<SUBMISSION>
<ACCESSION-NUMBER>0001145443-06-003262
<TYPE>DEF 14A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20061201
<FILING-DATE>20061027
<DATE-OF-FILING-DATE-CHANGE>20061027
<EFFECTIVENESS-DATE>20061027
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>ACE COMM CORP
<CIK>0001017526
<ASSIGNED-SIC>7373
<IRS-NUMBER>521283030
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>DEF 14A
<ACT>34
<FILE-NUMBER>000-21059
<FILM-NUMBER>061168793
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>704 QUINCE ORCHARD RD
<CITY>GAITHERBURG
<STATE>MD
<ZIP>20878
<PHONE>3012589850
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>704 QUINCE ORCHARD ROAD
<CITY>GAITHERSBERG
<STATE>MD
<ZIP>20878
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>d20154.htm
<TEXT>
<HTML>
<BODY>
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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  </td>
  <td width="20%" valign="bottom" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <P STYLE="margin:0in 0in .0001pt;" ALIGN="CENTER"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB APPROVAL</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES
  AND EXCHANGE COMMISSION</font></b></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">OMB Number:  3235-00595</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><FONT FACE="Times New Roman"><FONT SIZE="2"><B>WASHINGTON,
D.C. 20549</B></FONT></FONT></p>
  </td>
  <td width="20%" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expires: February &nbsp;28, 2006</font></p>
  </td>
 </tr>
 <tr>
  <td width="20%" valign="top" style="padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p align="center" style="margin:0in 0in .0001pt 10.0pt;text-align:center;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="60%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt .7pt .7pt;width:60.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><FONT FACE="Times New Roman"><FONT SIZE="4"><B>SCHEDULE
14A</B></FONT></FONT></p>
  </td>
  <td width="20%" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt .7pt .7pt;width:20.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Estimated average burden
  hours per response......... 12.75 </font></p>
  </td>
 </tr>
</table>


<p align="center"><strong><font size="3" face="Times New Roman, Times, serif">Proxy
  Statement Pursuant to Section 14(a)<BR>of
  the Securities Exchange Act of 1934</font></strong></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>x</b></font></p></td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Filed
      by a Party other than the Registrant&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font size=3 face=WINGDINGS><b>o</b></font></p></font></td>
  </tr>
  <tr valign="top">
    <td colspan="2">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      the appropriate box:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="95%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Preliminary
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><FONT FACE="Times New Roman, Times, serif"><FONT SIZE="2"><B>Confidential,
for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></FONT></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Proxy Statement</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Definitive
      Additional Materials</font></td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td width="95%"><font size="2" face="Times New Roman, Times, serif">Soliciting
      Material Pursuant to &sect;240.14a-12</font></td>
  </tr>
</table>
<p>&nbsp;</p>
<div align="center"><FONT FACE="Arial, Helvetica, sans-serif"><FONT SIZE="5">ACE*COMM CORPORATION</FONT></FONT>
<HR SIZE="2" NOSHADE WIDTH="75%">
<font size="2" face="Times New Roman, Times, serif">(NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)</font></div>


<p><font size="2" face="Times New Roman, Times, serif">Payment of Filing Fee (Check
  the appropriate box):</font></p>

<TABLE WIDTH="100%" BORDER="0" CELLSPACING="0" CELLPADDING="0">
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>x</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">No fee
      required.</font></td>
  </tr>
  <tr valign="top">
    <TD WIDTH="5%">&nbsp;</td>
    <TD WIDTH="5%">&nbsp;</td>
    <TD WIDTH="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%"><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee computed
      on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Title
      of each class of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Aggregate
      number of securities to which transaction applies:</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%"><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td width="90%"><font size="2" face="Times New Roman, Times, serif">Per unit
      price or other underlying value of transaction computed pursuant to Exchange
      Act Rule 0-11 (set forth the amount on which the filing fee is calculated
      and state how it was determined):</font></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="90%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%"> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td width="5%">&nbsp;</td>
    <td width="5%">&nbsp;</td>
    <td width="70%">&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Proposed maximum aggregate
      value of transaction:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">5.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Total fee paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td> <hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Fee paid
      previously with preliminary materials.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td><font size="2" face="Times New Roman, Times, serif"><font size=3 face=WINGDINGS><b>o</b></font></td>
    <td colspan="2"><font size="2" face="Times New Roman, Times, serif">Check
      box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2)
      and identify the filing for which the offsetting fee was paid previously.
      Identify the previous filing by registration statement number, or the Form
      or Schedule and the date of its filing.</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">1.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Amount Previously
      Paid:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">2.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Form, Schedule or
      Registration Statement No.:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">3.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Filing Party:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td><font size="2" face="Times New Roman, Times, serif">4.</font></td>
    <td><font size="2" face="Times New Roman, Times, serif">Date Filed:</font></td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr valign="top">
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><hr size="2" noshade></td>
  </tr>
</table>
<p>&nbsp;</p>
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<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ACE*COMM CORPORATION</B><BR>704 Quince Orchard Road<BR> Gaithersburg, Maryland
20878</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>NOTICE OF ANNUAL MEETING OF
STOCKHOLDERS</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Annual Meeting of
Stockholders of ACE*COMM Corporation (the &#147;Company&#148;) will be held at ACE*COMM Corporation, 704 Quince Orchard Road, Gaithersburg, MD 20878,
on December 1, 2006, at 10:00 a.m. local time, for the following purposes:</FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To elect two Class I directors, to serve until the 2009 Annual
Stockholders&#146; Meeting, and until their successors are elected and qualify;</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To consider and act upon a proposal to ratify the appointment of
Grant Thornton LLP as the Company&#146;s independent auditors for the fiscal year ending June 30, 2007; and</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="TEXT-INDENT: 20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3.</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">To consider and act upon such other business as may properly
come before the meeting.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors has fixed
the close of business on October 11, 2006, as the record date for the purpose of determining stockholders entitled to notice of, and to vote at, the
meeting.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All stockholders are cordially
invited to attend the meeting in person. TO ENSURE YOUR REPRESENTATION AT THE MEETING, PLEASE COMPLETE AND PROMPTLY MAIL YOUR PROXY IN THE RETURN
ENVELOPE PROVIDED. This will not prevent you from voting in person, should you so desire, but will help to secure a quorum and will avoid added
solicitation costs.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 50%" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">By Order of the Board of
Directors</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 50%" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Loretta L. Rivers<BR> Corporate
Secretary</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">October 27, 2006<BR> Gaithersburg,
Maryland</FONT></DIV></P>
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<P ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ACE*COMM CORPORATION</B><BR>704 Quince Orchard Road<BR> Gaithersburg, Maryland
20878</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>PROXY STATEMENT</B></FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Annual Meeting of Stockholders<BR> December 1,
2006</B></FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SOLICITATION OF PROXIES</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The enclosed proxy is solicited
by the Board of Directors of ACE*COMM Corporation (the &#147;Company&#148;) for use at the Annual Meeting of Stockholders of the Company to be held on
December 1, 2006 and at any and all adjournments or postponements thereof. It is anticipated that such proxy, together with this Proxy Statement, will
be first transmitted to the Company&#146;s stockholders on or about October 27, 2006. All shares represented by each properly executed, unrevoked proxy
received in time for the meeting will be voted. Any proxy given may be revoked at any time prior to its exercise by filing with the Secretary of the
Company an instrument revoking it or a duly executed proxy bearing a later date, or by attending the meeting and voting in person.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In addition to use of the mails,
proxies may be solicited, in person and by telephone, by regular employees of the Company, who will not receive any additional compensation for such
solicitation. Any cost of solicitation of proxies will be borne by the Company.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>EQUITY SECURITIES AND CERTAIN HOLDERS
THEREOF</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Stockholders of record at the
close of business on October 11, 2006, are entitled to vote at the meeting (the &#147;Record Date&#148;). As of the Record Date, the Company had
outstanding 18,664,154 shares of ACE*COMM Corporation Common Stock. Stockholders of shares are entitled to one vote for each share held and will vote
as a single class on each matter to be considered at the meeting. The presence in person or by proxy of the stockholders entitled to cast a majority of
the votes at the meeting is required to constitute a quorum for the transaction of business.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth
certain information with respect to the beneficial ownership of Common Stock for (i) each of the Company&#146;s directors and nominees, each of the
Company&#146;s executive officers named in the Summary Compensation Table below (see &#147;Executive Compensation and Other Information&#148;), and all
directors, nominees and executive officers of the Company as a group, and (ii) each person known by the Company to own more than 5% of the
Company&#146;s Common Stock as of October 11, 2006, based solely on the contents of Schedules 13D and 13G filed with the Securities and Exchange
Commission as of such date, except as otherwise specifically noted.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#147;Beneficial ownership&#148;
is determined in accordance with Rule 13d-3(d)(1) of the Securities Exchange Act of 1934 and includes as to each officer and director of the Company
any options to purchase shares of Company Common Stock which are exercisable within 60 days of October 11, 2006. Except as indicated in the footnotes
to this table, the Company believes that the persons and entities named in the table have sole voting and investment power with respect to all shares
of Common Stock shown beneficially owned by them, subject to community property laws where applicable.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1<BR></FONT></DIV></P>

<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">

    <TH nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name
      and Address<SUP style="font-size: 85%;
vertical-align: text-top">(1)</SUP>
<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="LEFT"  WIDTH="104.5ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Amounts and Nature of<BR> Ownership
      <HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Percent of Outstanding<BR> Shares
      <HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
</TR>
<TR VALIGN="TOP">

    <TD WIDTH="100%" ALIGN="LEFT">
      <DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Directors,
        Nominees and Named<BR>
         Executive Officers</B></FONT></DIV></TD>

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

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

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

<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">George T.
Jimenez</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,023,108</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(2)</SUP>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10.76</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">%&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Paul G. Casner,
Jr.</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,667</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(3)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Harry M.
Linowes</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">27,667</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(4)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Gilbert A.
Wetzel</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">82,667</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(5)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">J. William
Grimes</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">29,225</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(6)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Matthew J.
Stover</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16,572</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(7)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Steven R.
Delmar</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">141,977</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(8)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Christopher C.
Couch</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">91,451</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(9)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>All
Directors, Nominees and Executive<BR> Officers as a group (8 persons)</B></FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2,454,334</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(10)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12.84</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Other 5%
Stockholders</B></FONT></DIV></TD>

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

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

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

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

<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD>
<TD>&nbsp;&nbsp;&nbsp;</TD></TR>
<TR VALIGN="TOP">

    <TD ALIGN="LEFT">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Oberweis Asset
Management, Inc.<BR> 3333 Warrenville Road<BR> Suite 500<BR> Lisle, IL 60532</FONT></DIV></TD>

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

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

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">985,829</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(11)</SUP>&nbsp;&nbsp;</FONT></TD>

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


    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5.28</FONT></TD>

    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">*&nbsp;&nbsp;Less than one percent of stock
outstanding.</FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Unless otherwise indicated, the address is c/o ACE*COMM
Corporation, 704 Quince Orchard Road, Gaithersburg, Maryland 20878 and the designated owner has voting and investment power with respect to the
shares.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 133,224 shares issuable upon the exercise of options.
Does not include 950 shares held by his mother-in-law, as to which his wife has voting and investment power and as to which Mr. Jimenez disclaims
beneficial ownership.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 21,667 shares issuable upon the exercise of
options.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(4)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 20,667 shares issuable upon the exercise of options.
Does not include 100 shares held by his wife in a retirement account, as to which his wife has sole voting and investment power and as to which Mr.
Linowes disclaims beneficial ownership.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 15,667 shares issuable upon the exercise of
options.</FONT></TD>
</TR>
</TABLE>
<BR>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2<BR></FONT></DIV></P>

<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<!-- agabop mode="main" last-style="textf" -->

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(6)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 29,038 shares issuable upon the exercise of options.
Includes only shares held individually. Does not include 904,295 shares held by BG Media Investors L.P. (&#147;BG LP&#148;). Mr. Grimes (along with Mr.
John Backe and Mr. Ted Carroll) is a General Partner of BG Media Investors, LLC (&#147;BG LLC&#148;), the General Partner of BG LP. Messrs. Grimes,
Backe and Carroll disclaim beneficial ownership of the shares held by BG LP other than to the extent of its or his individual partnership interest. The
Members of BG LLC, as the General Partner of BG LP, exercise shared voting and dispositive power with respect to the 904,295 shares held by BG LP.
Excludes 37,572 shares and 112 shares held individually by Messrs. Backe and Carroll, respectively.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(7)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 16,441 shares issuable upon the exercise of
options.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 136,977 shares issuable upon the exercise of
options.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(9)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 83,334 shares issuable upon the exercise of options.
Also includes 8,117 shares acquired under the Company&#146;s employee stock purchase plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(10)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 457,015 shares issuable upon the exercise of options.
Includes only shares held individually or through trusts.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(11)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes 231,696 shares owned by Oberweis Funds (the
&#147;Fund&#148;), which has delegated voting and dispositive power to Oberweis Asset Management (OAM) and are considered to be shares beneficially
owned by OAM by reason of such delegated powers. In addition to the shares beneficially owned by the Fund, other clients of OAM may own shares which
are not included herein because OAM does not share voting or investment power for those shares. Various of OAM&#146;s shareholders and employees are
also officers and trustees of the Fund, but OAM does not consider the Fund to be controlled by such persons.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ELECTION OF DIRECTORS</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors has
nominated Harry M. Linowes and Gilbert A. Wetzel for election as Class I directors.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The directors are divided into
three classes, denominated as Class I, Class II, and Class III. Current terms expire as follows: Class I expires at the Annual Meeting; Class II
expires at the 2007 annual meeting; and Class III expires at the 2008 annual meeting of stockholders. At each annual meeting, directors elected to
succeed those directors whose terms expire shall be elected for a term to expire at the third succeeding annual meeting of stockholders after their
election. Directors otherwise elected by the stockholders are elected for a term expiring upon expiration of the term of the Class to which he was
elected. The directors are divided into classes as follows: Class I: Gilbert A. Wetzel and Harry M. Linowes; Class II: Paul G. Casner, Jr. and Matthew
J. Stover; Class III: George T. Jimenez and J. William Grimes. At the Annual Meeting, Messrs. Linowes and Wetzel will be subject to election for a
three-year term. There are no family relationships among any of the Company&#146;s directors and executive officers.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Shares represented by the
enclosed proxy are intended to be voted at the Annual Meeting of Stockholders to be held on December 1, 2006, unless authority is withheld, for the
election of Harry M. Linowes and Gilbert A. Wetzel as Class I directors. Messrs. Linowes and Wetzel each has consented to the nomination and has
informed the Company that he will be available to serve as a director. If any nominee should not be available for election, the persons named as
proxies may vote for other persons in their discretion.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>The Board of Directors recommends a vote <U>FOR</U> the
nominees for director.</B></FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3<BR></FONT></DIV></P>

<HR NOSHADE SIZE="5">
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<PAGE>
<BR>
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<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
     <TH WIDTH="20%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name of<BR> Director<BR> or Nominee<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="148.5ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Age<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="16.5pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Director<BR> Since<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="77pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Class of<BR> Director<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="93.5pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Recent Business Experience<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="143pt"></FONT></TH>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">George T.
Jimenez</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">70</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1983</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="CENTER" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">III</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Chief Executive Officer of the Company since 1996, President from October 2006 to present and Treasurer from 1983 to present. Formerly,
President from 1983 to September 1999 and July 2001 to June 2005. Mr. Jimenez has been Chairman of the Board of Directors since 1983.</FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Paul G. Casner,
Jr.</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">68</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1983</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="CENTER" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">II</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Business management consultant. Prior to retirement in April 2005, was Executive Vice President and Chief Operating Officer of DRS
Technologies, Inc., a defense electronics corporation starting in June 2000. Executive Vice President, Operations, DRS, from December 1998 to May 2000;
President of DRS Electronic Systems Group, a division of DRS Technologies, from 1994 to 1998; and Chairman and Chief Executive Officer of Technology
Applications &amp; Service Company from March 1991 to September 1993.</FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Gilbert A.
Wetzel</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">74</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1992</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="CENTER" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">I</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President, Mayer Leadership Group (formerly Mayer &amp; Associates), a human resources consulting firm, since 2004 and Managing
Director from 1999 to 2004. Executive Vice President, Right Management Consultants, from 1994 to 1999; retired Chairman and Chief Executive Officer of
Bell of Pennsylvania and Diamond State Telephone and founder and retired Chief Executive Officer of Geographic Business Publishers,
Inc.</FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Harry M.
Linowes</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">78</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1999</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="CENTER" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">I</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Business management consultant. Currently an associate of Business Mediation Associates. Senior Partner (1992 to retirement in 1996) and a
Managing Partner (1986 to 1992) of BDO Seidman, Accountants and Consultants.</FONT></DIV></TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">J. William
Grimes</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">65</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="CENTER" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">III</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">General Partner, BG Media Investors LLC, a private equity capital firm specializing in investments in media and telecommunications companies,
since 1996. President and Interim Chief Executive Officer of i3 Mobile, Inc. from March 2003 to December 2003. Chief Executive Officer, Zenith Media,
from 1994 to 1996; President and CEO of Multimedia, Inc. from 1991 to 1993, and President and CEO of Univision Holdings, Inc. from 1988 to
1991.</FONT></DIV></TD>
<!-- table_boopfix mode="ep" -->
</TR>
</TABLE>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4<BR></FONT></DIV></P>

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<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0"><TR VALIGN="BOTTOM">
     <TH WIDTH="20%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name of<BR> Director<BR> or Nominee<HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="148.5ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Age<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="16.5pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Director<BR> Since<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="77pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Class of<BR> Director<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="93.5pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
     <TH COLSPAN="3" WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Recent Business Experience<HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="143pt"></FONT></TH></TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="20%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Matthew J.
Stover</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">51</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>

    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="CENTER" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">II</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD ALIGN="LEFT" WIDTH="100%" COLSPAN="3"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px">
        <div align="justify"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Chairman and CEO of ypOne Publishing, an independent publisher of local
          yellow pages shopping directories in the United States and Canada, since
          November 2005. Chairman, LKM Ventures, LLC, an investment and advisory
          firm, since January 2000. President and then Chief Executive Officer,
          edu.com, Inc., a marketing services company, from May 2000 to June 2001.
          Group President of Bell Atlantic Directory Services, and its predecessor,
          NYNEX Information Services Group, from January 1994 to December 1999.</FONT></div>
      </DIV></TD>
</TABLE>
&nbsp;<BR>


<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Information as to the
directors&#146; or nominees&#146; beneficial ownership of Common Stock is set forth above, under &#147;Equity Securities and Certain Holders
Thereof.&#148;</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors has an
Audit Committee, a Compensation Committee and a Nominating Committee. The Audit Committee monitors the integrity of the financial statements and the
independence and performance of the Company&#146;s independent auditors, provides oversight to the Company&#146;s financial reporting process, receives
and reviews reports from time to time from the Company&#146;s independent auditors, and recommends the engagement of auditors. The current members of
the Audit Committee are Messrs. Casner, Linowes, Wetzel, Grimes and Stover, with Mr. Linowes serving as Chairman. Each member of the Audit Committee is
&#147;independent,&#148; as defined in Rule 4200(a)(15) of the NASD listing standards. The Audit Committee met five times during fiscal year 2006. The
Board has determined that Harry M. Linowes is an audit committee financial expert, as that term is defined under the SEC rules.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Compensation Committee
reviews the compensation of executives of the Company, makes recommendations to the Board of Directors with respect to standards for setting
compensation levels, and administers the Company&#146;s Amended and Restated Omnibus Stock Plan (the &#147;Stock Plan&#148;). The current members of
the Compensation Committee are Messrs. Casner, Linowes, Wetzel, Grimes and Stover, none of whom is employed by the Company, with Mr. Casner serving as
Chairman. The Compensation Committee met five times during fiscal year 2006.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Nominating Committee
identifies qualified director candidates, recommends to the Board candidates for election or re-election, and from time to time reviews the committee
structure and makeup of the Board. The current members of the Nominating Committee are Messrs. Casner, Linowes, Wetzel, Grimes and Stover, all
independent Directors of the Company (as independence is defined in the NASD listing standards), with Mr. Wetzel serving as Chairman. The Nominating
Committee met one time during fiscal year 2006. The Nominating Committee operates under a written charter, adopted by the Board of Directors, a copy of
which is available without charge upon written request made to the Secretary of the Company at its principal executive offices. The Charter is also
posted on the Company&#146;s website under &#147;Investors-Corporate Governance&#148; at <U>www.acecomm.com</U>.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Nominating Committee
considers candidates for director nominees proposed by directors, the Chief Executive Officer, and shareholders. The Nominating Committee may also
retain recruiting professionals to identify and evaluate candidates for director nominees. The Nominating Committee will also consider timely written
suggestions from shareholders and will consider such candidates in the same manner in which the Committee evaluates candidates recommended by other
sources. Shareholders wishing to suggest a candidate for director nomination for the 2007 annual meeting should mail their suggestions to ACE*COMM
Corporation, 704 Quince Orchard Road, Gaithersburg, Maryland 20878, Attn: Secretary. Suggestions must be received by the Secretary of the Company no
later than July 1, 2007.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">5<BR></FONT></DIV></P>

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<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In selecting director nominees,
the Committee strives for a mix of experience and diversity, and those who will be most effective, in conjunction with the other nominees to the Board,
in collectively serving the long-term interests of the Company and its stockholders. The Committee assesses each nominee&#146;s independence, character
and qualifications, as well as their skills, knowledge, perspective, business judgment, leadership, industry-specific knowledge, business creativity
and vision. In addition, the Committee considers the prospective nominee&#146;s standards of personal and professional integrity.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Committee also considers such
other relevant factors as it deems appropriate. Potential candidates are screened and interviewed by the Nominating Committee, and all members of the
Board interview the final candidates. After completing the evaluation process, the Committee makes a recommendation to the full Board as to the person
who should be nominated by the Board, and the Board determines the nominees after considering the recommendations of the Committee.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">During fiscal year 2006, the
Board of Directors held seven meetings. Each director attended at least 75% of the Board meetings and the meetings for the committees on which they
serve, with the exception of Mr. Stover, who attended 60% of the Audit Committee and Compensation Committee meetings, and Mr. Grimes, who was unable to
attend the Nominating Committee meeting. All of the directors attended the 2005 Annual Meeting except Mr. Jimenez, who was not able to attend because
of recent surgery.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Outside directors receive $12,000
each per fiscal year ($16,000 in the case of the Chairman of the Audit Committee), payable in quarterly installments, and are reimbursed for their
travel expenses in attending Board and Committee meetings. In addition, upon his election or appointment to serve, each outside director receives an
option to purchase 3,000 shares (4,000 shares in the case of the Chairman of the Audit Committee) of the Company&#146;s Common Stock for each year such
director is elected or appointed to serve, at an exercise price equal to the fair market value on the date of grant, pursuant to the Amended 2000 Stock
Option Plan for Directors (the &#147;Plan&#148;). The Plan also permits discretionary grants to outside directors from time to time. Each option
granted under the Plan becomes exercisable in installments of one-third of the option shares on each anniversary of the date of grant, provided that
the option holder still serves as a director on such date or, if he ceases to be a director (other than by reason of termination for cause) within 45
days prior to such date, he has served as a director for at least 12 consecutive months as of such date. All options granted under the Plan expire upon
the earlier of five years from the date of grant, the expiration of six months following death, resignation or removal other than for cause, and,
immediately, upon removal of a director for cause. If elected to serve as Directors, Messrs. Linowes (serving as Chairman of the Audit Committee) and
Wetzel, on the date of the Annual Meeting, would be granted options to purchase 12,000 and 9,000 shares of Common Stock, respectively.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">6<BR></FONT></DIV></P>

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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>EXECUTIVE COMPENSATION AND OTHER
INFORMATION</B></FONT></DIV></P>

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Compensation Committee Report</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company&#146;s officer
compensation policy is to offer a package that includes a competitive salary, an incentive bonus based upon achievement of the Company&#146;s financial
objectives and of individual performance goals, and competitive benefits. The Company also encourages broad-based employee ownership of Company stock
through a stock option program in which key employees are eligible to participate. In addition, all employees (excluding those possessing 5% or more
total voting power or value of all classes of stock of the Company) are eligible to purchase stock through payroll deductions under the Company&#146;s
Qualified Employee Purchase Plan. The Company&#146;s compensation policy for officers is similar to that for other employees, and is designed to
promote continued performance and attainment of corporate and personal goals.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Compensation Committee of the
Board of Directors (comprised entirely of non-employee directors) reviews and approves individual officer salaries, bonus plan financial performance
goals, bonus plan allocations, and equity compensation. The Committee also reviews guidelines for salaries, bonus, and equity compensation for all
employees. The Compensation Committee has established the following compensation guidelines: (i) to enable the Company to attract highly qualified
executives and management talent from within the telecommunications and other related industries, (ii) to retain top performers and ensure future
management continuity, (iii) to reward achievement of the Company&#146;s strategic goals and financial targets, and (iv) to provide compensation that
is consistent with marketplace competitiveness for companies of similar size, Company and individual performance, and stockholder
returns.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Officers of the Company are paid
salaries in line with their responsibilities and experience. These salaries are structured to be within the range of salaries paid by competitors of
similar size in the telecommunications and other relevant industries. Salaries for executive officers are set by the Committee, at the time of
employment, or election, as an executive officer. The Committee evaluates future adjustments to those salaries, on an annual basis, in a manner
consistent with the objectives outlined above. Competitors selected for salary comparison purposes may differ from the companies included in the
comparative performance indexes in the Performance Graph below.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based upon the economic
conditions confronting the telecommunications industry in the last several years, and the Company&#146;s financial performance during this time, and
upon the recommendation of management, the Committee departed from its normal practice of considering annual compensation increases for executive
officers. In addition, starting in fiscal year 2002 and continuing until December 2003, executive officers elected to take a voluntary salary reduction
of 10%. In December 2003, salaries were restored to pre-reduction levels.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In fiscal year 2006, the
Committee elected to evaluate possible compensation increases for executive officers and, for the first time since fiscal year 2000, the Committee
approved an increase in base salary for certain of the executive officers. Based on the Company&#146;s financial performance, each executive&#146;s
individual performance and level of expertise, and compensation paid to executive officers with similar duties in companies of comparable size in the
industry, the Committee granted to Messrs. Couch and Delmar, in fiscal year 2006, annual salary increases of 10% and 8.6%,
respectively.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Officers also typically
participate in an executive bonus plan, with cash awards based on achievement of various corporate financial performance goals. In fiscal year 2004,
the Committee did not institute a corporate bonus plan for executive officers. In fiscal year 2005, the Committee again elected to suspend the
corporate bonus plan for executive officers.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">7<BR></FONT></DIV></P>

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<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In fiscal year 2006, the
Committee adopted an incentive compensation plan based on achievement of pre-determined corporate financial performance objectives for fiscal year
2006. Under the plan, executive officers were eligible for cash bonuses of up to 40% of base salary, based on the degree to which pre-determined
revenue, operating income and sales bookings goals were met. Because the Company did not meet the pre-determined goals set for fiscal year 2006, the
officers did not receive any cash bonus for that period.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Grants of equity compensation for
executive officers, in the form of stock options or grants of restricted stock, are designed to promote success by aligning the officers&#146;
long-term financial incentives with stockholder value and the financial performance of the Company. Grants of stock options and shares of restricted
stock are based on various subjective factors primarily relating to the responsibilities of the individual officers, and also to their expected future
contributions and prior option grants or grants of restricted stock.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In December 2003, the Committee
granted a one-time discretionary stock option to certain executive officers, in recognition of their performance in relation to the i3 Mobile
acquisition. The options vest over a three-year period. In fiscal year 2005, Mr. Couch was granted a stock option in connection with his employment
which also vests over a three-year period.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In fiscal year 2006, Mr. Bennett
received two grants of equity compensation, in connection with his hiring. The Committee, taking into account evolving compensation practices at other
public corporations, elected to approve such grants in the form of restricted stock. Mr. Bennett received a grant of fifty thousand restricted shares,
which vest over four years. Mr. Bennett also received a grant of 16,667 shares of restricted stock, the vesting of which was tied to certain
pre-determined financial performance goals of the Company in fiscal year 2006. Based on the Company&#146;s results for fiscal year 2006, the restricted
shares tied to performance goals did not vest and were forfeited. No other executive officers received grants of equity compensation in fiscal year
2006. In October 2006, subsequent to fiscal year end, Mr. Bennett ceased to be an employee and executive officer of the Company. According to the terms
of his restricted stock agreement, any restricted stock not vested as of his termination date was forfeited by Mr. Bennett.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All restricted stock granted to
named executive officers in fiscal year 2006 is reflected in the table labeled &#147;Summary Compensation Table&#148; below.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As noted above, the
Company&#146;s compensation policy is based primarily upon the practice of pay-for-performance. Section 162(m) of the Internal Revenue Code imposes a
limitation on the deductibility of nonperformance-based compensation in excess of $1 million paid to Named Executive Officers. The Committee currently
believes that the Company should be able to continue to manage its executive compensation program for Named Executive Officers so as to preserve the
related federal income tax deductions.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Compensation Committee
annually reviews and approves the compensation of George Jimenez, the Chief Executive Officer. As discussed previously, during the last several fiscal
years, the Committee did not grant annual salary increases to executive officers, including the Chief Executive Officer. In addition, along with other
executive officers, Mr. Jimenez voluntarily elected to take a 10% reduction in salary starting in February 2002 and continuing through the first five
months of fiscal year 2004. In December 2003, Mr. Jimenez&#146; salary was restored to his pre-reduction level.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In fiscal year 2006, the Chief
Executive Officer&#146;s compensation was evaluated on many of the same criteria as for other executive officers, including individual performance, the
Company&#146;s financial performance, and compensation paid to other chief executive officers in similar size companies within the industry. In
addition, the Committee considers the Chief Executive Officer&#146;s ability to achieve the Company&#146;s strategic plans and contribute to the
overall strength and growth of the Company.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8<BR></FONT></DIV></P>

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<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based on the factors outlined
above, the Committee, for the first time since fiscal year 2000, elected to increase Mr. Jimenez&#146; annual salary and approved an increase to
$250,000, effective as of July 1, 2006.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Mr. Jimenez also participates in
the executive bonus plan, with his bonus tied to the same pre-determined corporate revenue, operating expense and sales bookings goals as for the other
corporate officers. In fiscal year 2006, Mr. Jimenez was eligible for a maximum cash bonus of up to 40% of his base salary, based on achievement of the
pre-determined goals. Based on the Company&#146;s results for fiscal year 2006, Mr. Jimenez received no cash bonus based on the pre-determined
financial goals.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 12px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">COMPENSATION COMMITTEE</FONT></DIV></DIV></P>

<P ALIGN="CENTER"><DIV STYLE="TEXT-INDENT: 0px; TOP-MARGIN: 6px; TEXT-ALIGN: CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Paul G. Casner, Jr.<BR> Harry M. Linowes<BR> Gilbert A. Wetzel<BR> J. William Grimes<BR> Matthew J. Stover</FONT></DIV></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">9<BR></FONT></DIV></P>

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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Cash Compensation</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Cash compensation paid or accrued
for services in all capacities for 2004, 2005 and 2006 fiscal years for the Chief Executive Officer and each of the other three most highly compensated
executive officers of the Company for fiscal year 2006 whose salary and bonus exceeded $100,000 (the &#147;Named Executive Officers&#148;) is set forth
in the following table.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Summary Compensation Table</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH COLSPAN=13 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Annual
      Compensation<SUP style="font-size: 85%;
vertical-align: text-top">(1)</SUP>
      <HR SIZE=2 NOSHADE COLOR="#000000" ALIGN="CENTER">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN=11 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Long-Term<BR>
      Compensation<BR>
      Awards
      <HR SIZE=2 NOSHADE
COLOR="#000000" ALIGN="CENTER">
      </FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name<BR>
      And<BR>
      Principal Position
      <HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="137.5ptpt">
      </FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Fiscal<BR>
      Year
      <HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Salary<SUP style="font-size: 85%; vertical-align:
text-top">(2)</SUP>
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Bonus
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Other<BR>
      Annual<BR>
      Compensation<SUP style="font-size:
85%; vertical-align: text-top">(3)</SUP>
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="70pt">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Restricted<BR>
      Stock<BR>
      Awards
      <HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number
      of<BR>
      Shares<BR>
      Underlying<BR>
      Options
      <HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">All<BR>
      Other<BR>
      Compensation<SUP style="font-size: 85%;
vertical-align: text-top">(4)</SUP>
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">George
        T. Jimenez</FONT></DIV></TD>
    <TD WIDTH=100%>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2006</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">200,769</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;$</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,171</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Chairman
        of the Board,</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">200,769</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,171</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Chief
        Executive Officer</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">193,159</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">24,000</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11,171</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">and
        Treasurer</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">John
        B. Bennett<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2006</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">220,846</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">66,667</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(6)</SUP>&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">President</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14,385</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" NOWRAP> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Christopher
        C. Couch</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2006</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">165,635</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" NOWRAP> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Senior
        Vice President and</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">132,116</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(7)</SUP>&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">24,505</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">125,000</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><SUP style="font-size: 85%; vertical-align:
text-top">(8)</SUP>&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" NOWRAP> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Chief
        Marketing Officer</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" NOWRAP> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Steven
        R. Delmar</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2006</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">190,731</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" NOWRAP> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Senior
        Vice President and</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2005</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">175,673</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" NOWRAP> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Chief
        Financial Officer</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">2004</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">168,143</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36,000</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Includes salary deferrals under the Company&#146;s 401(k)
plan.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Reflects a voluntary reduction in salary starting in February
2002 and continuing through November 2003, for each of the named executive officers employed during that period.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(3)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Does not include perquisites and personal benefits aggregating
less than 10% of the officer&#146;s salary and bonus. As to 2005, comprises relocation expenses of $24,505 paid to Mr. Couch.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(4)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Consists of, as to all years, amounts paid in connection with a
life insurance policy and disability insurance for Mr. Jimenez. For fiscal year 2006, $6,975 was paid for life insurance and $4,196 was paid for
disability insurance.</FONT></TD>
</TR>
</TABLE>
<BR>
<!-- agabop mode="ep" last-style="textf" -->



<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10<BR></FONT></DIV></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_html PAGE POSITION: 11 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_html PAGE POSITION: 12 -->
<!-- agabop mode="main" last-style="textf" -->

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(5)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Reflects compensation beginning June 8, 2005, when Mr. Bennett
joined the Company, through fiscal year 2006. Subsequent to fiscal year end, in October 2006, Mr. Bennett ceased to be an employee and executive
officer of the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(6)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">One-time grants of restricted stock made to Mr. Bennett in
connection with hiring. Includes an award of 50,000 shares of restricted stock, such shares vesting one-quarter per year on June 8 of 2006, 2007, 2008,
and 2009. Also includes 16,667 shares of restricted stock, vesting of which is related to financial performance targets in fiscal year 2006. On June
30, 2006, and based on the closing stock price on that date, the approximate value of the aggregate restricted stock held by Mr. Bennett was $182,001.
Subsequent to fiscal year end, it was determined that the financial performance goals were not met and 16,667 of the restricted shares were forfeited.
Restricted stock that is unvested at the time of termination of employment is forfeited. Accordingly, at the time he ceased to be an employee, Mr.
Bennett forfeited 37,500 shares of restricted stock.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(7)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Reflects compensation beginning August 16, 2004, when Mr. Couch
joined the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="17px" ALIGN="LEFT" nowrap><DIV ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">(8)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">One-time grant made to Mr. Couch in connection with
hiring.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Option Grants</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table shows, as to
the Named Executive Officers, the options to purchase Common Stock granted by the Company in fiscal year 2006.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Option Grants in Last Fiscal Year<SUP style="font-size:
85%; vertical-align: text-top">(1)</SUP></B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Individual
      Grants
      <HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><BR>
      &nbsp;</FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><BR>
      &nbsp;</FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><BR>
      &nbsp;</FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><BR>
      &nbsp;</FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN=5 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Potential
      Realizable Value at<BR>
      Assumed Rates of Stock Price<BR>
      Appreciation for Option<BR>
      Term<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
      <HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER">
      </FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="22ptpt">
      </FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number
      of<BR>
      Shares<BR>
      Underlying<BR>
      Options<BR>
      Granted
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Percentage
      of<BR>
      Total Options<BR>
      Granted to<BR>
      Employees in<BR>
      Fiscal 2006
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Exercise<BR>
      Price Per<BR>
      Share
      <HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Expiration<BR>
      Date
      <HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">0%
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="49.5pt">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">5%
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="49.5pt">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">10%
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="55pt">
      </FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap>
      <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">George
        T. Jimenez</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=100%>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap>
      <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">John
        B. Bennett</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap>
      <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Christopher
        C. Couch</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap>
      <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Steven
        R. Delmar</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>

</TABLE>
&nbsp;<BR>


<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">No stock options were granted to executive officers in fiscal
year 2006.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Amounts are based on the 0%, 5%, and 10% annual compounded rates
of appreciation of the Common Stock price from the date of grant, prescribed by the Securities and Exchange Commission, and are not intended to
forecast future appreciation of the Company&#146;s Common Stock. The prices of the Common Stock, assuming such annual compounded rates of appreciation
over the term of the option, would be as follows:</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2"></FONT></DIV></P>


<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Exercise
      price
      <HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="77ptpt">
      </FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Term
      of Option
      <HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER" WIDTH="77pt">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">0%
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="49.5pt">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">5%
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="49.5pt">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">10%
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="55pt">
      </FONT></TH>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="CENTER">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&#151;</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD align="center">&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="center"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
  </TR>
</TABLE>
&nbsp;<BR>

<!-- agabop mode="ep" last-style="footnote" -->



<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">11<BR></FONT></DIV></P>

<HR NOSHADE SIZE="5">
<!-- END DIVISION: DIV_html PAGE POSITION: 12 -->
<PAGE>
<BR>
<!-- BEGIN DIVISION: DIV_html PAGE POSITION: 13 -->
<!-- agabop mode="main" last-style="footnote" -->

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Fiscal 2006 Stock Option Exercises and Year-End Option
Values</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table shows, as to
the Named Executive Officers, the information concerning exercises of stock options in the last fiscal year and 2006 fiscal year-end option
values.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Fiscal 2006 Stock Option Exercises and Year-End Option
Values</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><BR>
      &nbsp;</FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><BR>
      &nbsp;</FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Number
      of Shares<BR>
      Underlying Unexercised<BR>
      Options at Fiscal<BR>
      Year-End
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Value
      of Unexercised<BR>
      In-the-Money Options at<BR>
      Fiscal Year-End<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP>
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER">
      </FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="22ptpt">
      </FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Shares<BR>
      Acquired<BR>
      on<BR>
      Exercise
      <HR SIZE=1
NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Value<BR>
      Realized<SUP style="font-size: 85%;
vertical-align: text-top">(1)</SUP>
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"><B>Exercisable/Unexercisable</B>
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Exercisable/Unexercisable
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">George
        T. Jimenez</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD WIDTH=100%>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$
      0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">133,224</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20,000</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">24,984</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">30,200</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">John
        B. Bennett</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Christopher
        C. Couch</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">41,667</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">83,333</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">40,417</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">80,833</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="BOTTOM">
    <TD ALIGN="LEFT" nowrap> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Steven
        R. Delmar</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">136,977</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">20,000</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">128,197</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">30,200</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><HR SIZE="1"
WIDTH="72" ALIGN="left" NOSHADE COLOR="#000000"></FONT></DIV></P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(1)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Value realized represents the positive spread between the
respective exercise prices of the exercised options and the fair market value per share on the respective dates of exercise.</FONT></TD>
</TR>
</TABLE>
<BR>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="100%">
<TR VALIGN="TOP">
     <TD WIDTH="37px" ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 20px; TEXT-INDENT: -20px" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">(2)</FONT></DIV></TD>
     <TD WIDTH="3px" ALIGN="LEFT">&nbsp;</TD>
     <TD WIDTH="100%" ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Value for &#147;in-the-money&#148; options represent the
positive spread between the respective exercise prices of outstanding options and the market price on June 30, 2006.</FONT></TD>
</TR>
</TABLE>
<BR>

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Employment Agreements, Change in Control and Separation
Arrangements</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Company does not have any
employment agreements with its current executive officers. Under the terms of his employment offer, the Company&#146;s former president, Mr. Bennett,
was entitled to receive the equivalent of twenty-six weeks of base salary as severance.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Compensation Committee Interlocks and Insider
Participation</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">ACE*COMM&#146;s Compensation
Committee is composed of five non-employee directors: Messrs. Casner, Linowes, Wetzel, Grimes and Stover. No current member of the Compensation
Committee is an officer or employee of ACE*COMM. There are no interlock relationships, as defined in the applicable SEC rules.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Code of Business Conduct and Ethics</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board has adopted a Code of
Business Conduct and Ethics that applies to all directors, officers, employees and agents of ACE*COMM and its subsidiary companies and affiliates,
including its principal executive, financial and accounting officers and persons performing similar functions. The Code of Business Conduct and Ethics
will be made available, without charge, upon written request made to the Secretary of the Company at its principal executive offices. The Code is also
posted on the Company&#146;s website under &#147;Investors-Corporate Governance&#148; at <U>www.acecomm.com</U>.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">12<BR></FONT></DIV></P>

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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Stockholder Communications with Directors</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Board of Directors welcomes
communications from the Company&#146;s stockholders. Any stockholder may communicate with either the Board as a whole, or with any individual director,
by sending a written communication c/o the Company&#146;s Corporate Secretary at the Company&#146;s offices located at 704 Quince Orchard Road,
Gaithersburg, MD 20878. All such communications sent to the Company&#146;s Corporate Secretary must state the name of the communicating stockholder and
the number of shares beneficially owned; and will be forwarded to the Board, as a whole, or to the individual director to whom such communication was
addressed.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Executive Officers of the Company</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table sets forth
the names, ages and positions of the current executive officers of the Company:</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Name
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="22ptpt">
      </FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Age
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="16.5pt">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Current
      Position
      <HR SIZE=1 NOSHADE
COLOR="#000000" ALIGN="CENTER" WIDTH="88pt">
      </FONT></TH>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">George
        T. Jimenez</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">70</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="LEFT" COLSPAN="3">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Chairman of the Board, Chief Executive Officer, President and Treasurer</FONT></DIV></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Christopher
        C. Couch</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">36</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="LEFT" COLSPAN="3">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President and Chief Marketing Officer</FONT></DIV></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Steven
        R. Delmar</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="LEFT" COLSPAN="3">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Senior Vice President and Chief Financial Officer</FONT></DIV></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT" nowrap><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Loretta
        L. Rivers</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">49</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="LEFT" COLSPAN="3">
<DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Corporate Secretary and Director of Human Resources</FONT></DIV></TD>
</TABLE>
&nbsp;<BR>


<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">George T. Jimenez is the Chief Executive Officer of the
Company and has served as Treasurer and a Director of the Company since its inception in 1983. In October 2006, Mr. Jimenez was elected as President.
Mr. Jimenez formerly served as President from 1983 to September 1999 and July 2001 to June 2005.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Christopher C. Couch joined the Company in August 2004 as
Senior Vice President and Chief Marketing Officer. Prior to joining ACE*COMM, Mr. Couch headed his own business consulting firm, which provided
business assessment and market plans for various technology firms. From January 2001 through December 2003, he was Sr. Vice President and Chief
Technology Officer of RateIntegration, Inc. Mr. Couch was Sr. Director &#151; North American OSS Practice for Logica, Inc., from January 2000 through
December 2001. Prior to joining Logica, he was a Principal of BusinessEdge Solutions. From 1996 to 1999, Mr. Couch was Director of Next Generation
Services of Evolving Systems, Inc.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Steven R. Delmar joined the Company as a consultant in July
2001 and was appointed the Chief Financial Officer as of October 1, 2001. In January 2003, Mr. Delmar was also named a Senior Vice President. Prior to
joining the Company, Mr. Delmar held various executive positions with Microlog Corporation, a communications software company, including fifteen years
as Executive Vice President and Chief Financial Officer. He was most recently co-President and a Director of Microlog.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Loretta L. Rivers has been Corporate Secretary since 1989
and was also named Director of Human Resources in January 2001. Ms. Rivers has served in various capacities with the Company since its inception in
1983.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The term of each executive officer will expire at the
annual meeting of the Board of Directors, which is scheduled to be held on December 1, 2006.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">13<BR></FONT></DIV></P>

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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Performance Graph</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">In accordance with current
Securities Exchange Act of 1934 regulations, the following performance graph compares the performance of the Company&#146;s Common Stock to the Nasdaq
Stock Market Index and to the Nasdaq Telecommunications Index. The graph assumes that the value of the investment in the Company&#146;s Common Stock
and each index was $100 at June 30, 2001, and that all dividends were reinvested.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>COMPARISON OF CUMULATIVE TOTAL RETURN AMONG<BR> ACE*COMM
CORPORATION, NASDAQ MARKET<BR> INDEX AND NASDAQ TELECOMMUNICATIONS INDEX</B></FONT></DIV></P>


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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2><IMG SRC="d20154_graph.jpg"></FONT></P>



<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>ASSUMES $100 INVESTED ON JUNE 30, 2001<BR> ASSUMES
DIVIDEND REINVESTED<BR> FISCAL YEAR ENDING JUNE 30, 2006</B></FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">14<BR></FONT></DIV></P>

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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Audit Committee Report</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The responsibilities of the Audit
Committee, which are set forth in the Audit Committee Charter adopted by the Board of Directors, include providing oversight to the Company&#146;s
financial reporting process through periodic meetings with the Company&#146;s independent auditors and management to review accounting, auditing,
internal controls, and financial reporting matters. The Charter was amended in August 2004; and was most recently reviewed by the Committee in October
2006. The Charter is posted on the Company&#146;s website under &#147;Investors-Corporate Governance&#148; at <U>www.acecomm.com</U>.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As part of its oversight of
ACE*COMM&#146;s financial statements, the Committee reviews and discusses with both management and the Company&#146;s independent accountants all
financial statements and quarterly results prior to their issuance. During fiscal year 2006, management advised the Committee that each set of
financial statements reviewed had been prepared in accordance with generally accepted accounting principles, and reviewed significant accounting and
disclosure issues with the Committee. The Committee reviewed and discussed with management the Company&#146;s audited financial statements included in
the 2006 Annual Report to Stockholders. The Committee discussed with Grant Thornton LLP, the Company&#146;s independent auditors, the matters required
to be discussed by Statement on Auditing Standards No. 61, &#147;Communications with Audit Committees&#148; (&#147;SAS 61&#148;). SAS 61 requires the
independent auditors to provide the Committee with additional information regarding the scope and results of their audit of the Company&#146;s
financial statements, including with respect to (i) their responsibility under generally accepted auditing standards, (ii) adoption of or changes in
significant accounting policies, (iii) management judgments and estimates, (iv) any significant audit adjustments, (v) any disagreements with
management, and (vi) any difficulties encountered in performing the audit. The Committee has received from Grant Thornton LLP a letter providing the
disclosures required by Independence Standards Board Standard No. 1, &#147;Independence Discussions with Audit Committees&#148; with respect to any
relationships between Grant Thornton LLP and the Company. Based on the review and discussions described above with respect to the Company&#146;s
audited financial statements included in the Company&#146;s 2006 Annual Report to Stockholders, the Committee recommended to the Board of Directors
that such financial statements be included in the Company&#146;s Annual Report on Form 10-K for filing with the Securities and Exchange
Commission.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 50%" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">AUDIT COMMITTEE</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 50%" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Harry M. Linowes<BR> Paul G.
Casner, Jr.<BR> Gilbert A. Wetzel<BR> J. William Grimes<BR> Matthew J. Stover</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">15<BR></FONT></DIV></P>

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<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Audit and Non-Audit Fees</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table presents fees
billed for professional services provided during fiscal year 2006 and 2005 by Ernst &amp; Young LLP, the Company&#146;s former independent accountants,
and by Grant Thornton, the Company&#146;s current independent accountants, for:</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE ALIGN="" CELLPADDING="0" CELLSPACING="0" BORDER="0" WIDTH="80%">


<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="LEFT" ><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Type of Fee<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="LEFT"  WIDTH="60.5ptpt"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Ernst &amp; Young<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN=7 nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">Grant Thornton<HR SIZE=1 NOSHADE COLOR="#000000"
ALIGN="CENTER"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
</TR>
<TR VALIGN="BOTTOM">
     <TH WIDTH="100%" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
     <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">FY2006<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="33pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">FY2005<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="33pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">FY2006<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="33pt"></FONT></TH>
     <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>

     <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">FY2005<HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER"
WIDTH="33pt"></FONT></TH>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Audit
fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"> 7,000</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">172,031</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">245,193</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Audit Related
Fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">3,400</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">50,420</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">37,059</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Tax
Fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">49,150</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">60,318</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">All other
fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">8,925</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17,380</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TR>
<TR VALIGN="TOP">
     <TD ALIGN="LEFT" WIDTH="100%"><DIV STYLE="MARGIN-LEFT: 0px; TEXT-INDENT: 0px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Total
Fees</FONT></DIV></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">0</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">10,400</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">280,526</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
     <TD WIDTH=3%>&nbsp;&nbsp;&nbsp;</TD>

     <TD WIDTH=5% ALIGN="RIGHT" nowrap style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">&nbsp;&nbsp;$</FONT></TD>
     <TD ALIGN="RIGHT" style='border-bottom: solid windowtext 2pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">359,950</FONT></TD>
     <TD WIDTH=5% ALIGN="LEFT" nowrap style='padding-bottom: 1pt'><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>


<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The 2006 and 2005 fees shown
above reflect total fees billed by Grant Thornton and Ernst &amp; Young. The components of the total fees billed were as follows:</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Audit fees:</I> This category
includes the audit of ACE*COMM&#146;s annual financial statements included in our Annual Reports on Form 10-K and the reviews of our financial
statements included in our Quarterly Reports on Forms 10-Q and services that were provided in connection with statutory and regulatory filings. This
category also includes advice on accounting matters that arose during, or as a result of, the audit or the review of interim financial statements,
statutory audits required by non-U.S. jurisdictions and preparation of the annual management letter on internal control matters. The Ernst and Young
fees relate to obtaining their consent for the inclusion of the 2002 financial statements which they audited and were included in the Form 10-K and
Form S-3 in 2005.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Audit related fees:</I> This
category includes fees for assurance and related services that are reasonably related to the performance of the audit or review of ACE*COMM&#146;s
consolidated financial statements and are not reported under Audit Fees. These services include employee benefit plan audits and other attest services
concerning acquisitions and related regulatory filings.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>Tax fees:</I> This category
consists of federal, state and expatriate tax compliance, preparation of tax returns, and international tax planning.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><I>All other fees:</I> This
category consists of fees incurred with accounting research, accounting consultations in connection with acquisitions, and consultations concerning
financial accounting and reporting standards.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee has
determined that the other professional services provided by Grant Thornton are compatible with maintaining the independence of Grant
Thornton.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The Audit Committee pre-approved
all audit services and non-audit services (other than de minimus non-audit services) provided to the Company by the independent auditor. The Chairman
of the Audit Committee has the delegated authority from the Committee to pre-approve additional services, between meetings, and such approval is then
communicated to the full Audit Committee.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">16<BR></FONT></DIV></P>

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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>SECTION 16A BENEFICIAL OWNERSHIP REPORTING
COMPLIANCE</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Section 16(a) of the Securities
Exchange Act of 1934 requires the Company&#146;s officers and directors, and persons who own more than ten percent of a registered class of the
Company&#146;s equity securities, to file reports of ownership and changes in ownership of such securities with the Securities and Exchange Commission
and the Nasdaq. Officers, directors and greater than ten-percent beneficial owners are required by applicable regulations to furnish the Company with
copies of all Section 16(a) forms they file.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Based solely upon a review of the
copies of the forms furnished to the Company, or written representations from certain reporting persons that no Forms 5 were required, we believe that
all Section 16 filing requirements applicable to our officers and directors and ten-percent beneficial owners were complied with during the 2006 fiscal
year.</FONT></DIV></P>

<P ALIGN="LEFT"><DIV ALIGN="LEFT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>Equity Compensation Plan Information</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The following table shows
information about the securities authorized for issuance under our equity compensation plans as of June 30, 2006:</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"></FONT></DIV></P>


<TABLE WIDTH="100%" BORDER="0" ALIGN="" CELLPADDING="0" CELLSPACING="0">
  <TR VALIGN="BOTTOM">
    <TH nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1"></FONT></TH>
    <TH><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">(a)<BR>
      Number of securities<BR>
      to be issued upon<BR>
      exercise<BR>
      of outstanding<BR>
      options,<BR>
      warrants and rights
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">(b)<BR>
      Weighted-average<BR>
      exercise price of<BR>
      outstanding options,<BR>
      warrants and rights
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
    <TH ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">&nbsp;&nbsp;&nbsp;</FONT></TH>
    <TH COLSPAN="3" nowrap ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="1">(c)<BR>
      Number of securities<BR>
      remaining available<BR>
      for future issuance<BR>
      under equity<BR>
      compensation plans<BR>
      (excluding securities<BR>
      reflected in column (a))
      <HR SIZE=1 NOSHADE COLOR="#000000" ALIGN="CENTER" WIDTH="100%">
      </FONT></TH>
  </TR>
  <TR VALIGN="TOP">
    <TD WIDTH="100%" ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Equity
        compensation plans approved by security holders</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,175,697</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$&nbsp;3.05</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,196,282</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT" NOWRAP>&nbsp;</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Equity
        compensation plans not approved by security holders</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$&nbsp;&nbsp;&nbsp;&nbsp;&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&#151;</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;</FONT></TD>
  </TR>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT" NOWRAP>&nbsp;</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap>&nbsp;</TD>
    <TD ALIGN="RIGHT">&nbsp;</TD>
    <TD ALIGN="LEFT" nowrap>&nbsp;</TD>
  <TR VALIGN="TOP">
    <TD ALIGN="LEFT"> <DIV STYLE="MARGIN-LEFT: 10px; TEXT-INDENT: -10px"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF"
SIZE="2">Total</FONT></DIV></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">4,175,697</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT" NOWRAP><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">$&nbsp;3.05</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;&nbsp;&nbsp;</TD>
    <TD ALIGN="RIGHT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD ALIGN="RIGHT"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">1,196,282</FONT></TD>
    <TD ALIGN="LEFT" nowrap><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">&nbsp;&nbsp;</FONT></TD>
</TABLE>
&nbsp;<BR>

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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">17<BR></FONT></DIV></P>

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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>RATIFY APPOINTMENT OF INDEPENDENT
AUDITORS</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Upon the recommendation of the
Audit Committee, the Board of Directors has selected Grant Thornton LLP (&#147;Grant Thornton&#148;) as the Company&#146;s independent accountants for
the fiscal year ending June 30, 2007, and has further directed that management submit the selection of independent accountants for ratification by the
stockholders at the Meeting.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Grant Thornton began serving as
the independent accountants in June 2003 and has served as the Company&#146;s independent auditor for fiscal years 2003 through 2006. In appointing
Grant Thornton as independent accountants for the fiscal year ending June 30, 2007, the Audit Committee carefully considered Grant Thornton&#146;s
performance since their retention, their independence with respect to the services to be performed, and their general reputation for adherence to
professional auditing standards.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">If the appointment of Grant
Thornton LLP is not ratified, the Board of Directors will appoint another firm as the Company&#146;s independent auditor for the year ending June 30,
2007. The Board of Directors also retains the power to appoint another independent auditor for the Company to replace an auditor ratified by the
stockholders in the event that the Board of Directors determines that the interests of the Company require such a change.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Grant Thornton LLP is expected to
have a representative present at the meeting, will have the opportunity to make a statement if they desire to do so, and is expected to be available to
respond to appropriate questions at the meeting.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>The Board of Directors
recommends a vote <U>FOR</U> the appointment of Grant Thornton LLP as independent auditors of the Company for the fiscal year ending June 30,
2007.</B></FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>VOTE REQUIRED TO APPROVE MATTERS</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The presence in person or by
proxy of stockholders entitled to cast a majority of the votes at the Annual Meeting will constitute a quorum. Votes cast by proxy or in person at the
meeting will be tabulated by the inspectors of election appointed for the meeting. Proxies marked with abstentions, broker non-votes (i.e., proxies
from brokers or nominees marked to indicate that such persons have not received instructions from the beneficial owner or other persons entitled to
vote shares as to the vote on a particular matter with respect to which the brokers or nominees do not have discretionary power to vote), and
stockholders present at the meeting who abstain from voting, will be treated as present for purposes of determining the presence of a quorum. In their
discretion, the proxies are authorized to vote upon such other business as may properly (including in accordance with the advance notice requirement
set forth below) come before the meeting or any adjournment thereof.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">The election of directors
requires a plurality of votes cast at the Annual Meeting. The ratification of the appointment of Grant Thornton LLP as independent accountants of the
Company requires the affirmative vote of a majority of the votes cast at the meeting. Abstentions or broker non-votes will be disregarded for purposes
of determining approval of the aforementioned matters.</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">18<BR></FONT></DIV></P>

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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>STOCKHOLDER PROPOSALS FOR THE 2007 ANNUAL MEETING OF
STOCKHOLDERS</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Advance notice of matters to be
presented at the 2007 Annual Meeting of Stockholders must be received at the Company&#146;s executive offices at 704 Quince Orchard Road, Gaithersburg,
Maryland 20878 prior to July 1, 2007, pursuant to the proxy solicitation rules of the SEC. For any proposal that is not submitted for inclusion in next
year&#146;s proxy statement but is instead presented directly at the 2007 annual meeting of the stockholders, notice of such proposal must be received
in writing by the Secretary not less than 20 days and no more than 30 days prior to the annual meeting, except that if less than 30 days&#146; notice
of the date of the annual meeting is given to stockholders or publicly disclosed, notice of such proposal must be received by the Secretary not later
than the 10<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date that notice of the annual meeting is mailed or
publicly disclosed. A stockholder&#146;s notice must be addressed to the Secretary and set forth as to each matter the stockholder proposes to bring
before the annual meeting (i) a brief description of the business desired to be brought before the annual meeting and the reasons for conducting such
business at the annual meeting, (ii) the name and address of the stockholder proposing such business, (iii) the class and number of shares of the
Corporation which are beneficially owned by the stockholder, and (iv) any material interest of the stockholder in such business. Any stockholder
proposal that is not submitted in accordance with the foregoing procedures and deadlines will be considered untimely.</FONT></DIV></P>

<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2"><B>OTHER MATTERS THAT MAY COME BEFORE THE
MEETING</B></FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="TEXT-INDENT: 20px" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">As of the date of this Proxy
Statement, the Company knows of no business other than that described herein that will be presented for consideration at the meeting. If, however, any
other business shall come properly before the meeting, the proxy holders intend to vote the proxies in accordance with their best judgment, in their
sole discretion.</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 50%" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">By Order of the Board of
Directors,</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV STYLE="MARGIN-LEFT: 50%" ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">Loretta L. Rivers<BR> Corporate
Secretary</FONT></DIV></P>

<P ALIGN="JUSTIFY"><DIV ALIGN="JUSTIFY"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">October 27, 2006</FONT></DIV></P>
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<P ALIGN="CENTER"><DIV ALIGN="CENTER"><FONT FACE="TIMES NEW ROMAN, TIMES, SERIF" SIZE="2">19<BR></FONT></DIV></P>

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<div style="border:solid black 1px; width:100%">

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
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  </TD>
 </TR>
 <TR>
  <TD COLSPAN="14" valign="top">
  <P><font FACE=ARIAL SIZE=1><B>The Board of Directors recommends a vote &#147;FOR&#148; the nominees listed below and a vote &#147;FOR&#148; Proposal 2.</B></FONT></P>
  </TD>
  <TD VALIGN=TOP colspan="2">
  <P><font FACE=ARIAL SIZE=1>
  Please<BR>
  Mark Here<BR>
  for Address <BR>
  Change or <BR>
  Comments</FONT></P>
  </TD>
  <TD VALIGN=TOP>
  <P ALIGN=CENTER><font  SIZE=6 FACE=WINGDINGS color="red">o</FONT></P>
  </TD>
 </TR>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
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  </TD>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   nowrap COLSPAN="3" VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1><B>SEE REVERSE SIDE</B></FONT></P>
  </TD>
 </TR>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
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  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><font FACE=ARIAL SIZE="1"><B>FOR</B> </FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><font FACE=ARIAL SIZE="1"><B>AGAINST</B> </FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P ALIGN=CENTER><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P ALIGN=CENTER><font FACE=ARIAL SIZE="1"><B>ABSTAIN</B> </FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>1.</FONT></P>
  </TD>
  <TD  COLSPAN="6" VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1> ELECTION OF DIRECTORS</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP nowrap>
  <P><font FACE=ARIAL SIZE=1>2.&nbsp;&nbsp;</FONT></P>
  </TD>
  <TD  ROWSPAN="2" VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>RATIFICATION OF APPOINTMENT OF GRANT THORNTON LLP AS INDEPENDENT AUDITORS</FONT></P>
  </TD>
  <TD  ROWSPAN="2" VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>

  <TD  ROWSPAN="2" VALIGN=TOP>
  <P ALIGN=CENTER><font SIZE=6 FACE=WINGDINGS color="red">o</FONT></P>
  </TD>
  <TD  ROWSPAN="2" VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  ROWSPAN="2" VALIGN=TOP>
  <P ALIGN=CENTER><font SIZE=6 FACE=WINGDINGS color="red">o</FONT></P>
  </TD>
  <TD  ROWSPAN="2" VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  ROWSPAN="2" VALIGN=TOP>
  <P ALIGN=CENTER><font  SIZE=6 FACE=WINGDINGS color="red">o</FONT></P>
  </TD>
  <TD  ROWSPAN="2" VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  COLSPAN="2" VALIGN=TOP>
    <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP colspan=2 nowrap>
  <P><font FACE=ARIAL SIZE=1 color=red>Nominee:<BR>01&nbsp;&nbsp;Harry M. Linowes<BR>02&nbsp;&nbsp;Gilbert A. Wetzel</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM NOWRAP>
  <P align="center"> <font FACE=ARIAL SIZE=1>FOR THE NOMINEES<BR>
LISTED TO THE<BR>
LEFT (EXCEPT AS<BR>
INDICATED)</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=BOTTOM>
  <P align="center"><font FACE=ARIAL SIZE=1>WITHHOLD
AUTHORITY
FOR THE
NOMINEES
LISTED</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP colspan=9>
  <P><font FACE=ARIAL SIZE=1><BR>IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER BUSINESS AS MAY PROPERLY COME BEFORE THE MEETING OR ANY
ADJOURNMENT THEREOF.</FONT></P>
  </TD>
 </TR>
 <TR>
  <TD>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P ALIGN=CENTER><font SIZE=6 FACE=WINGDINGS color="red">o</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P ALIGN=CENTER><font  SIZE=6 FACE=WINGDINGS color="red">o</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR>
  <TD   VALIGN=TOP colspan=8 nowrap>
<P><font FACE=ARIAL SIZE=1 color=red>To withhold authority to vote for either nominee write that nominee&#146;s<BR>name in the
space provided.</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
<TR>
  <TD style="border-bottom:solid red 1px" colspan=7>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
<P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD   VALIGN=TOP>
  <P><font FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

</table>

<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR>
  <TD WIDTH="42%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="40%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
<TR>
<TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP >
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP style="border-top:solid black 2px; border-right:solid black 2px">
  <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>

<TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
<TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 <TD  VALIGN=TOP style="border-right:solid black 2px">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>

 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
<TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 <TD  VALIGN=TOP style="border-right:solid black 2px">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>

 </TR>
 <TR>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP style="border-right:solid black 2px">
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP >
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
 </TR>
</table>

<P><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR >
  <TD WIDTH="8%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="29%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="8%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="29%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="3%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="15%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
<TD WIDTH="4%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>

 </TR>
 <TR>
  <TD  VALIGN=TOP nowrap>
  <P><FONT SIZE=1 color=red><B>Signature(s)</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1 color=red><B>&nbsp;&nbsp;Signature</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1 color=red>&nbsp;&nbsp;<B>Date</B></FONT></P>
  </TD>
  <TD  VALIGN=TOP>
  <P><FONT SIZE=1>&nbsp;</FONT></P>
  </TD>
  <TD  VALIGN=bottom nowrap>
  <P><FONT SIZE=1 color=red>, 2006</FONT></P>
  </TD>
 </TR>
 <TR style="font-size:1 px">
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid red 1px">&nbsp;

  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid red 1px">&nbsp;

  </TD>
  <TD  VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD  VALIGN=TOP style="border-bottom:solid red 1px">&nbsp;

  </TD>


 </TR>
</table>

<DIV><FONT SIZE=1 color=red><b>NOTE: Please sign as name appears heron. Joint owners
should each sign. When signing as attorney, executor, administrator, trustee or
guardian, please give full title as such.</B></FONT></DIV>

<div ALIGN=CENTER style="border-top:dashed black 1px">

<FONT FACE="WEBDINGS">5</font><FONT SIZE=1><B>FOLD AND DETACH HERE</B></FONT><FONT FACE="WEBDINGS">5</font>
</div>

<P><FONT SIZE=1>&nbsp;</FONT></P>
<P><FONT SIZE=1>&nbsp;</FONT></P>
<P><FONT SIZE=1>&nbsp;</FONT></P>
<P><FONT SIZE=1>&nbsp;</FONT></P>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</div>
<BR>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<div style="border:solid black 1px; width:100%">
<BR>
<TABLE ALIGN=CENTER  BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="98%">
 <TR style="font-size:1px">
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
  <TD WIDTH="90%" VALIGN=TOP>
  <P ALIGN=CENTER>&nbsp;</P>
  </TD>
  <TD WIDTH="5%" VALIGN=TOP>
  <P>&nbsp;</P>
  </TD>
 </TR>
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<p ALIGN="center"><FONt face=arial size=3><B>ACE*COMM CORPORATION<BR>
<FONT face=arial size=2>THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</FONT></b></font></P></TD>
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  <P><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P>
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  <P align="justify"><font face=arial SIZE="2">The undersigned
  hereby appoints George T. Jimenez and Loretta L. Rivers, or either of them,
  the proxy or proxies of the undersigned with full power of substitution, to
  vote all shares of Common Stock of ACE*COMM Corporation held of record by the
  undersigned at the close of business on October 11, 2006 at the Annual Meeting
  of Stockholders of the Company to be held on Friday, December 1, 2006 at 10:00
  am, Eastern Time and at any adjournment or adjournments thereof, upon the
  matters set forth herein.</font></P>

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  <TD  VALIGN=TOP ROWSPAN="3">
  <P align="justify"><font face=arial SIZE="2"><b>If properly
  executed, the shares represented by this proxy will be voted in the manner
  directed herein by the undersigned stockholder, or to the extent directions
  are not given, such shares will be voted for each of the nominees and each
  other proposal.</b></font></P>

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  Address Change/Comments (Mark the corresponding box on the
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