restricted stock. The Grantee generally will not, however, be
entitled to receive or hold any stock certificate(s) representing the
</FONT>
<P align="center"><FONT size="2">26</FONT>
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<P align="left"><FONT size="2">restricted stock until the restrictions lapse; the stock certificate(s) will
generally remain in escrow until lapse. Accordingly, the Grantee may not
dispose or transfer any of the restricted stock until the restrictions lapse.
If a restriction event occurs before the lapse of the restrictions, the Grantee
will forfeit all of his or her rights in the shares of Common Stock then
subject to the restrictions. That forfeiture will be effected by the return or
surrender of the shares to the Company; if the Grantee paid for those shares
when issued to him or her, the Company will typically repay that amount for
those shares upon forfeiture. Shares of Common Stock returned or surrendered
to the Company under a restricted stock agreement will again be available for
grant (as stock options or restricted stock) under the Directors Option Plan as
amended.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee will generally have complete discretion to
fully vest, or cause the restrictions to lapse with respect to, all or any
number of the shares of Common Stock that constitute the restricted stock under
a restricted stock agreement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Discretionary Grants in Lieu of Formula Grants</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors Option Plan currently provides only for grants of awards in
accordance with the formula described above. The amendments to the Directors
Option Plan would allow discretionary grants of awards under the Directors
Option Plan as amended, instead of mandated formula grants. The Compensation
Committee would have the sole authority to grant, from time to time at its
discretion, options to purchase shares of Common Stock or shares of Common
Stock as restricted stock to the non-employee directors. The terms of any
discretionary option grants authorized by the Compensation Committee would be
subject to provisions as to exercise price, time and manner of exercise, term,
and payment that are set forth in a stock option agreement entered into with
the Grantee, not inconsistent with the Directors Option Plan as amended. The
terms of any discretionary grants of restricted stock would have the provisions
set forth in a restricted stock agreement entered into with the option holder,
not inconsistent with the Directors Option Plan as amended.
</FONT>
<!-- link2 "Federal Income Tax Consequences Regarding Restricted Stock" -->
<DIV align="left"><A NAME="037"></A></DIV>
<P align="left"><FONT size="2"><B>Federal Income Tax Consequences Regarding Restricted Stock</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A grant of restricted stock will not result in income to the Grantee or a
corresponding tax deduction for the Company until the shares are no longer
subject to restrictions, or forfeiture, unless the Grantee, if permitted by the
Company, elects under Section&nbsp;83(b) of the Code to have the amount of income to
the Grantee (and deduction to the Company) determined at the date of the grant.
At the time of lapse of restrictions (or a Section&nbsp;83(b) election), the
Grantee generally will recognize ordinary income equal to the fair market value
of the shares less any amount paid for them, and the Company will be entitled
to a tax deduction in the same amount. Any dividends paid on restricted stock
will be treated as compensation for federal income tax purposes, unless the
Grantee has made a Section&nbsp;83(b) election.
</FONT>
<!-- link2 "Accounting Treatment" -->
<DIV align="left"><A NAME="038"></A></DIV>
<P align="left"><FONT size="2"><B>Accounting Treatment</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with applicable accounting principles, the Company uses the
intrinsic-value method to determine how the grants of stock options under the
Directors Option Plan are reflected as compensation expense in the Company&#146;s
consolidated financial statements. Under the intrinsic-value
method, compensation expense is equal to the excess, if any, of the quoted
market price of the stock at the date of the grant over the amount the option
holder must pay to acquire the stock. Because the Company does not grant stock
options at an exercise price of less than the fair market value of the Common
Stock at the date of grant, the grant of stock options does not result in
compensation expense reflected in the Company&#146;s consolidated statements of
earnings.
</FONT>
<P align="center"><FONT size="2">27</FONT>
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<P align="left"><FONT size="2">Regarding the grant of shares of Common Stock as restricted stock under the
Directors Option Plan (if the shareholders approve the proposed amendment), the
Company will reflect as compensation expense in its consolidated financial
statements an amount equal to the quoted market price per share of the Common
Stock at the date of grant multiplied by the number of shares then granted as
restricted stock. The compensation expense will then be recognized over the
vesting period of the restricted stock.
</FONT>
<!-- link2 "Amended Plan Benefits to Certain Persons" -->
<DIV align="left"><A NAME="039"></A></DIV>
<P align="left"><FONT size="2"><B>Amended Plan Benefits to Certain Persons</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The grant of stock options and restricted stock by the Compensation
Committee under the Directors Option Plan as amended will be subjective and may
be dependent upon, among other things, a non-employee director&#146;s individual
performance. Accordingly, it is not now possible to determine either the
benefits or amounts that will be received by any person or group pursuant to
the Directors Option Plan as amended. The benefits that certain of the
Company&#146;s non-employee directors received during past years are disclosed
above.
</FONT>
<P align="center"><FONT size="2"><B>THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE<BR>
AMENDMENTS TO THE DIRECTORS OPTION PLAN.</B>
</FONT>

<P align="center"><FONT size="2">28</FONT>
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<!-- link1 "PROPOSAL TO AMEND ACE CASH EXPRESS, INC. 1997 STOCK INCENTIVE PLAN" -->
<DIV align="left"><A NAME="040"></A></DIV>
<P align="center"><FONT size="2"><B>PROPOSAL TO AMEND ACE CASH EXPRESS, INC. 1997 STOCK INCENTIVE PLAN</B>
</FONT>

<!-- link2 "Background" -->
<DIV align="left"><A NAME="041"></A></DIV>
<P align="left"><FONT size="2"><B>Background</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In August 1997 the Board adopted, and in November 1997 the shareholders of
the Company approved, the 1997 Incentive Plan, under which options to purchase
shares of Common Stock may be granted to key employees of the Company and its
subsidiaries. In August 2002 the Board adopted, and in November 2002 the
shareholders approved, amendments to the 1997 Incentive Plan to permit grants
of Common Stock as restricted stock to key employees of the Company and its
subsidiaries. On August&nbsp;25, 2003, the Board adopted, subject to shareholder
approval, an amendment to the 1997 Incentive Plan to increase the number of
shares of Common Stock that may be issued upon exercise of options or granted
as restricted stock under that plan from 1,715,000 shares to 2,115,000 shares.
The proposed increase will permit the Company to continue to provide an
incentive to key employees of the Company by aligning their interests directly
with those of the Company&#146;s shareholders. At the Annual Meeting, the Company&#146;s
shareholders will be asked to approve that amendment to the 1997 Incentive
Plan.
</FONT>
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<DIV align="left"><A NAME="042"></A></DIV>
<P align="left"><FONT size="2"><B>Description of Current Terms of the 1997 Incentive Plan</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following description of the 1997 Incentive Plan as now in effect
(i.e., before the proposed amendment) is only a summary; it does not purport to
be a complete or detailed description of all of the provisions of the 1997
Incentive Plan. The Company will furnish a copy of the 1997 Incentive Plan to
any shareholder upon written request to the Secretary of the Company at the
Company&#146;s executive offices.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1997 Incentive Plan permits the grant of options to purchase shares of
Common Stock and the grant of shares of Common Stock as restricted stock to key
employees (including officers) of the Company and its subsidiaries. The
eligible key employees are those employees whose performance and
responsibilities are determined by the Compensation Committee to be influential
to the success of the Company and its subsidiaries. Approximately 50 of the
Company&#146;s employees are currently eligible to participate in the 1997 Incentive
Plan.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Administration</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As administrator of the 1997 Incentive Plan, the Compensation Committee
has complete discretion, within the limits set forth in the 1997 Incentive
Plan, to determine the terms of the options and the restricted stock granted.
The Compensation Committee is constituted in a manner intended to comply with
the requirements of Rule&nbsp;16b-3 under the Exchange Act and Section&nbsp;162(m) of the
Code, in each case relating to the administration of employee benefit plans.
During fiscal 2003, members of the Compensation Committee received a fee for
each separate committee meeting attended, but no other compensation for their
services in administering the 1997 Incentive Plan.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Options</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each option granted under the 1997 Incentive Plan is evidenced by, and
subject to, a written stock option agreement between the Company and the option
holder. The specific terms of any individual option granted may vary, but only
to the extent permitted by the terms of the 1997 Incentive Plan.
</FONT>
<P align="center"><FONT size="2">29</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term of an option granted under the 1997 Incentive Plan may not exceed
ten years from the date of grant of that option. The options granted under the
1997 Incentive Plan are generally for the maximum ten-year period.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Full payment for shares purchased upon exercise of an option must be made
at the time of exercise, and no shares may be issued until full payment is
made. The exercise price of each option is payable in cash or by check or, if
the option agreement so provides, in shares of Common Stock at the fair market
value per share on the date of exercise.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Though the Compensation Committee has discretion to determine the terms of
the exercise of any option, options are generally exercisable in equal annual
installments over a four-year period. All installments that become exercisable
are generally cumulative and may be exercised at any time after they become
exercisable until the expiration of the term of the option. Incentive stock
options and, unless otherwise specified in the applicable option agreements,
nonqualified stock options may not be transferred other than by will or by the
laws of descent and distribution. If an optionee dies or becomes permanently
disabled before the termination of his option without having totally exercised
the option, the option may be exercised, to the extent that the optionee could
have exercised it on the date of his death or disability, by (1)&nbsp;in the case of
death, his estate or the person who acquired the right to exercise the option
by bequest or inheritance, or (2)&nbsp;in the case of disability, the optionee or
his personal representative, provided that the option is exercised before the
date of the expiration of the option or 180&nbsp;days after the date of the
optionee&#146;s death or disability, whichever occurs first.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both incentive stock options and nonqualified stock options may be granted
under the 1997 Incentive Plan. The 1997 Incentive Plan requires that the
exercise price of each incentive stock option be at least 100% of the fair
market value of the Common Stock at the time of the grant of the option. No
incentive stock option, however, may be granted under the 1997 Incentive Plan
to anyone who owns more than 10% of the outstanding Common Stock unless the
exercise price is at least 110% of the fair market value of the Common Stock at
the date of grant and the option is not exercisable for more than five years
after it is granted. There is no limit on the fair market value of incentive
stock options that may be granted to an employee in any calendar year, but no
employee may be granted incentive stock options that first become exercisable
during a calendar year for the purchase of stock with an aggregate fair market
value (determined as of the date of grant of each option) in excess of
$100,000. An option (or an installment thereof) counts against this annual
limitation only in the calendar year in which it first becomes exercisable.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Stock</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The 1997 Incentive Plan authorizes the Compensation Committee to grant or
issue to key employees shares of Common Stock as restricted stock. &#147;Restricted
stock&#148; refers to shares granted or issued to a key employee that are to be held
by him or her subject to &#147;restriction,&#148; which are circumstances under which the
shares will be forfeited and returned or surrendered to the Company (e.g., upon
cessation of employment with the Company). A key employee who holds shares
that constitute restricted stock will be the record holder of those shares and,
accordingly, will generally have the rights of a shareholder of the Company,
except that the employee will not have the right to sell or otherwise transfer
any of those shares while they are subject to any restrictions.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each grant of restricted stock under the 1997 Incentive Plan is evidenced
by, and subject to, a written restricted stock agreement between the Company
and the key employee receiving the grant (the
&#147;Grantee&#148;). The specific terms of any individual restricted stock
agreement may vary, but only to the extent permitted by the terms of the 1997
Incentive Plan.
</FONT>

<P align="center"><FONT size="2">30</FONT>




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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the 1997 Incentive Plan, each restricted stock agreement must
state the restrictions on the shares of Common Stock, which would obligate the
Grantee to forfeit and surrender the shares, and the circumstances under which
the restrictions will lapse. The Compensation Committee may, in its sole
discretion, provide (as stated in the restricted stock agreement) that the
restrictions on any specific shares will continue until a particular time or
times or until the attainment of one or more performance targets established by
the Compensation Committee or the occurrence of other event or events
determined by the Compensation Committee. Though not required, it is typical
for restrictions to serve as an incentive for continued employment, so that
they will not lapse unless the Grantee continues to be employed at the end of a
specified time period after the grant. The restrictions as to any particular
number of the shares subject to a restricted stock agreement may lapse at
different times (i.e., in installments) or under different circumstances.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each restricted stock agreement must also state the amount and form of any
payment required to be made for shares of Common Stock that constitute the
restricted stock. The 1997 Incentive Plan provides that a Grantee will not be
required to pay any amount to the Company for the shares of Common Stock
received by him or her, except as required in the restricted stock agreement or
by law. The restricted stock granted under the 1997 Incentive Plan typically
is and will be issued in exchange for a payment from the Grantee of at least
the par value per share of Common Stock issued (i.e., $0.01 per share). In any
event, the Company has not received, and does not anticipate the receipt of,
payment from Grantees equal to the fair market value of shares of Common Stock
issued under restricted stock agreements.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the applicable restrictions, each Grantee has the right to vote
and to receive dividends with respect to shares of Common Stock that constitute
the restricted stock. The Grantee generally is not, however, be entitled to
receive or hold any stock certificate(s) representing the restricted stock
until the restrictions lapse; the stock certificate(s) will generally remain in
escrow until lapse. Accordingly, the Grantee may not dispose or transfer any
of the restricted stock until the restrictions lapse. If a restriction event
occurs before the lapse of the restrictions, the Grantee will forfeit all of
his or her rights in the shares of Common Stock then subject to the
restrictions. That forfeiture will be effected by the return or surrender of
the shares to the Company; if the Grantee paid for those shares when issued to
him or her, the Company will typically repay that amount for those shares upon
forfeiture. Shares of Common Stock returned or surrendered to the Company
under a restricted stock agreement will again be available for grant (as stock
options or restricted stock) under the 1997 Incentive Plan.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee generally has complete discretion to fully
vest, or cause the restrictions to lapse with respect to, all or any number of
the shares of Common Stock that constitute the restricted stock under a
restricted stock agreement. The Compensation Committee will not, however, be
permitted to vest any restricted stock that has been designed to meet the
exception for performance-based compensation under Section&nbsp;162(m) of the Code
(as further described below).
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Expiration and Amendment</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unless the Board terminates it sooner, the 1997 Incentive Plan will
terminate on August&nbsp;4, 2007, and no options or restricted stock may be granted
under the 1997 Incentive Plan thereafter. The Board or the Compensation
Committee may amend, alter or discontinue the 1997 Incentive Plan without the
shareholders&#146; approval, except that the Board or the Compensation Committee
does not have the power or authority to materially increase the number of
shares that may be issued under the 1997 Incentive Plan or to materially modify
the requirements of eligibility for participation in the 1997 Incentive Plan. The
</FONT>
<P align="center"><FONT size="2">31</FONT>
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<P align="left"><FONT size="2">Board or the Compensation Committee, however, may make appropriate
adjustments in the number of shares the 1997 Incentive Plan covers, in the number of outstanding
options, and in the option exercise prices to reflect any stock dividend, stock
split, share combination or other recapitalization and, with respect to
outstanding options and option prices, to reflect any merger, consolidation,
reorganization, liquidation or similar transaction involving the Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Outstanding Grants</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of September&nbsp;29, 2003, options to purchase a total of 1,397,839 shares
of Common Stock under the 1997 Incentive Plan (excluding expired or terminated
options) had been granted, options to purchase a total of 65,551 shares had
been exercised, options to purchase a total of 1,332,288 shares were
outstanding, 137,500 shares of Common Stock had been granted as restricted
stock and are still outstanding subject to restrictions, and a total of 179,661
shares were available for future grants of options or restricted stock. As of
September&nbsp;29, 2003, the total market value of all shares of Common Stock
subject to outstanding options and constituting restricted stock was
$19,251,562 (based upon the closing price of the Common Stock of $14.45 per
share on The Nasdaq Stock Market on that date).
</FONT>
<!-- link2 "Tax Treatment of Stock Options and Restricted Stock" -->
<DIV align="left"><A NAME="043"></A></DIV>
<P align="left"><FONT size="2"><B>Tax Treatment of Stock Options and Restricted Stock</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Compensation Committee may provide for an option under the 1997
Incentive Plan to qualify either as an incentive stock option (&#147;ISO&#148;) or as a
nonqualified stock option for United States federal income tax purposes.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Incentive Stock Options</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All stock options that qualify under the rules of Section&nbsp;422 of the Code
will be entitled to ISO treatment. To receive ISO treatment, an optionee must
not dispose of the acquired stock within two years after the option is granted
or within one year after exercise. In addition, the optionee must have been an
employee of the Company for the entire time from the date of grant of the
option until three months (or one year if the employee is disabled) before the
date of the exercise. The requirement that the optionee be an employee and the
two-year and one-year holding periods are waived in the case of death of the
employee. If all such requirements are met, no tax will be imposed upon
exercise of the option, and any gain upon sale of the acquired stock will be
entitled to capital gain treatment. The employee&#146;s gain on exercise (the
excess of fair market value at the time of exercise over the exercise price) of
an ISO is a tax preference item and, accordingly, is included in the
computation of alternative minimum taxable income.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If an employee does not meet the two-year and one-year holding requirement
(a &#147;disqualifying disposition&#148;), but does meet all other requirements, tax will
be imposed at the time of sale of the acquired stock, but the employee&#146;s gain
on exercise will be treated as ordinary income, rather than capital gain, and
the Company will get a corresponding deduction, in each case at the time of
sale in an amount equal to the income that the employee would have recognized
on exercise of the option. Any remaining gain on sale will be short-term or
long-term capital gain, depending on the holding period of the stock. If the
amount realized on the disqualifying disposition is less than the value at the
date of exercise, the amount includible in gross income, and the amount
deductible by the Company, will equal the excess of the amount realized on the
sale or exchange over the exercise price.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An option agreement with the Company may permit payment for stock upon the
exercise of an ISO to be made with other shares of Common Stock. In such a
case, in general, if an employee uses stock acquired pursuant to the exercise
of an ISO to acquire other stock in connection with the exercise
</FONT>
<P align="center"><FONT size="2">32</FONT>
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<P align="left"><FONT size="2">of an ISO, it may result in ordinary income if the stock so used has not met the minimum
statutory holding period necessary for favorable tax treatment as an ISO.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Nonqualified Options</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, no taxable income will be recognized by the optionee, and no
deduction will be allowed to the Company, upon the grant of an option. Upon
exercise of a nonqualified option, an optionee will recognize ordinary income
(and the Company will be entitled to a corresponding tax deduction) in an
amount equal to the amount by which the fair market value of the shares on the
exercise date exceeds the option exercise price. Any gain or loss realized by
an optionee on disposition of such shares generally is a capital gain or loss
and does not result in any tax deduction to the Company.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Restricted Stock</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A grant of restricted stock does not result in income to the Grantee or a
corresponding tax deduction for the Company until the shares are no longer
subject to restrictions, or forfeiture, unless the Grantee, if permitted by the
Company, elects under Section&nbsp;83(b) of the Code to have the amount of income to
the Grantee (and deduction to the Company) determined at the date of the grant.
At the time of lapse of restrictions (or a Section&nbsp;83(b) election), the
Grantee generally will recognize ordinary income equal to the fair market value
of the shares less any amount paid for them, and the Company will be entitled
to a tax deduction in the same amount (subject to certain restrictions set
forth below under &#147;&#151;Section&nbsp;162(m) of the Code&#148;). Any dividends paid on
restricted stock will be treated as compensation for federal income tax
purposes, unless the Grantee has made a Section&nbsp;83(b) election.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Section&nbsp;162(m) of the Code</I>
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under Section&nbsp;162(m) of the Code, in order for grants to certain specified
persons (generally the Named Executive Officers, as defined above) under the
1997 Incentive Plan to be fully deductible by the Company if the total
compensation paid during a fiscal year to a Named Executive Officer exceeds $1
million, grants to such Named Executive Officer (other than stock options the
value of which is based solely upon the increase in the value of the stock
after the grant date) must be paid solely on account of attaining one or more
pre-established, objective performance goals. Generally, grants of options or
restricted stock under the 1997 Incentive Plan will vest according to the
optionee&#146;s or Grantee&#146;s length of employment rather than pre-established
performance goals. Therefore, grants made to a Named Executive Officer under
the 1997 Incentive Plan may not be deductible by the Company to the extent that
such Named Executive Officer&#146;s total compensation exceeds $1&nbsp;million.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing statements are based upon present federal income tax laws
and regulations and are subject to change if the tax laws and regulations, or
interpretations thereof, are changed.
</FONT>
<!-- link2 "Accounting Treatment" -->
<DIV align="left"><A NAME="044"></A></DIV>
<P align="left"><FONT size="2"><B>Accounting Treatment</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with applicable accounting principles, the Company uses the
intrinsic-value method to determine how the grants of stock options under the
1997 Incentive Plan are reflected as compensation expense in the Company&#146;s
consolidated financial statements. Under the intrinsic-value method,
compensation expense is equal to the excess, if any, of the quoted market price
of the stock at the date of the grant over the amount the option holder must
pay to acquire the stock. Because the Company does not grant stock options at
an exercise price of less than the fair market value of the Common Stock at the
date of grant, the grant of stock options does not result in compensation
expense reflected in the Company&#146;s consolidated statements of earnings.
</FONT>
<P align="center"><FONT size="2">33</FONT>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regarding grants of shares of Common Stock as restricted stock under the
1997 Incentive Plan, the Company reflects as compensation expense in its
consolidated financial statements an amount equal
to the quoted market price per share of the Common Stock at the date of grant
multiplied by the number of shares then granted as restricted stock. The
compensation expense is then recognized over the vesting period of the
restricted stock.
</FONT>
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<DIV align="left"><A NAME="045"></A></DIV>
<P align="left"><FONT size="2"><B>Amended Plan Benefits to Certain Persons</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The grant of stock options and restricted stock under the 1997 Incentive
Plan by the Compensation Committee is subjective and is dependent upon, among
other things, an employee&#146;s individual performance. It is not now possible to
determine either the benefits or amounts that will be received by any person or
group pursuant to the 1997 Incentive Plan as amended. The benefits that
certain of the Company&#146;s executive officers and groups received during past
years are disclosed under &#147;Executive Compensation&#148; in this Proxy Statement.
</FONT>
<P align="center"><FONT size="2"><B>THE BOARD OF DIRECTORS RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE AMENDMENT TO<BR>
THE 1997 INCENTIVE PLAN.</B>
</FONT>

<!-- link1 "EQUITY COMPENSATION PLAN INFORMATION" -->
<DIV align="left"><A NAME="046"></A></DIV>
<P align="center"><FONT size="2"><B>EQUITY COMPENSATION PLAN INFORMATION</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table presents information about shares of Common Stock that
may be issued under the Company&#146;s equity compensation plans in effect as of
June&nbsp;30, 2003. The equity compensation plans consisted of the 1997 Incentive
Plan and the Directors Option Plan. The numbers of shares and the exercise
prices presented in the table are subject to adjustment by the Board of
Directors or the Compensation Committee to reflect any stock dividend, stock
split, share combination, or other recapitalization of the Company. The
proposed amendments to the Directors Option Plan described above under
&#147;Proposal to Amend ACE Cash Express, Inc. Non-Employee Directors Stock Option
Plan&#148; will not affect any of the information presented in the table. If
approved by the shareholders at the Annual Meeting, the proposed amendment to
the 1997 Incentive Plan described above under &#147;Proposal to Amend ACE Cash
Express, Inc. 1997 Stock Incentive Plan&#148; will increase by 400,000 shares the
total number of shares that may be issued under grants of options or restricted
stock under the 1997 Incentive Plan.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="46%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>( a )</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>( b )</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>( c )</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3">&nbsp;</TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3">&nbsp;</TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of securities</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>remaining available for</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Number of securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Weighted average</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>future issuance under</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>to be issued upon</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>exercise price of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>equity compensation</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>exercise of</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>outstanding</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>plans (excluding</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>outstanding options,</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>options, warrants</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>securities reflected in</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Plan Category</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>warrants and rights</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>and rights</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>column (a))</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity compensation
plans approved by
shareholders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">1,456,466</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">11.53</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">406,999</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Equity compensation
plans not approved
by shareholders</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">None</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">None</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">None</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">34</FONT>
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<!-- link1 "SHAREHOLDER PROPOSALS FOR 2004 ANNUAL MEETING" -->
<DIV align="left"><A NAME="047"></A></DIV>
<P align="center"><FONT size="2"><B>SHAREHOLDER PROPOSALS FOR 2004 ANNUAL MEETING</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An eligible shareholder who wishes to include a proposal in the Company&#146;s
proxy statement for the 2004 Annual Meeting of Shareholders must submit it, in
accordance with the SEC&#146;s Rule&nbsp;14a-8, so that it is received by the Company&#146;s
Secretary, at the Company&#146;s executive offices, on or before June&nbsp;14, 2004.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A shareholder who wishes to make a proposal at the 2004 Annual Meeting of
Shareholders without including the proposal in the Company&#146;s proxy statement
must give written notice of that proposal to the Company&#146;s Secretary, at the
Company&#146;s executive offices, by September&nbsp;1, 2004. If a shareholder fails to
timely give that notice, then the persons named as proxies in the proxy cards
solicited by the Company&#146;s Board of Directors for that meeting will be entitled
to vote the proxy cards held by them regarding that proposal, if properly
raised at the meeting, in their discretion.
</FONT>
<!-- link1 "MISCELLANEOUS" -->
<DIV align="left"><A NAME="048"></A></DIV>
<P align="center"><FONT size="2"><B>MISCELLANEOUS</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information contained in this Proxy Statement relating to the
occupations, affiliations, and securities holdings of directors and executive
officers of the Company and their relationship and transactions with the
Company is based upon information received from the individual directors and
executive officers. All information relating to any beneficial owner of more
than 5% of the Common Stock is based upon information contained in reports
filed by such owner with the SEC.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The Company will furnish without charge a copy of its Annual Report on
Form&nbsp;10-K, including the financial statements and schedules thereto, for the
fiscal year ended June&nbsp;30, 2003 filed with the SEC pursuant to Section&nbsp;13 or
15(d) of the Exchange Act to any shareholder (including any beneficial owner)
upon written request to Investor Relations/Corporate Communications, 1231
Greenway Drive, Suite&nbsp;600, Irving, Texas 75038. A copy of the exhibits to such
report will be furnished to any shareholder upon written request therefor and
payment of a nominal fee.</B>
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="17%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="78%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By Order of the Board of Directors,</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Walter E. Evans</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<I>Secretary</I></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="left"><FONT size="2">Irving, Texas<BR>
October&nbsp;14, 2003
</FONT>


<P align="center"><FONT size="2">35</FONT>




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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="right"><FONT size="2">EXHIBIT A
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>AMENDMENT NO. 4<BR>
TO THE<BR>
ACE CASH EXPRESS, INC.<BR>
NON-EMPLOYEE DIRECTORS STOCK OPTION PLAN</B>
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ace Cash Express, Inc. (the &#147;Company&#148;) hereby amends the Ace Cash Express,
Inc. Non-Employee Directors Stock Option Plan (the &#147;Plan&#148;), effective as of the
<U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> day of <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 2003 (the &#147;Effective Date&#148;).
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Plan was adopted by the Board of Directors of the Company on
March&nbsp;27, 1995, and has been amended twice since that date; and
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company desires to amend the Plan further in certain respects
as set forth herein (i)&nbsp;to change the method of granting options from a formula
grant program to a discretionary grant program and (ii)&nbsp;to authorize restricted
stock grants under the Plan;
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, pursuant to the provisions of Section&nbsp;15 of the Plan, the
Company amends the Plan as follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;The title or name of the Plan is hereby amended to be the &#147;Ace Cash
Express, Inc. Non-Employee Directors Stock Incentive Plan.&#148; The definition of
&#147;Plan&#148; in Section 18(e) of the Plan is hereby amended to correspond to the
title or name of the Plan as so amended, and all references to the Plan in any
agreement or document shall be deemed to be to the title or name as so amended.
Options granted under the Plan before the Effective Date shall be subject to
the terms and conditions of the Plan in effect with respect to such options
before the Effective Date, except only as may be expressly required by the
terms and conditions of the Plan, as amended hereby; and options and Restricted
Stock Awards granted on and after the Effective Date shall be subject to the
terms and conditions of the Plan as amended as set forth herein, as it may be
amended further from time to time.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;Section&nbsp;1 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PURPOSE. The purpose of the Plan is to provide non-employee
directors with a proprietary interest in the Company through the granting
of options and Restricted Stock Awards which will
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;increase the interest of the non-employee directors in the
Company&#146;s welfare;
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;furnish an incentive to the non-employee directors to continue
their services for the Company; and
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;provide a means through which the Company may attract able
persons to serve on the Board.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">&nbsp;
</FONT>
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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;Section&nbsp;3 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. PARTICIPANTS. The Committee shall, from time to time, select the
particular non-employee directors of the Company to whom options and
Restricted Stock Awards are to be granted under the Plan and who will,
upon such grant, become participants in the Plan.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;Section&nbsp;4 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SHARES SUBJECT TO PLAN. The Committee may not grant options and
Restricted Stock Awards under the Plan in the aggregate for more than
260,000 shares of Common Stock of the Company, but this number may be
adjusted to reflect, if deemed appropriate by the Committee, any stock
dividend, stock split, share combination, recapitalization, or the like
of or by the Company. Shares to be optioned and sold or to be granted as
Restricted Stock Awards may be made available or granted from either
authorized but unissued Common Stock or Common Stock held by the Company
in its treasury. Shares that by reason of the expiration, forfeiture or
cancellation of an option or Restricted Stock Award or otherwise are no
longer subject to purchase pursuant to an option, or are no longer
outstanding as a Restricted Stock Award, granted under the Plan may be
re-offered under the Plan.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;Section&nbsp;5 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. ALLOTMENT OF SHARES. The Committee shall determine the number of
shares of Common Stock to be offered, sold or delivered from time to time
by grant of options and Restricted Stock Awards to particular
non-employee directors of the Company. The grant of an option or a
Restricted Stock Award to a non-employee director shall not be deemed to
entitle the non-employee director to, or to disqualify the non-employee
director from, participation in any other grant of options or Restricted
Stock Awards under the Plan.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;Section&nbsp;6 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. TERMS AND CONDITIONS OF OPTIONS. Subject to any other specific
provisions or limitations of the Plan, the Committee shall determine the
provisions, terms and conditions of each option including, but not
limited to, the vesting schedule, the number of shares of Common Stock
subject to the option, the period during which the option may be
exercised, forfeiture provisions, methods of payment, and all other terms
and conditions of the option. Each option granted under the Plan shall
be evidenced by a written option agreement in such form (which need not
be the same for each participant) as the Committee from time to time
approves, but which is not inconsistent with the Plan. The Company shall
execute stock option agreements upon instructions from the Committee.
The date of grant of an option will be the date on which the Committee
makes the determination to grant such option unless otherwise specified
by the Committee. The option agreement evidencing the option will be
delivered to the participant with a copy of the Plan and other relevant
option documents, within a reasonable time after the date of grant.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">2
</FONT>
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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;Section&nbsp;7 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. OPTION PRICE. The Committee shall determine the option price of
each option at the time a grant is made.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;Section&nbsp;8 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OPTION PERIOD. Options shall be exercisable within the time or
times or upon the event or events determined by the Committee and set
forth in the option agreement; provided, however, that no option shall be
exercisable later than the tenth anniversary of the grant date of the
option.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;The Plan is hereby amended by deleting the existing Section&nbsp;11 as a
separate section and adding a new Section&nbsp;11 to the Plan to read as follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. TERMS AND CONDITIONS OF RESTRICTED STOCK AWARDS. Each
Restricted Stock Agreement shall be in such form and shall contain such
terms and conditions as the Committee shall deem appropriate. The terms
and conditions of such Restricted Stock Agreements may change from time
to time, and the terms and conditions of separate Restricted Stock
Agreements need not be identical, but each such Restricted Stock
Agreement shall be subject to the terms and conditions of this Section
11.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Forfeiture Restrictions. Shares of Common Stock that are the
subject of a Restricted Stock Award shall be subject to restrictions on
disposition by the Grantee and to an obligation of the Grantee to forfeit
and surrender the shares to the Company under certain circumstances
(&#147;Forfeiture Restrictions&#148;). The Forfeiture Restrictions shall be
determined by the Committee in its sole discretion, and the Committee may
provide that the Forfeiture Restrictions shall lapse on the passage of
time, the attainment of one or more performance targets established by
the Committee, or the occurrence of such other event or events determined
to be appropriate by the Committee. The Forfeiture Restrictions
applicable to a particular Restricted Stock Award (which may differ from
any other such Restricted Stock Award) shall be stated in the Restricted
Stock Agreement.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Restricted Stock Awards. At the time any Restricted Stock Award
is granted under the Plan, the Company and the Grantee shall enter into a
Restricted Stock Agreement setting forth each of the matters addressed in
this Section&nbsp;11 and such other matters as the Committee may determine to
be appropriate. Shares of Common Stock granted pursuant to a Restricted
Stock Award shall be represented by a stock certificate registered in the
name of the Grantee of such Restricted Stock Award. The Grantee shall
have the right to receive dividends with respect to the shares of Common
Stock subject to a Restricted Stock Award, to vote the shares of Common
Stock subject thereto and to enjoy all other shareholder rights with
respect to the shares of Common Stock subject thereto, except that,
unless provided otherwise in the Restricted Stock Agreement, (i)&nbsp;the
Grantee shall not be entitled to delivery of the shares of Common Stock
or the certificate representing them until the Forfeiture Restrictions
have expired, (ii)&nbsp;the Company or an escrow agent shall retain custody of
the shares of Common Stock and the certificate
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">3
</FONT>
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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">representing them until the Forfeiture Restrictions have expired,
(iii)&nbsp;the Grantee may not sell, transfer, pledge, exchange, hypothecate
or otherwise dispose of the shares of Common Stock until the Forfeiture
Restrictions subject thereto have expired, and (iv)&nbsp;a breach of the terms
and conditions established by the Committee pursuant to the Restricted
Stock Agreement shall cause a forfeiture of the Restricted Stock Award.
At the time of any Restricted Stock Award, the Committee may, in its sole
discretion, prescribe additional terms, conditions or restrictions
relating to the Restricted Stock Award, including (without limitation)
rules pertaining to the termination of the Grantee&#146;s service as a
director of the Company (by retirement, disability, death or otherwise)
before expiration of the Forfeiture Restrictions. Such additional terms,
conditions or restrictions shall also be set forth in a Restricted Stock
Agreement made in connection with the Restricted Stock Award.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Rights and Obligations of Grantee. One or more stock
certificates representing shares of Common Stock, free of Forfeiture
Restrictions, shall be delivered to the Grantee promptly after, and only
after, the Forfeiture Restrictions with respect to such shares have
expired. Each Restricted Stock Agreement shall require that (i)&nbsp;the
Grantee, by his or her acceptance of the Restricted Stock Award, shall
irrevocably grant to the Company a power of attorney to transfer any
shares so forfeited to the Company and agrees to execute any documents
requested by the Company in connection with such forfeiture and transfer,
and (ii)&nbsp;such provisions regarding transfers of forfeited shares of
Common Stock shall be specifically performable by the Company in a court
of equity or law.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Restriction Period. The Restriction Period for a Restricted
Stock Award shall commence on the date of grant of the Restricted Stock
Award and, unless otherwise established by the Committee and stated in
the corresponding Restricted Stock Agreement, shall expire upon
satisfaction of the conditions set forth in the Restricted Stock
Agreement pursuant to which the Forfeiture Restrictions will lapse.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Securities Restrictions. The Committee may impose other
conditions on any shares of Common Stock subject to a Restricted Stock
Award as it may deem advisable, including, without limitation, (i)
restrictions under applicable state or federal securities laws, and (ii)
the requirements of any stock exchange or market quotation system upon
which shares of Common Stock are then listed or quoted.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Payment for Restricted Stock. The Committee shall determine the
amount and form of any payment required to be made for shares of Common
Stock subject to a Restricted Stock Award. In the absence of such a
determination, the Grantee shall not be required to make any payment for
shares of Common Stock subject to a Restricted Stock Award, except to the
extent otherwise required by law.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Forfeiture of Restricted Stock. Subject to the provisions of
the particular Restricted Stock Agreement, on termination of the
Grantee&#146;s service as a director of the Company during the Restriction
Period, the shares of Common Stock subject to the Restricted Stock Award
shall be forfeited by the Grantee. Upon any forfeiture, all rights of
the Grantee with respect to the forfeited shares of Common Stock subject
to the
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">4
</FONT>
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<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">Restricted Stock Award shall cease and terminate, without any
further obligation on the part of the Company, except that if so provided
in the Restricted Stock Agreement applicable to the Restricted Stock
Award, the Company shall repurchase each of the shares of Common Stock
forfeited for the purchase price per share paid by the Grantee. The
Committee will have discretion to determine whether the service as a
director by Grantee has terminated and the date on which such service
terminated.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Lapse of Forfeiture Restrictions in Certain Events; Committee&#146;s
Discretion. Notwithstanding the provisions of Section 11(g) or any other
provision in the Plan to the contrary, the Committee may, in its
discretion and as of a date determined by the Committee, fully vest any
or all Common Stock awarded to the Grantee pursuant to a Restricted Stock
Award, and upon such vesting, all Forfeiture Restrictions applicable to
such Restricted Stock Award shall lapse or terminate. Any action by the
Committee pursuant to this Section 11(h) may vary among individual
Grantees and may vary among the Restricted Stock Awards held by any
individual Grantee.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">10. Section&nbsp;12 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;CAPITAL ADJUSTMENTS AND REORGANIZATIONS. The number of shares
of Common Stock covered by each outstanding option and each outstanding
Restricted Stock Award granted under the Plan and the option or purchase
price may be adjusted to reflect, as deemed appropriate by the Committee,
any stock dividend, stock split, share combination, exchange of shares,
sale of all or substantially all outstanding capital stock,
recapitalization, merger, consolidation, separation, reorganization, sale
of all or substantially all assets, liquidation, or the like of or by the
Company.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a merger, consolidation, share exchange, sale of all
or substantially all outstanding capital stock, reorganization, sale of
all or substantially all assets, liquidation, recapitalization,
separation, or the like of or by the Company, (i)&nbsp;the Company (acting by
or through the Board or the Committee) may make such arrangements as it
deems advisable with respect to outstanding options granted under the
Plan, and those arrangements shall be binding upon each participant who
holds an outstanding option granted under the Plan, including (without
limitation) arrangements for the substitution of new options for any
options then outstanding (by conversion or otherwise), the assumption of
any such outstanding options, or the payment for any such outstanding
options, and (ii)&nbsp;unless the terms of the applicable Restricted Stock
Agreement otherwise provide, the Forfeiture Restrictions applicable to
each outstanding Restricted Stock Award shall lapse and shares of Common
Stock subject to such Restricted Stock Award shall be released from
escrow, if applicable, and delivered to the Grantee free of any
Forfeiture Restriction.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">11. Section&nbsp;16 of the Plan hereby is amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;EFFECT OF PLAN. Neither the adoption of the Plan nor any action
of the Committee shall be deemed to give any non-employee director any
rights other than as may be evidenced by the Plan, each stock option
agreement or each Restricted Stock Agreement, or any amendment thereto,
duly authorized by the Committee and executed
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<P align="center"><FONT size="2">5
</FONT>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">
</FONT>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">on behalf of the Company in accordance with the Plan, and then only
to the extent and on the terms and conditions expressly set forth herein
and therein.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;The second sentence of Section&nbsp;17 of the Plan hereby is amended to
read in its entirety as follows:
</FONT>
<P align="left"><FONT size="2">
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">No options or Restricted Stock Awards will be granted under the Plan
after that date, but options and Restricted Stock Awards granted before
that date will continue to be effective in accordance with their terms.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;Section&nbsp;18 of the Plan is hereby amended by modifying paragraph (b)&nbsp;to
read in its entirety as follows and by adding new paragraphs (f), (g), (h), and
(i), following paragraph (e), to read in their entirety as follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) &#147;Committee&#148; means the Compensation Committee of the Board or, if
determined by the Board in its sole discretion, the Board.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &#147;Grantee&#148; means a non-employee director to whom a Restricted
Stock Award has been granted under the Plan.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) &#147;Restriction Period&#148; means the period during which the Common
Stock under a Restricted Stock Award is nontransferable and subject to
Forfeiture Restrictions, as defined in Section 11(a) of the Plan, set
forth in the related Restricted Stock Agreement.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) &#147;Restricted Stock Agreement&#148; means the written agreement
evidencing the grant of a Restricted Stock Award executed by the Company
and the Grantee, including (without limitation) any amendments thereto.
Each Restricted Stock Agreement shall be subject to the terms and
conditions of the Plan.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) &#147;Restricted Stock Award&#148; means an award, granted under Section
11 of the Plan, of shares of Common Stock issued to the Grantee for such
consideration, if any, and subject to such restrictions on transfer,
rights of first refusal, repurchase provisions, forfeiture provisions and
other terms and conditions as are established by the Committee.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this Amendment No.&nbsp;4 to be
executed and effective as of the <U> &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U> day of <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 2003.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="center">
<DIV align="left"><FONT size="1">

</FONT></DIV>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">

<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
ACE CASH EXPRESS, INC.</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>

</TABLE>
<DIV align="left"><FONT size="1">

</FONT></DIV>
</DIV>



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


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

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="right"><FONT size="2">EXHIBIT B
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="center"><FONT size="2"><B>AMENDMENT NO. 5<BR>
TO THE<BR>
ACE CASH EXPRESS, INC.<BR>
1997 STOCK INCENTIVE PLAN</B>
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ace Cash Express, Inc. (the &#147;Company&#148;) hereby amends the Ace Cash Express,
Inc. 1997 Stock Incentive Plan (the &#147;Plan&#148;), effective as set forth herein.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Plan was adopted by the Board of Directors of the Company on
August&nbsp;4, 1997, and has been amended four times since then; and
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Company desires to amend the Plan further in certain respects
as set forth herein to authorize restricted stock grants under the Plan;
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, pursuant to the provisions of Section&nbsp;17 of the Plan, the
Company amends the Plan as follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>


<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;Section&nbsp;5 of the Plan is hereby amended to read in its entirety as
follows:
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left" style="margin-left:3%; margin-right:0%"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <B>SHARES SUBJECT TO PLAN</B>. The Board may not grant options and
Restricted Stock Awards under the Plan in the aggregate for more than
2,115,000 shares of Common Stock of the Company, including (without
limitation) to any key employee, but this number may be adjusted to
reflect, if deemed appropriate by the Committee, any stock dividend,
stock split, share combination, recapitalization, or the like of or by
the Company. Shares to be optioned and sold or to be granted as
Restricted Stock Awards may be made available or granted from either
authorized but unissued Common Stock or Common Stock held by the Company
in its treasury. Shares that by reason of the expiration, forfeiture or
cancellation of an option or Restricted Stock Award or otherwise are no
longer subject to purchase pursuant to an option, or are no longer
outstanding as a Restricted Stock Award, granted under the Plan may be
re-offered under the Plan.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>

<DIV align="left"><FONT size="1">

</FONT></DIV>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the Company has caused this Amendment No.&nbsp;5 to be
executed and effective as of the <U>&nbsp; &nbsp; &nbsp; &nbsp;</U> day of <U>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</U>, 2003.
</FONT>
<DIV align="left"><FONT size="1">

</FONT></DIV>



<DIV align="left"><FONT size="1">

</FONT></DIV>
<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">

<TR valign="bottom">
    <TD width="24%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="71%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
ACE CASH EXPRESS, INC.</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
    <TD align="center" nowrap valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;<BR>
</FONT><HR size="1" noshade></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left"><FONT size="1">

</FONT></DIV>



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


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

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="55%">&nbsp;</TD>
    <TD width="24%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" nowrap valign="top"><FONT size="2">
<B>Please Mark Here<BR>
for Address Change<BR>
or Comments<BR>
SEE REVERSE SIDE</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><FONT face="Wingdings">&#111;</FONT></FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="16%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2">1. Election of Directors</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">2.</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">The proposal
to amend the Non-Employee<BR>
Directors Stock Option Plan to permit the grant </FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
FOR<BR>
<FONT face="Wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
AGAINST<BR>
<FONT face="Wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
ABSTAIN<BR>
<FONT face="Wingdings">&#111;</FONT></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">

<B>FOR all seven<BR>
nominees listed below<BR>
(except as marked<BR>
to the contrary below)</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>WITHHOLD
AUTHORITY<BR>
to vote for all nominees
listed below</B>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">of restricted stock and to convert the manner in which
grants are made from a formula-based grant to a grant
within the discretion of the Compensation Committee.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<FONT face="Wingdings">&#111;</FONT>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><FONT face="Wingdings">&#111;</FONT></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
FOR
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
AGAINST
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
ABSTAIN</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">3.</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">The proposal to amend the 1997 Stock
Incentive Plan to increase the number of shares of
Common Stock that may be issued upon exercise of
options or granted as restricted stock under that plan
from 1,715,000 shares to 2,115,000 shares.
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<FONT face="Wingdings">&#111;</FONT>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<FONT face="Wingdings">&#111;</FONT>
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<FONT face="Wingdings">&#111;</FONT></FONT></TD>
</TR>

<TR valign="bottom">

<TD colspan="5" valign="top" align="left"><FONT size="2"><B>Nominees: </B>01 Raymond C. Hemmig. 02 Donald H. Neustadt,
03 Jay B. Shipowitz, 04 Marshall B. Payne, 05 Michael
S. Rawlings, 06 Edward W. Rose III, and 07 Charles
Daniel Yost</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><FONT size="2">(INSTRUCTION: To withhold authority to vote for any
individual nominee, write that nominee&#146;s name or
number on the space provided below.)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD nowrap align="right" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right" valign="top"><FONT size="2">4.</FONT></TD>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">In the discretion of the proxies, on any
other matter that may properly come before the meeting
or any adjournment thereof.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="37%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Date: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;, 2003</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Signature of Shareholder</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Printed Name of Shareholder</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Title, if applicable</FONT></TD>
</TR>

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

<TR valign="bottom">
    <TD valign="bottom"><FONT size="2"><B>PLEASE MARK, SIGN, DATE AND
RETURN YOUR PROXY PROMPTLY
IN THE ENCLOSED ENVELOPE. NO POSTAGE IS REQUIRED.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Please date this proxy and sign your name exactly as it
appears hereon. Where there is more than one owner,
each should sign. When signing as an attorney,
administrator, executor, guardian or trustee, please
add your title as such. If executed by a corporation, a
duly authorized officer should sign the proxy. <B>EACH
JOINT TENANT SHOULD SIGN.</B></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2" face="wingdings">&#169;</FONT> <FONT size="2"><B>FOLD AND DETACH HERE</B></FONT> <FONT size="2" face="wingdings"> &#169;</FONT>



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




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


<P align="center"><FONT size="2"><B>ACE CASH EXPRESS, INC.</B>
</FONT>

<DIV align="center"><FONT size="2"><B>PROXY FOR ANNUAL MEETING OF SHAREHOLDERS &#151; NOVEMBER 14, 2003</B>
</FONT></DIV>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I (i)&nbsp;acknowledge receipt of the Notice of Annual Meeting of Shareholders of
Ace Cash Express, Inc., a Texas corporation (the &#147;Company&#148;), to be held on
Friday, November&nbsp;14, 2003, at 10:00 a.m., Dallas time, at the Company&#146;s offices,
1231 Greenway Drive, Suite&nbsp;300, Irving, Texas 75038, and the Proxy Statement in
connection therewith, and (ii)&nbsp;appoint Raymond C. Hemmig and Donald H.
Neustadt, and each of them, my proxies, with full power of substitution, for
and in my name, place and stead, to vote upon and act with respect to all of
the shares of Common Stock of the Company standing in my name, or with respect
to which I am entitled to vote and act, at the meeting and at any adjournment
thereof, and I direct that this proxy be voted as indicated on the other side.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby revoke any proxy or proxies heretofore given to vote upon or act with
respect to such stock and hereby ratify and confirm all that the proxies, their
substitutes, or any of them, may lawfully do by virtue hereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS PROXY IS SOLICITED ON BEHALF OF THE COMPANY&#146;S BOARD OF DIRECTORS.</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS PROXY WILL BE VOTED AS INDICATED ON THE OTHER SIDE. UNLESS OTHERWISE
INDICATED, THIS PROXY WILL BE VOTED FOR ALL NOMINEES IN ITEM 1 AND FOR THE
PROPOSALS IN ITEM 2 AND ITEM 3. THIS PROXY WILL BE VOTED IN THE DISCRETION OF
THE PROXIES NAMED HEREIN (OR EITHER OF THEM) REGARDING ANY OTHER MATTER THAT
MAY PROPERLY COME BEFORE THE MEETING.</B>
</FONT>

<P align="center"><FONT size="2"><B>IMPORTANT: SIGN AND DATE ON OTHER SIDE</B>
</FONT>

<P align="center"><FONT size="2"><B>Address Change/Comments (Mark the corresponding box on the reverse side)</B>
</FONT>

<P align="center"><FONT size="2"><FONT face="Wingdings">&#169;</FONT> <B>FOLD AND DETACH HERE</B> <FONT face="Wingdings">&#169;</FONT>
</FONT>


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




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end

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</DOCUMENT>
</SUBMISSION>
