Salsaga Blog

SAN FRANCISCO, July 10 /PRNewswire/ — Dear Premier Exhibitions Board of Directors:
Odyssey Value Advisors, LLC calls upon Premier Exhibitions’ Board of Directors to hire a nationally recognized investment banking firm to explore the sale of the company, or the Titanic assets, for the purpose of maximizing shareholder value.
While we realize that the first quarter results were skewed by the timing of certain events and partners, as well as broad economic weakness, the company has not been able to generate any shareholder value for a prolonged period of time. In our opinion, given the extended period of time that has passed, and the efforts of multiple management teams, now is the appropriate time to monetize the company’s assets to maximize shareholder value.
While we think highly of Mr. Eskowitz, we feel he has not made substantive enough progress to date, as evidenced by the series of decreasing earnings and cash flow generation since he has come aboard, culminating in Q1’s unacceptable EPS loss.
The company continues to pursue a risky mega-growth strategy which jeopardizes the strong margin of safety that exists with cash and assets. We feel that the current “empire building strategy” of attempting to become one of the largest sellers of entertainment tickets, at the expense of short to intermediate profitability is a flawed strategy that is clearly not working. It would take several years for this strategy to possibly prove to be successful. Clearly that is not worth the time, erosion of resources, and greatly diminished return on equity, even for the most patient of shareholders.
If the company pursued a more moderate growth strategy, which we think would be prudent given the state of the consumer and economy, Premier Exhibitions would be PRINTING money, enjoying their historically high return on equity and the stock would surely be trading in double digits.
The misguided strategy of scaling corporate SG&A by 300% year over year while delivering only 34% revenue growth in the same time period has led to the destruction of shareholder value. We implore the board of directors to explore the sale of the company or its Titanic assets, given their estimated value is clearly worth substantially more than the current company market cap.
As the stock price has declined by approximately 80% over the past year, management has been in the fortuitous position of receiving substantial (some may argue egregious) compensation, while shareholders have been decimated. Mr. Geller is currently receiving a salary of $675,000 for serving as chairman of a $100mm market cap company. While Mr. Geller created the company, and we applaud the fact that he owns millions of dollars worth of stock, there is no economic justification for his current compensation package, which is paid for by shareholders.
Mr. Couter, the former CFO, sold millions of dollars worth of stock, at prices that are five times higher than current prices, soon after providing financial guidance that was light years away from the economic realities.
Mr. Eskowitz received $2mm in a cash bonus for simply joining the company. Since he has come aboard, the stock has fallen 80%. Mr. Eskowitz has not felt the economic pain of shareholders, as he has never purchased stock with his own capital despite numerous promises.
However, the assets of the company are valuable. Clearly, the value of the artifacts of the Titanic, especially with the 100 year anniversary of the sinking of the ship less than four years away, is worth considerably more than the current market cap. By our estimation, the assets of the Titanic are most likely worth at least twice the market cap. Furthermore, the rights to the personal possessions of the survivors, which should be clarified soon, are worth multiples of that.
In addition to the assets of the Titanic, the company’s exhibits clearly have value. Premier operates the very successful Titanic shows (only a portion of the Titanic assets are even used for these shows), a very successful Bodies exhibition, and has two new promising exhibitions scheduled to come on line in the near future.
A strategic buyer/acquirer of the business could streamline bloated costs; eliminate incremental costs of being public, while deploying Premier’s valuable content on an existing distribution platform. Alternatively, or in addition to, a court approved sale of the Titanic assets to a collector would surely yield a sum much greater than the current market cap, especially with the optionality of the personal possessions.
Given the lack of debt, successful exhibitions and incredible value of the assets, it is clear that this enterprise is worth at least twice the current market cap. Since multiple management teams have been unable to unlock the company’s inherent value, we call for the immediate sale of the company or similar activities that would provide relief for long suffering shareholders.
While we can’t speak for any other shareholders other than ourselves, we suspect all shareholders will appreciate your acceptance of the current realities of the situation and your immediate actions to remedy them.
It is simply time for the shareholders to get paid, too.
I look forward to your response.

Sincerely,

William G. Vlahos
Managing Partner
Odyssey Value Advisors, LLC

Odyssey Value Advisors, LLC

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NEW YORK, June 16 /PRNewswire/ —

EquiLend announced today that DWS Investments, a subsidiary of the
Deutsche Bank Group, has selected EquiLend’s trade and post-trade services to
enhance their securities finance business. Choosing EquiLend reflects DWS
Investments’ commitment to strengthening automation across its business lines
as it aims to mitigate operational risk and achieve greater processing
efficiency.

“We are very pleased to welcome DWS Investments, our first German client,
to our roster. This underscores our ongoing commitment to providing
innovative securities finance solutions to the European marketplace,” says
Sharon Walker, Managing Director, EquiLend Europe Ltd.

About EquiLend

EquiLend is the leading provider of brokerage solutions for the
securities finance industry. Owned by eleven preeminent financial firms,
EquiLend revolutionizes straight-through processing by using a common
standards-based protocol and infrastructure, which automates formerly manual
business processes. Used by borrowers and lenders throughout the world, the
EquiLend platform creates efficiency and provides access to additional
liquidity. EquiLend’s end-to-end solutions, which reduce the risk of
potential errors and eliminate the need to maintain costly point-to-point
connections, include Availability, AutoBorrow, Trade2O, EquiLend
AuctionPort(SM), Contract Comparison, Mark-to-Market Comparison, Returns,
Recalls, Billing Comparison and Delivery, Dividend Claims Comparison, and
Agent Lender Disclosure (ALD). The EquiLend platform also supports the
execution of payment and delivery instructions through the DTCC.

www.equilend.com

EquiLend LLC and EquiLend Europe Limited are subsidiaries of EquiLend
Holdings LLC (collectively, “EquiLend”). EquiLend LLC is a member of the NASD
and SIPC. EquiLend Europe Limited is authorized and regulated by the
Financial Services Authority. All services offered by EquiLend are offered
through EquiLend LLC and EquiLend Europe Limited. EquiLend and the EquiLend
mark are protected in the United States and in countries throughout the
world.

Web site: http://www.equilend.com

EquiLend

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BRIGHTON, England, June 4 /PRNewswire/ — Friday Holdings Ltd, one of the UK’s leading online and offline publishers of classified and vertical lifestyle businesses, has announced a major investment in the groundbreaking online local business directory Brownbook.net.
Brownbook.net was launched in February this year and has over 2.2 million businesses already listed, with hundreds being added every week by its users.
What sets Brownbook apart from other online directories is that users can both add listings themselves and also add photo and video reviews about businesses listed as well.
Rob Paterson, group managing director for Friday Holdings Ltd said: “Our investment in Brownbook.net extends our development of our online businesses. We operate over 50 different web businesses and Brownbook.net was a strong fit in terms of its future advertising base and technology.
“Existing media businesses will continue to be challenged by new entrants to the market, the business directory market, characterised by companies like Yellow Pages, Yell, BT Phonebook, Thompson Directories, is no exception. What particularly appealed to us about Brownbook.net was it’s true engagement with the best of the web - an open approach, user generated content by wiki and belief in the community.
“Brownbook.net is so much more than a online business directory; it offers consumers the ability to inform others about good or bad service and it allows any business from a dog walking service to a multinational to list who they are and what they can offer, complete with photos and videos.
“With this approach Brownbook.net will grow the market and provide an invaluable service to consumers.”
Marc Lyne COO of Brownbook.net said: “We see this joint venture with Friday Holdings Ltd as a fantastic opportunity to dramatically extend our reach to consumers and businesses.
“This is a win-win relationship with Friday Holdings Ltd which will see Brownbook leveraging existing, distribution, sales and marketing resources, and further developing their mission to connect buyers with sellers.
“The joint venture will explore similar opportunities with publishers in other countries as we roll out Brownbook to the rest of the World, starting with Canada, US and Australia over the next six weeks.”
Friday Holdings Ltd currently operates 51 online businesses, which account for 12 percent of all online traffic within the UK.
Notes to editors:
1) The Brownbook was founded by two directory industry executives who saw that local businesses needed a faster and cheaper way to promote their businesses and their reputations online and to get found by ever more discerning consumers.
2) There’s more on the ethos and beliefs behind The Brownbook on the blog: .
For more information about Friday Holdings Ltd and Brownbook.net please contact David Somerville on 44(0)1273-837733 or email .
Brownbook.net and Friday Holdings Ltd

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ATHENS, May 27 /PRNewswire-FirstCall/ — - The Company Implements its Investment Development Plan
PASAL Development S.A. announces that the consolidated earnings after taxes and minorities for the three-month period ended on March 31st 2008 amounted to 2.2 mil. euro versus 2.1 mil. euro in Q1 2007, posting an increase of 7%. Earnings before taxes, interest and depreciation (EBITDA) posted an increase of 8.3%, amounted to 3.4 mil. euro compared to 3.1 mil. euro in 2007.
During the 1st quarter of 2008 (Q1b 2008), Pasal proceeded
with the following corporate actions:

- A commercial property was completed and set in operation in
Thessaloniki (in N. Efkarpia facing Egnatia Road)

- Two new properties were purchased: (i) A land plot in
Oraiokastro area in Thessaloniki, with a total area of 40,832 sq.m.
Facing Egnatia Road and (ii) a land plot on Alimou Ave. in Athens, with
a total area of 3,900 sq.m. The initial investment for the two
purchases amounted to 14 mil. euro.

- The sale of two investment properties developed by Pasal on
Kifisias Ave. was completed, for a total amount of 16 mil. euro. The
Sales proceeds along with the capital raised from the company’s IPO in
December 2007 will be used to strengthen the company’s investment plan.

The company from its IPO on the Athens Stock Exchange (commencement of trading on 4/1/2008), raised 23.3 mil. euro capital; out of which 7.5 mil. euro is invested as of the end of Q1 2008. The company’s net debt (loans minus cash & cash equivalents) at the end of the quarter amounted to 26.7 mil. euro, and the loan to value ratio (LTV) remains at low levels at 24.5%, while it is expected to rise with the purchase of new investment property.
During 2008, one of the most important projects currently under development by Pasal Development is expected to be completed, the shopping center at 180 Pireos Str. in Tavros that will accommodate 80 retail stores as well as dining areas. The company is at final negotiations with well known brands for signing leases and within the first half of the year, it is estimated that the largest part of lettable areas will be leased. The shopping center’s opening is expected in December 2008 with estimated initial annual income of 6 mil. euro. The logistics center in Elefsina, with a total area of 33,900 sq.m. will also begin its operation during 2008.
In the context of implementing its investment plan, PASAL is planning new developments of 150 mil. euro during the next two-year period, in Athens and other regions in Greece and the Balkans, from which 95 mil. euro refer to investments undertaken in 7 different projects. At the same time, the Company will pursue other investments as well. Particular emphasis will be given to the promising sectors of shopping centers (malls, big boxes) and retail outlets in Athens, Thessaloniki and in other large secondary cities. In the context of developing activities in new markets, particularly in the Balkan region, Pasal Development is in the process of establishing a subsidiary company in Serbia in the near future.
The brief financial information for the three-month period that ended on 31 March 2008 will be published in the newspaper “Naftemporiki” on 28/5/2008, while the brief consolidated and company interim financial statements will be posted on the company’s website ( ) on the same day.
PASAL Development focuses on property categories that are in high demand and for which possesses the appropriate know - how in order to ensure, to the best possible degree, the efficient development of each project. The company’s policy is to invest in properties intended for commercial use (big-box, malls and retail parks), logistics centers, office buildings and properties intended for residential use as second home. The main axes of the company’s strategy are:
- Development and utilization of properties owned by third
parties, such as foundations, pension funds and other non-profit
organizations.
- Emphasis on maintaining a sound financial structure in order to
confront potential liquidity problems, a situation that constitutes a
major risk factor for a real estate developer.
- Focus in the development of properties without entering the
construction sector.
- Development and utilization of properties throughout Greece,
primarily in Athens, Thessalonica and the other major urban centers.
- Development of properties directly by the company or through
joint ventures with similar companies in order to gain benefits from
synergies

For more information please contact the Corporate Announcements & Shareholders Services’ DPT, Mrs Jenny Stavrinou, 30-210-69-67-600, or email: , web site: .
PASAL DEVELOPMENT S.A.

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ORLANDO, Fla., May 1 /PRNewswire-FirstCall/ — National Retail Properties, Inc. , a real estate investment trust, today announced operating results for the quarter ended March 31, 2008, including a 37.5ACIORFIPROCENTE increase in revenues and a 4.1ACIORFIPROCENTE increase in Funds From Operations (”FFO”) per share compared to the same period for 2007. Highlights include: Operating Results: —————— * Revenues and net earnings and FFO available to common stockholders: Quarter Ended March 31, 2008 2007 ——– ——– (in thousands, except per share data) Revenues $ 55,200 $ 40,134 Net earnings available to common stockholders $ 31,357 $ 25,008 Net earnings per common share (diluted) $ 0.43 $ 0.41 FFO available to common stockholders $ 36,974 $ 29,610 FFO per common share (diluted) $ 0.51 $ 0.49 * Investment Portfolio occupancy was 97.9ACIORFIPROCENTE at March 31, 2008. Investments and Dispositions for the quarter ended March 31, 2008: —————————————————————— * Investments: — $150.6 million in the Investment Portfolio, including acquiring 27 properties with an aggregate 390,000 square feet of gross leasable area — $22.8 million in the Inventory Portfolio, including acquiring 5 properties and funding $1.2 million of development * Dispositions: — 4 Investment properties with an aggregate 38,000 square feet of gross leasable area, with net proceeds of $10.3 million, resulting in a gain of $3.9 million — 8 Inventory properties with net proceeds of $71.8 million Capital transactions for the quarter ended March 31, 2008: ———————————————————- * Issued 269,678 shares of common stock generating $5.9 million of net proceeds pursuant to the Dividend Reinvestment and Stock Purchase Plan * Issued $234 million of 5.125ACIORFIPROCENTE convertible senior notes due in 2028 (with 2013 put option) * Repayment in full of $100 million of 7.125ACIORFIPROCENTE notes due March 2008 * Repayment in full of $12 million of 10.0ACIORFIPROCENTE OAMI secured note payable due 2008National Retail also announced increased 2008 FFO guidance of $1.97 to $2.02 per share, which represents a 5ACIORFIPROCENTE to 8ACIORFIPROCENTE increase over 2007 results. This equates to earnings before any gains or losses from the sale of investment properties of $1.54 to $1.59 per share plus $0.43 per share of expected real estate related depreciation and amortization. This guidance is based on current plans and assumptions and subject to the risks and uncertainties more fully described in this press release and the company’s reports filed with the Securities and Exchange Commission.Craig Macnab, Chief Executive Officer commented, “This is a great start to what we see as another record year for NNN. Our portfolio and balance sheet are in good shape and the competitive environment for acquisitions is notably better than in recent years.”National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of March 31, 2008, the company owned 931 Investment properties in 44 states with a gross leasable area of approximately 11 million square feet. For more information on the company, visit .Management will hold a conference call on May 1 at 2:00 p.m. EDT to review these results. The call can be accessed on National Retail’s web site live at . For those unable to listen to the live broadcast, a replay will be available on the company’s web site. In addition, a summary of any earnings guidance given on the call will be posted to the company’s web site.Statements in this press release that are not strictly historical are “forward-looking” statements. Forward-looking statements involve known and unknown risks, which may cause the company’s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the availability of capital, and the profitability of the company’s taxable subsidiary. Additional information concerning these and other factors that could cause actual results to differ materially from those forward-looking statements is contained from time to time in the company’s Securities and Exchange Commission (”SEC”) filings, including, but not limited to, the company’s Annual Report on Form 10-K. Copies of each filing may be obtained from the company or the SEC. Consequently, such forward-looking statements should be regarded solely as reflections of the company’s current operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. National Retail undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made.Funds From Operations, commonly referred to as FFO, is a relative non-GAAP financial measure of operating performance of an equity REIT in order to recognize that income-producing real estate historically has not depreciated on the basis determined under GAAP. FFO is defined by the National Association of Real Estate Investment Trusts and is used by the company as follows: net earnings (computed in accordance with GAAP) plus depreciation and amortization of assets unique to the real estate industry, excluding gains (or including losses) on the disposition of real estate held for investment, and the company’s share of these items from the company’s unconsolidated partnerships.FFO is generally considered by industry analysts to be the most appropriate measure of performance of real estate companies. FFO does not necessarily represent cash provided by operating activities in accordance with GAAP and should not be considered an alternative to net earnings as an indication of the company’s performance or to cash flow as a measure of liquidity or ability to make distributions. Management considers FFO an appropriate measure of performance of an equity REIT because it primarily excludes the assumption that the value of the real estate assets diminishes predictably over time, and because industry analysts have accepted it as a performance measure. The company’s computation of FFO may differ from the methodology for calculating FFO used by other equity REITs, and therefore, may not be comparable to such other REITs.The company has determined that there are earnings from discontinued operations in each of its segments, real estate held for investment and real estate held for sale. All property dispositions from the company’s held for investment segment are classified as discontinued operations. In addition, certain properties in the company’s held for sale segment that have generated revenues before disposition are classified as discontinued operations. The results of operations for prior periods for these properties now classified as discontinued operations have been restated to reflect the results in earnings from discontinued operations for comparability purposes. These adjustments resulted in a decrease in the company’s reported total revenues and total and per share earnings from continuing operations and an increase in the company’s earnings from discontinued operations. However, the company’s total and per share FFO and net earnings available to common stockholders are not affected. National Retail Properties, Inc. (in thousands, except per share data) (unaudited) Income Statement Summary Quarter Ended March 31, 2008 2007 ———— ———– Revenues: Rental and earned income $ 51,031 $ 36,438 Real estate expense reimbursement from tenants 1,578 1,251 Interest and other income from real estate transactions 1,235 1,201 Interest income on commercial mortgage residual interests 1,356 1,244 ———— ———– 55,200 40,134 ———— ———– Disposition of real estate, Inventory Portfolio: Gross proceeds 4,900 825 Costs (4,879) (493) ———— ———– Gain 21 332 ———— ———– Operating expenses: General and administrative 7,560 6,321 Real estate 2,439 1,845 Depreciation and amortization 10,157 6,795 Impairment - commercial mortgage residual interests valuation 758 - ———— ———– 20,914 14,961 ———— ———– Other expenses (revenues): Interest and other income (1,221) (1,303) Interest expense 15,366 11,101 Loss on interest rate hedge 804 - ———— ———– 14,949 9,798 ———— ———– Income tax benefit 2,652 2,793 Minority interest 1,016 189 Equity in earnings of unconsolidated affiliates 79 - ———— ———– Earnings from continuing operations 23,105 18,689 Earnings from discontinued operations: Real estate, Investment Portfolio 4,999 4,257 Real estate, Inventory Portfolio, net of income tax expense and minority interest 4,949 3,758 ———— ———– 9,948 8,015 ———— ———– Net earnings 33,053 26,704 Series C Preferred Stock dividends (1,696) (1,696) ———— ———– Net earnings available to common stockholders - basic and diluted $ 31,357 $ 25,008 ============ =========== National Retail Properties, Inc. (in thousands, except per share data) (unaudited) Quarter Ended March 31, 2008 2007 ———— ———– Weighted average common shares outstanding: Basic 72,315 60,333 ============ =========== Diluted 72,447 60,472 ============ =========== Net earnings per share available to common stockholders: Basic: Continuing operations $ 0.29 $ 0.28 Discontinued operations 0.14 0.13 ———— ———– Net earnings $ 0.43 $ 0.41 ============ =========== Diluted: Continuing operations $ 0.29 $ 0.28 Discontinued operations 0.14 0.13 ———— ———– Net earnings $ 0.43 $ 0.41 ============ =========== Supplemental Information: Percentage rent $ 58 $ 458 ============ =========== Earned income from direct financing leases $ 886 $ 1,822 Decrease in real estate classified as direct financing leases (1,199) (2,462) ———— ———– Net direct financing lease adjustment (313) (640) Accrued rental income (straight-line) 579 691 ———— ———– Net lease accounting adjustments $ 266 $ 51 ============ =========== Net Inventory Portfolio gain on disposition (TRS) $ 5,633 $ 4,669 ============ =========== Capitalized interest $ 531 $ 618 ============ =========== Scheduled debt principal amortization (excluding maturities) $ 291 $ 450 ============ =========== National Retail Properties, Inc. (in thousands, except per share data) (unaudited) Quarter Ended March 31, 2008 2007 ———– ———- Reconciliation of net earnings to FFO and FFO available to common stockholders: Net earnings $ 33,053 $ 26,704 Real estate depreciation and amortization: Continuing operations 9,426 6,212 Discontinued operations 25 153 Joint venture real estate depreciation 43 - Gain on disposition of real estate Investment Portfolio (3,877) (1,763) ———– ———- FFO 38,670 31,306 Series C Preferred Stock dividends (1,696) (1,696) ———– ———- FFO available to common stockholders - basic and diluted $ 36,974 $ 29,610 =========== ========== FFO per share: Basic $ 0.51 $ 0.49 =========== ========== Diluted $ 0.51 $ 0.49 =========== ========== Quarter Ended March 31, 2008 2007 —————— ——————- # of # of Real Estate Disposition Summary Properties Gain Properties Gain ——————————- ———- ——- ———- ——- Reconciliation of gain on disposition between continuing and discontinued operations: Continuing operations 1 $ 21 1 $ 332 Discontinued operations: Investment Portfolio 4 3,877 5 1,763 Inventory Portfolio 7 9,128 22 4,337 Minority interest, Inventory Portfolio - (3,516) - - ———- ——- ———- ——- 12 $ 9,510 28 $ 6,432 ========== ======= ========== ======= Reconciliation of gain on disposition by type: Inventory Portfolio: Development 4 $ 8,284 5 $ 1,796 Exchange 4 865 18 2,873 Minority interest, Development - (3,516 ) - - ———- ——- ———- ——- Total Inventory gain (TRS) 8 5,633 23 4,669 Investment Portfolio 4 3,877 5 1,763 ———- ——- ———- ——- 12 $ 9,510 28 $ 6,432 ========== ======= ========== ======= National Retail Properties, Inc. (in thousands) (unaudited) Earnings from Discontinued Operations: ————————————– In accordance with Statement of Financial Accounting Standards No. 144, “Accounting for the Impairment or Disposal of Long-Lived Assets” (”SFAS No. 144″), the company has classified its investment assets sold and leasehold interests expired subsequent to December 31, 2001, the effective date of SFAS No. 144, as discontinued operations. In addition, the company has classified any investment asset or revenue generating inventory asset that was held for sale at March 31, 2008, as discontinued operations. The following is a summary of earnings from discontinued operations. Quarter Ended March 31, 2008 2007 ———– ———– Earnings from Discontinued Operations - Investment Portfolio: ————————————— Revenues: Rental and earned income $ 290 $ 2,671 Real estate expense reimbursement from tenants 7 93 Interest and other income from real estate transactions 534 124 ———– ———– 831 2,888 ———– ———– Expenses: General and administrative (79) - Real estate (250) 148 Depreciation and amortization 24 153 Impairment - real estate 14 95 Interest - (2) ———– ———– (291) 394 ———– ———– Gain on disposition of real estate 3,877 1,763 ———– ———– Earnings from discontinued operations $ 4,999 $ 4,257 =========== =========== Earnings from Discontinued Operations - Inventory Portfolio: ————————————— Revenues: Rental income $ 3,360 $ 2,850 Real estate expense reimbursement from tenants 328 297 Interest and other income from real estate transactions 454 6 ———– ———– 4,142 3,153 ———– ———– Disposition of real estate: Gross proceeds 69,187 59,652 Costs (60,059) (55,315) ———– ———– Gain 9,128 4,337 ———– ———– Expenses: General and administrative 25 8 Real estate 546 431 Depreciation and amortization 44 20 Interest 998 816 ———– ———– 1,613 1,275 ———– ———– Income tax expense (3,028) (2,299) Minority interest (3,680) (158) ———– ———– Earnings from discontinued operations $ 4,949 $ 3,758 =========== =========== National Retail Properties, Inc. (in thousands) March 31, December 31, Balance Sheet Summary 2008 2007 ———— ———— (unaudited) (Note 1) Assets: Cash and cash equivalents $ 11,838 $ 27,499 Receivables, net of allowance 7,212 3,818 Investment in unconsolidated affiliate 4,958 4,139 Mortgages, notes and accrued interest receivable, net of allowance 113,891 73,162 Real estate, Investment Portfolio: Accounted for using the operating method, net of accumulated depreciation and amortization 2,195,701 2,055,846 Accounted for using the direct financing method 33,038 37,497 Real estate, Inventory Portfolio, held for sale 205,384 248,611 Commercial mortgage residual interests 22,617 24,340 Accrued rental income, net of allowance 24,855 24,652 Other assets 43,266 40,041 ———— ———— Total assets $ 2,662,760 $ 2,539,605 ============ ============ Liabilities: Line of credit payable $ 123,500 $ 129,800 Mortgages payable 27,189 27,480 Note payable - secured - 12,000 Notes payable - convertible 406,535 172,500 Notes payable, net of unamortized discount 618,340 718,290 Income tax liability 1,115 1,671 Other liabilities 60,045 68,245 ———— ———— Total liabilities 1,236,724 1,129,986 Minority interest 5,241 2,334 Stockholders’ equity 1,420,795 1,407,285 ———— ———— Total liabilities and equity $ 2,662,760 $ 2,539,605 ============ ============ Common shares outstanding 73,031 72,528 ============ ============ Gross leasable area, Investment Portfolio (square feet) 10,962 10,610 ============ ============ Note 1: Amounts are derived from audited consolidated financial statements included in the company’s Form 10-K, as amenended. Orange Avenue Mortgage Investments, Inc. (in thousands) In May 2005, the company acquired a 78.9 percent equity investment of OAMI for $9.4 million. The company’s 78.9 percent share of OAMI’s net cash flow has totaled over $24 million since May 2005. The following summary represents the balances related to OAMI included in the company’s Balance Sheet and Income Statement Summary: March 31, December 31, 2008 2007 ————- ————- (unaudited) (Note 1) Assets: Cash and cash equivalents $ 533 $ 15,541 Receivables and other assets 29 1,417 Commercial mortgage residual interests 22,617 24,340 ————- ————- $ 23,179 $ 41,298 ============= ============= Liabilities: Notes payable - secured $ - $ 12,000 Income tax liability 6,353 6,768 Other liabilities 65 145 ————- ————- $ 6,418 $ 18,913 ============= ============= Minority interest $ 757 $ 1,895 ============= ============= Quarter Ended March 31, 2008 2007 ————- ————- (unaudited) (unaudited) Revenues: Interest income on commercial mortgage residual interests $ 1,356 $ 1,244 Interest and other income 191 702 ————- ————- 1,547 1,946 Expenses: General and administrative 78 125 Amortization 35 63 Impairment - commercial mortgage residual interests valuation 758 - Interest 200 613 ————- ————- 1,071 801 ————- ————- Income tax benefit 407 768 Minority interest (139) (282) ————- ————- Net earnings $ 744 $ 1,631 ============= ============= Note 1: Amounts are derived from audited consolidated financial statements included in the company’s Form 10-K, as amenended. NNN Retail Properties Fund I LLC (dollars in thousands) In September 2007, the company entered into a joint venture, NNN Retail Properties Fund I LLC, with an affiliate of Crow Holdings Realty Partners IV, L.P. The company owns a 15 percent equity interest, and the following summary represents the Balance Sheet and Income Statement Summary for the joint venture. The company’s investment in the joint venture is included in the company’s Balance Sheet Summary under “Investment in unconsolidated affiliates.” March 31, December 31, 2008 2007 ———– ———– (unaudited) Assets: Cash and cash equivalents $ 131 $ 30 Receivables 14 - Real estate 75,337 65,413 Other assets 1,239 921 ———– ———- $ 76,721 $ 66,364 =========== ========== Liabilities: Notes payable $ 43,600 $ 38,600 Other liabilities 65 180 ———– ———- Total liabilities 43,665 38,780 ———– ———- Members’ equity 33,056 27,584 ———– ———- Total liabilities and equity $ 76,721 $ 66,364 =========== ========== Quarter Ended March 31, 2008 (unaudited) Revenues: Rental income $ 1,497 ———– 1,497 Expenses: General and administrative 71 Real estate 5 Depreciation and amortization 353 Interest 597 ———– 1,026 Net earnings $ 471 =========== National Retail Properties, Inc. Investment Portfolio Top 20 Lines of Trade ——————— March 31, Line of Trade 2008(1) 2007(2) ———————————- ———- ——— 1. Convenience stores 23.0 ACIORFIPROCENTE 18.1 ACIORFIPROCENTE 2. Restaurants - full service 9.6 ACIORFIPROCENTE 12.1 ACIORFIPROCENTE 3. Automotive service 8.1 ACIORFIPROCENTE 0.2 ACIORFIPROCENTE 4. Theaters 6.4 ACIORFIPROCENTE - 5. Automotive parts 4.7 ACIORFIPROCENTE 1.5 ACIORFIPROCENTE 6. Drug stores 4.3 ACIORFIPROCENTE 8.0 ACIORFIPROCENTE 7. Books 4.1 ACIORFIPROCENTE 5.5 ACIORFIPROCENTE 8. Consumer electronics 4.1 ACIORFIPROCENTE 5.8 ACIORFIPROCENTE 9. Sporting goods 3.7 ACIORFIPROCENTE 7.1 ACIORFIPROCENTE 10. Restaurants - limited service 3.4 ACIORFIPROCENTE 4.8 ACIORFIPROCENTE 11. Travel plazas 2.9 ACIORFIPROCENTE 3.7 ACIORFIPROCENTE 12. Grocery 2.8 ACIORFIPROCENTE 5.5 ACIORFIPROCENTE 13. Furniture 2.8 ACIORFIPROCENTE 4.1 ACIORFIPROCENTE 14. Office supplies 2.6 ACIORFIPROCENTE 3.7 ACIORFIPROCENTE 15. Family entertainment centers 2.0 ACIORFIPROCENTE - 16. Auto dealerships 2.0 ACIORFIPROCENTE 2.0 ACIORFIPROCENTE 17. Beer, wine and liquor 2.0 ACIORFIPROCENTE 2.1 ACIORFIPROCENTE 18. General merchandise 1.6 ACIORFIPROCENTE 2.6 ACIORFIPROCENTE 19. Home furnishings 1.4 ACIORFIPROCENTE 1.8 ACIORFIPROCENTE 20. Craft, fabric and novelty 1.4 ACIORFIPROCENTE 1.8 ACIORFIPROCENTE Other 7.1 ACIORFIPROCENTE 9.6 ACIORFIPROCENTE ———- ——— Total 100.0 ACIORFIPROCENTE 100.0 ACIORFIPROCENTE ========== ========= Top 10 States ————- State ACIORFIPROCENTE of State ACIORFIPROCENTE of Total(1) Total(1) ————————- ————————- 1. Texas 19.2 ACIORFIPROCENTE 6. Georgia 4.7 ACIORFIPROCENTE 2. Florida 10.8 ACIORFIPROCENTE 7. Pennsylvania 4.5 ACIORFIPROCENTE 3. Illinois 7.1 ACIORFIPROCENTE 8. Indiana 4.3 ACIORFIPROCENTE 4. North Carolina 6.3 ACIORFIPROCENTE 9. Colorado 3.2 ACIORFIPROCENTE 5. California 5.3 ACIORFIPROCENTE 10. Ohio 3.2 ACIORFIPROCENTE Lease Expirations —————– Gross Gross ACIORFIPROCENTE of # of Leasable ACIORFIPROCENTE of # of Leasable Total(1) Properties Area(3) Total(1) Properties Area(3) ——- ——- ——- ——- ——- ——- 2008 0.5ACIORFIPROCENTE 11 182,000 2014 4.5ACIORFIPROCENTE 31 510,000 2009 1.5ACIORFIPROCENTE 23 427,000 2015 2.7ACIORFIPROCENTE 20 469,000 2010 2.9ACIORFIPROCENTE 38 401,000 2016 1.9ACIORFIPROCENTE 14 240,000 2011 2.1ACIORFIPROCENTE 21 336,000 2017 4.7ACIORFIPROCENTE 26 663,000 2012 3.7ACIORFIPROCENTE 33 549,000 2018 4.0ACIORFIPROCENTE 32 500,000 2013 4.2ACIORFIPROCENTE 34 753,000 Thereafter 67.3ACIORFIPROCENTE 628 5,622,000 (1) Based on annual base rent of $209,409,000, which is the annualized base rent for all leases in place as of March 31, 2008. (2) Based on annual base rent of $154,809,000, which is the annualized base rent for all leases in place as of March 31, 2007. (3) Square feet.National Retail Properties, Inc.

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NEW YORK, April 28 /PRNewswire-FirstCall/ — Thomson Reuters (NYSE: TRI; TSX: TRI; LSE: TRIL: Nasdaq: TRIN), the world’s leading source of intelligent information for businesses and professionals, today announced the new leadership team for its foundation. With the approval of the foundation’s trustees, Richard J. Harrington, former Thomson president and chief executive officer, has been appointed foundation chairman. Monique Villa, former managing director at Reuters Media, has been appointed chief executive officer of the foundation.(Logo: )Thomas H. Glocer, chief executive officer of Thomson Reuters, said, “I am truly delighted that Dick Harrington and Monique Villa have accepted these roles. Together they will bring a huge amount of expertise, creativity, experience and ideas to the foundation. The foundation underpins Thomson Reuters business strategy with a central commitment to the communities in which we do business.”"In building on the heritage of three decades of the Reuters Foundation, and by leveraging the broader assets and capabilities of our enlarged global business, Dick and Monique will be able to drive the work of the foundation forward, expanding its influence and work across the globe.”Mr. Harrington added, “I’m honored to continue my tenure with Thomson Reuters in this capacity and thank Geert Linnebank for his vision and leadership as previous chairman of the foundation. During my tenure at Thomson, we developed an outstanding track record for making a difference in the communities in which we operate. I am confident we can uphold that tradition while supporting the historic priorities of the foundation.”Ms. Villa said, “I am hugely excited by the opportunity to help lead and develop the foundation, to extend its global reach and impact, and utilize the tremendous skills and expertise within Thomson Reuters. Through various supported initiatives, the foundation will provide knowledge, information and support to diverse communities in which we operate, giving them the means and a voice with which to make a difference.”Reuters Foundation runs four core programs: journalism training, Reuters AlertNet (), the inception and creation of Aswat al Iraq () and part-funding of the Reuters Institute for the Study of Journalism at the University of Oxford. It is expected to continue to run these programs while expanding to take on more initiatives to reflect the expertise, global community and strategic business goals of Thomson Reuters.The foundation’s strategic and operational goals are overseen by its board of trustees, which in addition to Mr. Harrington includes Geert Linnebank, the former chairman; David Craig, Thomson Reuters chief strategy officer, who oversees management of the foundation’s activities; David Schlesinger, Thomson Reuters editor in chief; as well as independent directors Lawton Fitt, Kenneth Olisa and Sir Crispin Tickell.Reuters Foundation is registered as a charity in England and Wales, UK, registered number 1082139. Established in November 1982, the trustees determined that the priorities of the charity were to be the advancement of education, humanitarian aid and the environment. Reuters Foundation Consultants Limited is a wholly owned subsidiary of the above company. Reuters Foundation is the sole member of Reuters Foundation Inc., a New York not-for-profit corporation which holds 501c3 status.Community Engagement at Thomson ReutersWorking in partnership with community organizations and charities, the people at Thomson Reuters provide valuable support by sharing time, expertise, skills and resources, while also building their own skills and awareness of social issues. Thomson Reuters is committed to using its specialized knowledge, information, technology and resources to develop robust programs that help individuals, families and communities reach their full potential. Thomson Reuters staff have developed many exciting programs to share skills - some outstanding examples from the last 12 months are published at: .About Thomson ReutersThomson Reuters is the world’s leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world’s most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange ; Toronto Stock Exchange (TSX: TRI); London Stock Exchange ; and Nasdaq . For more information, go to .About Richard HarringtonPrior to his appointment as Chairman of the foundation, Mr. Harrington was president and chief executive officer of The Thomson Corporation. During his 10 years as CEO, Mr. Harrington led the transformation of Thomson from a diverse holding company with interests in publishing into an integrated operating company to a leading global provider of electronic information, software and services to business and professional customers. Under his direction, Thomson’s market value more than tripled and the company became a celebrated case study in how a large business can adapt quickly and repeatedly to take advantage of changing markets.Prior to becoming CEO of The Thomson Corporation, Mr. Harrington held a number of senior leadership positions within the company, including CEO of Thomson Newspapers, and CEO of Thomson Professional Publishing.Mr. Harrington serves on the boards of directors of Xerox Corporation and the Norwalk Community College Foundation. He also sits on advisory boards associated with the William F. Achtmeyer Center for Global Leadership at Dartmouth’s Tuck Business School, the College of Business Administration at the University of Rhode Island (URI) and the President’s Council at URI.He has received many honors during his career. In 2007, he received the “Legend in Leadership” award from the Yale University Chief Executive Leadership Institute; the “CEO of the Year” award from the Executive Council, and the “Man of the Year” award from the National Executive Council for his many philanthropic activities.About Monique VillaMonique Villa was formerly managing director of Reuters Media. She is a business leader with broad international media industry experience and a strong record of success in launching high profile initiatives and growing revenues. Ms. Villa is also chairman of Action Images, a specialist sports photography agency acquired by Reuters in September 2005.Ms. Villa joined Reuters in 2000 and has since then been managing the picture and text news business for the Reuters News Agency. Ms. Villa has been instrumental in transforming the picture business and negotiated important deals for Media and Editorial, including the recent partnership with the International Herald Tribune to jointly produce their print and online business pages.Prior to joining Reuters, Ms. Villa was with Agence France Presse (AFP) where she held a number of senior journalistic and management positions. As a correspondent with AFP she reported for a number of years from Paris and Rome, became deputy head of its political news service, then Bureau Chief for UK and Ireland, based in London. In 1996, she became director of strategy and business development at the headquarters in Paris, with responsibility for AFP’s major partnerships worldwide.Ms. Villa studied Law and Political Science and has a Diploma from the Paris Centre de Formation Des Journalistes. CONTACTS Fred Hawrysh Global Director, Corporate Affairs 1.203 539 8314 Victoria Brough Head of Corporate Communications, EMEA 44 (0) 207 542 8762 Frank DeMaria Global Director, Media Relations 1.646 223 5507Thomson Reuters

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ATLANTA, April 21 /PRNewswire-FirstCall/ — Global Payments Inc. , represented by Senior Executive Vice President and Chief Operating Officer, James G. Kelly, will present at “Baird’s 2008 Growth Stock Conference” on May 15, 2008. Mr. Kelly is expected to present at 9:30 a.m. EDT. The conference will be held in Chicago, IL and can be accessed via Web cast at .(Logo: )Chairman, President and Chief Executive Officer, Paul R. Garcia, will present at the “JPMorgan 36th Annual Technology Conference” on May 19, 2008. Mr. Garcia is expected to present at 8:40 a.m. EDT. The conference will be held in Boston, MA and can be accessed via Web cast at .Global Payments Inc. is a leading provider of electronic transaction processing services for consumers, merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Latin America, Europe and the Asia-Pacific. Global Payments offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. The company also provides consumer money transfer services from the U.S. and Europe to destinations in Latin America, Morocco and the Philippines. For more information about the company and its services, visit .This announcement and comments made by Global Payments’ management during the conference call contain certain forward-looking statements within the meaning of the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including revenue and earnings estimates and management’s expectations regarding future events and developments, are forward looking statements and are subject to significant risks and uncertainties. Important factors that may cause actual events or results to differ materially from those anticipated by such forward-looking statements include the following: continued certification by credit card associations, foreign currency risks, competition and pricing, product demand, market and customer acceptance, development difficulties, the effect of economic conditions and consumer spending, security breaches or system failures, costs of capital, changes in immigration patterns, changes in state, federal or foreign laws and regulations affecting the electronic money transfer industry, increases in credit card association fees, utility or system interruptions, the ability to consummate and integrate acquisitions, and other risks detailed in the company’s SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events. Contact: Jane M. Elliott 770-829-8234 Voice 770-829-8267 FaxGlobal Payments Inc.

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MAYNARD, Mass., April 10 /PRNewswire/ — Making It Count, an educational service provider for students and parents, and a business unit of Monster Worldwide, Inc. , and Bank of America, one of the world’s largest financial institutions, today announced the “Ultimate Money Skills” program will begin its third nationwide tour this month. More than 275 live, in-school presentations will focus on teaching college students how to manage all of their finances, including how to utilize banking services, minimize debt, manage loan repayments, design a personal budget and use credit cards, responsibly.(Logo: )As a companion to this year’s program, Making It Count and Bank of America also launched , a supplemental online guide that further supports development of students’ financial literacy skills. The interactive site features relevant content regarding issues such as identity theft, investing, managing loans and budgeting. It will also include a money management blog that addresses handling campus finances, written by and for college students; and a “Money Issue of the Month” promotion, offering students the chance to win $100 for submitting solutions to money-related challenges.”A recent MonsterTRAK survey* revealed that 81 percent of 2007 college graduates polled accrued more than $10,000 in student loan debt while attending school,” said JR Cifani, vice president and general manager, Making It Count. “These findings underscore how important it is for young students to educate themselves on making smart financial decisions.”"Bank of America understands that financial management is complex, and when students don’t learn to manage their finances effectively, their finances can end up managing them. That’s why it is so important for students to gain basic money management skills early in life,” said JoLynn Ensminger, senior vice president, Bank of America, Student Card. “We are very excited about our continued sponsorship and expansion of the Ultimate Money Skills program and believe that it will provide students with the information and tools they need to make smart decisions with their money today and in the future.”Students and administration who attended the “Ultimate Money Skills” program in 2007 found the presentation extremely effective, rating the program a 9.2 and 9.4 out of 10, respectively, for value.”The [Ultimate Money Skills] program is a no-nonsense, engaging way to introduce the complex issues related to money management to students,” said Wonda Shipman, associate dean of student development at New Jersey City University, Jersey City, New Jersey.In addition to offering financial solutions specifically designed for students, such as CampusEdge(R) Checking, Bank of America also provides a Student Financial Handbook, an easy-to-use guide to assist students in managing their money. A free copy is available for download at .For more information regarding the “Ultimate Money Skills” program or additional Making It Count programs presented in conjunction with Bank of America, please visit: .*MonsterTRAK’s 2008 Entry Level Job Outlook was conducted from February 12-22, 2008 via targeted online distribution to nationwide MonsterTRAK customer companies, as well as college students and recent alumni who are MonsterTRAK members. Results were recorded from 1,117 employers, 654 of which qualified to take the entire survey, and 3,603 students and alumni. This poll is not scientific and reflects the opinions of only those Internet users who have chosen to participate.About Bank of AmericaBank of America is one of the world’s largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, more than 19,000 ATMs and award-winning online banking with more than 24 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock is listed on the New York Stock Exchange.About Making It CountMaking It Count provides a nationally recognized series of live, in-school presentations that educate and motivate teens to excel in both personal and professional educational endeavors. Delivered by a roster of skilled presenters from a variety of backgrounds, including members of the U.S. Olympic Team, the corporate-sponsored programs reach more than 2.5 million students every year, and are hosted at over 5,000 high schools and 650 colleges nationwide. More information is available at .About Monster WorldwideMonster Worldwide, Inc. , parent company of Monster(R), the premier global online employment solution for more than a decade, strives to inspire people to improve their lives. With a local presence in key markets in North America, Europe, and Asia, Monster works for everyone by connecting employers with quality job seekers at all levels and by providing personalized career advice to consumers globally. Through online media sites and services, Monster delivers vast, highly targeted audiences to advertisers. Monster Worldwide is a member of the S&P 500 Index and the NASDAQ 100. To learn more about Monster’s industry-leading products and services, visit .Special Note: Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the statements made in this release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve certain risks and uncertainties, including statements regarding Monster Worldwide, Inc.’s strategic direction, prospects and future results. Certain factors, including factors outside of Monster Worldwide’s control, may cause actual results to differ materially from those contained in the forward- looking statements, including economic and other conditions in the markets in which Monster Worldwide operates, risks associated with acquisitions, competition, seasonality and the other risks discussed in Monster Worldwide’s Form 10-K and other filings made with the Securities and Exchange Commission, which discussions are incorporated in this release by reference. Bank of America

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ATLANTA, April 10 /PRNewswire-FirstCall/ — S1 Enterprise, a division of S1 Corporation and a leading provider of multichannel financial service software, today announced the latest version of its online ACH solution powered by the S1 Corporate Banking application. This version provides new capabilities such as a central repository for payee information, additional ACH transaction types, improved usability features, and advanced security options and controls.Wachovia Bank, N.A. is among the first clients of S1 Enterprise to use this new ACH service. “Our clients demand ‘best-of-breed’ tools to manage their businesses effectively,” said Michael Daley, senior vice president of Treasury Services for Wachovia Bank. “We are pleased to ‘partner’ with S1 Corporation to deliver the functionality and performance our ACH customers require.”Wachovia’s ACH solution will primarily service its small business and commercial clients with a fully functional, easy to use, online, ACH service. Wachovia’s clients will access the new ACH service via the Wachovia Connection online banking portal to initiate multiple types of ACH payments — including tax payments, payroll, direct debits and trade payments. S1 will provide tax routing and formatting updates to the Bank and will also assist Wachovia with implementation services.”We designed S1 Corporate Banking to support the sophisticated payment requirements of top global banks. We are proud to work with Wachovia Treasury Services as one of their strategic ‘partners,’” said Fred Dumas, General Manager, S1 Treasury Online Group. “We are committed to providing benefits to Wachovia for many years to come.”S1 has almost twenty years of experience providing cash management solutions to the world’s largest banks. S1 Corporate Banking provides an integrated global payments framework supporting diverse domestic and international payments, including wire transfers, account transfers, ACH and localized payments for over twenty countries. In addition to comprehensive payment services, S1 Corporate Banking offers a rich, highly flexible user-interface, extensive security and entitlement features like multi-factor authentication, bulk file transfers, check services, and complete information reporting supporting cash position management.About S1 EnterpriseMore than 100 banks and three million consumer, small business, and corporate users worldwide rely on S1 Enterprise solutions to access and manage their financial information. A division of S1 Corporation , S1 Enterprise is a leading provider of integrated banking solutions that enables financial service providers to receive a holistic view of their customer via a common technology platform regardless of delivery channel — branch, call center, Internet, or voice. Additional information about S1 Enterprise is available at .About S1 CorporationS1 Corporation delivers customer interaction software for financial and payment services and offers unique solution sets for financial institutions, retailers, and processors under three brand names: Postilion, S1 Enterprise and FSB Solutions. Additional information about S1 solutions is available at , , , and .Forward-Looking StatementsThis press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act. These statements include statements with respect to our financial condition, results of operations and business. The words “believes,”"expects,”"may,”"will,”"should,”"projects,”"contemplates,”"anticipates,”"forecasts,”"intends” or similar terminology identify forward-looking statements. These statements are based on our beliefs as well as assumptions made using information currently available to us. Because these statements reflect our current views concerning future events, they involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly from the results discussed in the forward-looking statements. The risk factors included in our reports filed with the Securities and Exchange Commission (and available on our web site at or the SEC’s web site at ) provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Except as provided by law, we undertake no obligation to update any forward-looking statement. S1 Corporation

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WALNUT CREEK, Calif., April 10 /PRNewswire-FirstCall/ — PMI Mortgage Insurance Co., the U.S. subsidiary of The PMI Group, Inc. , today released its Spring 2008 U.S. Market Risk Index(SM), which ranks the nation’s 50 largest metropolitan statistical areas (MSAs) according to the likelihood that home prices will be lower in two years. The U.S. Market Risk Index shows risk is beginning to mitigate in some areas of the country while it continues to increase in others. Risk continues to increase in states where price growth dramatically exceeded historical norms and began to decline in areas where prices grew at a sustainable rate.A complete copy of the Spring 2008 PMI ERET report and an appendix that provides data for all 381 U.S. MSAs is available at: The Spring 2008 Risk Index is based on fourth-quarter Office of Federal Housing Enterprise Oversight (OFHEO) data. Thirteen of the nation’s Top 50 MSAs are in PMI’s highest risk rank, with a greater than 60 percent chance that home prices will be lower in two years. Risk remains largely concentrated in a number of MSAs in California and Florida, as well as in Las Vegas, NV, and Phoenix, AZ. Risk scores translate directly into an estimated percentage risk that home prices will be lower in two years. The MSAs with the highest risk scores were Riverside/San Bernardino/Ontario, CA (93 percent), Las Vegas (91 percent), and Orlando (85 percent).”Excess supply is responsible for much of the risk we’re seeing in the market,” said David W. Berson, Chief Economist and Strategist for The PMI Group. “The excess supply of housing in the United States is 9.2 months for existing homes (the 20-year average has been 6) and 9.8 months for new homes (the 20-year average has been 5.5), which will continue to depress prices for MSAs in risk ranks 1 and 2.” PMI Spring 2008 PMI U.S. Market Risk Index Rank MSA Score Rank MSA Score 1 Riverside-San Bernardino- 93 5 Cambridge-Newton- 9 Ontario, CA Framingham, MA 1 Las Vegas-Paradise, NV 91 5 Portland-Vancouver- 9 Beaverton, OR 1 Orlando-Kissimee, FL 85 5 New York-White Plains- 7 Wayne, NY 1 Fort Lauderdale-Pompano 84 5 Newark-Union, NJ 5 Beach-Deerfield Beach, FL 1 Phoenix-Mesa-Scottsdale, AZ 84 5 Seattle-Bellevue-Everett, WA 4 1 Santa Ana-Anaheim-Irvine, 81 5 Atlanta-Sandy Springs- 4 CA Marietta, GA 1 West Palm Beach-Boca 79 5 Nashville-Davidson- 3 Raton-Boynton Beach, FL Murfreesboro-Franklin, TN 1 Sacramento-Arden-Arcade- 78 5 Philadelphia, PA 3 Roseville, CA 1 Tampa-St. Petersburg- 78 5 St. Louis, MO-IL 2 Clearwater, FL 1 Los Angeles-Long Beach- 77 5 Chicago-Naperville-Joliet, IL 2 Glendale, CA 1 San Diego-Carlsbad-San 72 5 Milwaukee-Waukesha-West 2 Marcos, CA Allis, WI 1 Oakland-Fremont-Hayward, CA 63 5 Denver-Aurora, CO 1 1 Miami-Miami Beach-Kendall, 61 5 Cleveland-Elyria-Mentor, <1 FL OH 2 San Jose-Sunnyvale-Santa 51 5 Austin-Round Rock, TX <1 Clara, CA 2 Providence-New Bedford- 47 5 Charlotte-Gastonia-Concord, <1 Fall River, RI-MA NC-SC 3 Washington-Arlington- 37 5 Kansas City, MO-KS <1 Alexandria, DC-VA-MC 3 San Francisco-San Mateo- 30 5 Columbus, OH <1 Redwood City, CA 3 Nassau-Suffolk, NY 29 5 Cincinnati-Middletown, OH- <1 KY-IN 3 Boston-Quincy, MA 20 5 Memphis, TN-MS-AR <1 3 Edison, NJ 19 5 San Antonio, TX <1 4 Virginia Beach-Norfolk- 17 5 Indianapolis-Carmel, IN <1 Newport News, VA-NC 4 Minneapolis-St. Paul- 16 5 Houston-Sugar Land-Baytown, <1 Bloomington, MN TX 4 Detroit-Livonia-Dearborn, 15 5 Dallas-Plano-Irving, TX <1 MI 5 Baltimore-Towson, MD 10 5 Pittsburgh, PA <1 5 Warren-Troy-Farmington 9 5 Fort Worth-Arlington, TX <1 Hills, MI-NJHousing affordability generally improved during the fourth quarter, according to PMI’s proprietary Affordability Index(SM), which measures how affordable homes are today in a given MSA relative to a baseline of 1995. An Affordability Index score exceeding 100 indicates that homes have become more affordable while a score below 100 means they are less affordable. Nationally, the weighted average affordability index reading was 106.62 in the fourth quarter of 2008, compared with the third quarter reading of 104.25. All told, some 311 MSAs saw improvements in affordability while the remaining 70 were either unchanged or showed a decline.In addition to the PMI U.S. Market Risk Index showing the risk of price declines, PMI’s Spring 2008 Economic and Real Estate Trends(SM) (ERET) also examines the issue of home price declines and projects how severe PMI anticipates price declines will be.About PMI’s Economic & Real Estate Trends(SM) (ERET) and U.S. Market Risk Index(SM)The PMI Economic and Real Estate Trends (ERET) containing the US Market Risk Index is published quarterly by PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc. . The Risk Index is a proprietary statistical model that measures geographic house price risk by predicting the probability that home prices in the nation’s 381 largest metropolitan statistical areas (MSAs) and metropolitan statistical area divisions (MSADs) (as measured by the House Price Index from the Office of Federal Housing Enterprise Oversight (OFHEO)) will be lower in two years. The PMI U.S. Market Risk Index is based on data including the OFHEO House Price Index, labor market statistics from the Bureau of Labor Statistics, and the PMI Affordability Index, which uses local per capita household income, home price appreciation, and a blended mortgage rate to calculate the local share of mortgage payment to income relative to its baseline year of 1995. The PMI U.S. Market Risk Index scale ranges from one to 100 and translates to a percentage. For example, a score of 50 indicates a 50 percent chance that home prices will be lower in two years.About PMI Mortgage Insurance Co.PMI Mortgage Insurance Co. (PMI US), a subsidiary of The PMI Group, Inc. , provides residential mortgage insurance to mortgage lenders, capital market participants, and investors throughout the United States. PMI US is incorporated in Arizona, headquartered in Walnut Creek, CA, and licensed in all 50 states, the District of Columbia, Puerto Rico, Guam, and the Virgin Islands. By mitigating default risk, residential mortgage insurance expands home ownership opportunities and assists financial institutions in reducing the capital they are required to hold against low down payment mortgages. PMI US is rated AA by Standard and Poor’s, Aa2 by Moody’s, and AA by Fitch. For more information: .Cautionary Statement: Statements in this press release that are not historical facts or that relate to future plans, events or performance are ‘forward-looking’ statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, PMI’s U.S. Market Risk Index, Affordability Index, and any related discussion, and statements relating to future economic and housing market conditions. Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, the following factors: changes in economic conditions, economic recession or slowdowns, adverse changes in consumer confidence, declining housing values, higher unemployment, deteriorating borrower credit, changes in interest rates, or a combination of these factors. Readers are cautioned that any statements with respect to future economic and housing market conditions are based upon current economic conditions and, therefore, are inherently uncertain and highly subject to the changes in the factors enumerated above. Other risk and uncertainties are discussed in the Company’s filings with the Securities and Exchange Commission, including our report on Form 10-K for the year ended December 31, 2007. PMI Mortgage Insurance Co.

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