EXHIBIT

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| SECTION 1 | DEFINITIONS                                       |   | 1                                        |
|-----------|---------------------------------------------------|--------|------------------------------------------|
|      |                                              |   |
|      | 1.1                                               |   | Definitions                              |   | 1 |
|      | 1.2                                               |   | Other  Interpretive Provisions |   | 24 |
|      |                                              |   |
| SECTION 2 | COMMITMENTS OF THE LENDERS; BORROWING, CONVERSION |   |                                     |
|      | AND LETTER OF CREDIT PROCEDURES                   |   | 25                                       |
|      |                                              |   |
|      | 2.1                                               |   | Commitments                              |   | 25 |
|      |                                              |   | 2.1.1                                    | Revolving Commitment |   | 25 |
|      |                                              |   | 2.1.2                                    | L/C Commitment |   | 25 |
|      | 2.2                                               |   | Loan Procedures                          |   | 26 |
|      |                                              |   | 2.2.1                                    | Various Types of Loans |   | 26 |
|      |                                              |   | 2.2.2                                    | Borrowing Procedures |   | 26 |
|      |                                              |   | 2.2.3                                    | Conversion and Continuation Procedures |   | 27 |
|      |                                              |   | 2.2.4                                    | Swing Line Facility |   | 28 |
|      | 2.3                                               |   | Letter of Credit Procedures              |   | 29 |
|      |                                              |   | 2.3.1                                    | Procedures for Issuance and Amendment of Letters of Credit; |   |   |
|      |                                              |   |                                     | Auto-Extension Letters of Credit |   | 30 |
|      |                                              |   | 2.3.2                                    | Drawings and Reimbursements; Funding of Participations |   | 31 |
|      |                                              |   | 2.3.3                                    | Repayment of Participations |   | 33 |
|      |                                              |   | 2.3.4                                    | Obligations Absolute |   | 33 |
|      |                                              |   | 2.3.5                                    | Role of Issuing Lender |   | 34 |
|      |                                              |   | 2.3.6                                    | Applicability of ISP |   | 35 |
|      |                                              |   | 2.3.7                                    | Conflict with Issuer Documents |   | 35 |
|      |                                              |   | 2.3.8                                    | Letters of Credit Issued for Subsidiaries |   | 35 |
|      |                                              |   | 2.3.9                                    | Other Matters |   | 35 |
|      | 2.4                                               |   | Increase in Commitments                  |   | 37 |
|      | 2.5                                               |   | Commitments Several                      |   | 38 |
|      | 2.6                                               |   | Certain Conditions                       |   | 38 |
|      | 2.7                                               |   | Funding and Availability                 |   | 38 |
|      |                                              |   | 2.7.1                                    | Funding by Lenders; Presumption by Administrative Agent |   | 38 |
|      |                                              |   | 2.7.2                                    | Payments by Company; Presumptions by Administrative Agent |   | 39 |
|      | 2.8                                               |   | Cash Collateral                          |   | 39 |
|      |                                              |   | 2.8.1                                    | Certain Credit Support Events |   | 39 |
|      |                                              |   | 2.8.2                                    | Grant of Security Interest |   | 39 |
|      |                                              |   | 2.8.3                                    | Application |   | 40 |
|      |                                              |   | 2.8.4                                    | Release |   | 40 |
|      | 2.9                                               |   | Defaulting Lenders                       |   | 40 |
|      |                                              |   | 2.9.1                                    | Adjustments |   | 40 |
|      |                                              |   | 2.9.2                                    | Defaulting Lender Cure |   | 41 |
|      | 2.10                                              |   | Payments Set Aside                       |   | 42 |
|      |                                              |   |
| SECTION 3 | EVIDENCING OF LOANS                               |   | 42                                       |
|      |                                              |   |
|      | 3.1                                               |   | Notes                                    |   | 42 |
|      | 3.2                                               |   | Recordkeeping                            |   | 42 |

| SECTION 4 | INTEREST                                               |   | 43                                                                                   |
|-----------|--------------------------------------------------------|--------|--------------------------------------------------------------------------------------|
|      |                                                   |   |
|      | 4.1                                                    |   | Interest Rates                                                                       |   | 43 |
|      | 4.2                                                    |   | Interest Payment Dates                                                               |   | 43 |
|      | 4.3                                                    |   | Setting and Notice of LIBOR Rates                                                    |   | 43 |
|      | 4.4                                                    |   | Computation of Interest                                                              |   | 43 |
|      |                                                   |   |
| SECTION 5 | FEES                                                   |   | 44                                                                                   |
|      |                                                   |   |
|      | 5.1                                                    |   | Non-Use Fees                                                                         |   | 44 |
|      | 5.2                                                    |   | Letter of Credit Fees                                                                |   | 44 |
|      | 5.3                                                    |   | Administrative Agent's Fees                                                          |   | 45 |
|      |                                                   |   |
| SECTION 6 | REDUCTION OR TERMINATIOMN OF THE REVOLVING COMMITMENT; |   |                                                                                 |
|      | PREPAYMENTS                                            |   | 45                                                                                   |
|      |                                                   |   |
|      | 6.1                                                    |   | Reduction or Termination of the Revolving Commitment                                 |   | 45 |
|      |                                                   |   | 6.1.1                                                                                | Voluntary Reduction or Termination of the Revolving Commitment |   | 45 |
|      |                                                   |   | 6.1.2                                                                                | All Reductions of the Revolving Commitment |   | 45 |
|      | 6.2                                                    |   | Prepayments                                                                          |   | 45 |
|      |                                                   |   | 6.2.1                                                                                | Voluntary Prepayments |   | 45 |
|      |                                                   |   | 6.2.2                                                                                | Mandatory Prepayments |   | 45 |
|      | 6.3                                                    |   | Manner of Prepayments                                                                |   | 47 |
|      | 6.4                                                    |   | Repayments of Revolving Loans                                                        |   | 47 |
|      |                                                   |   |
| SECTION 7 | MAKING AND PRORATION OF PAYMENTS; TAXES                |   | 47                                                                                   |
|      |                                                   |   |
|      | 7.1                                                    |   | Making of Payments                                                                   |   | 47 |
|      | 7.2                                                    |   | Application of Certain Payments                                                      |   | 47 |
|      | 7.3                                                    |   | Due Date Extension                                                                   |   | 47 |
|      | 7.4                                                    |   | Taxes                                                                                |   | 48 |
|      |                                                   |   |
| SECTION 8 | INCREASED COSTS; SPECIAL PROVISIONS FOR LIBOR LOANS    |   | 50                                                                                   |
|      |                                                   |   |
|      | 8.1                                                    |   | Increased Costs                                                                      |   | 50 |
|      | 8.2                                                    |   | Capital Requirements                                                                 |   | 51 |
|      | 8.3                                                    |   | Changes in Law Rendering LIBOR Loans Unlawful                                        |   | 51 |
|      | 8.4                                                    |   | Funding Losses                                                                       |   | 51 |
|      | 8.5                                                    |   | Right of Lendors to Fund through Other Offices                                       |   | 52 |
|      | 8.6                                                    |   | Discretion of Lenders as to Manner of Funding                                        |   | 52 |
|      | 8.7                                                    |   | Certificates for Reimbursement; Conclusiveness of Statements; Survival of Provisions |   | 52 |
|      | 8.8                                                    |   | Delay in Reqests                                                                     |   | 52 |
|      | 8.9                                                    |   | Replacement of Lenders                                                               |   | 52 |
|      | 8.10                                                   |   | Designation of a Different Lending Office                                            |   | 53 |
|      |                                                   |   |
| SECTION 9 | REPRESENTATIONS AND WARRANTIES                         |   | 53                                                                                   |
|      |                                                   |   |
|      | 9.1                                                    |   | Organization; Locations of Executive Office; FEIN                                    |   | 53 |
|      | 9.2                                                    |   | Authorization; No Conflict                                                           |   | 54 |
|      | 9.3                                                    |   | Validity and Binding Nature                                                          |   | 54 |
|      | 9.4                                                    |   | Financial Condition                                                                  |   | 54 |

|       | 9.5                   |   | No Material Adverse Change                                                                    |                                            | 54     |
|------------|-----------------------|--------|-----------------------------------------------------------------------------------------------|-------------------------------------------------|--------|
|       | 9.6                   |   | Litigation and Contingent Liabilities                                                         |                                            | 54     |
|       | 9.7                   |   | Ownership of Properties; Liens                                                                |                                            | 54     |
|       | 9.8                   |   | Equity Ownership; Subsidiaries                                                                |                                            | 55     |
|       | 9.9                   |   | Pension Plans                                                                                 |                                            | 55     |
|       | 9.10                  |   | Investment Company Act                                                                        |                                            | 56     |
|       | 9.11                  |   | Public Utility Holding Company Act                                                            |                                            | 56     |
|       | 9.12                  |   | Regulation, T, U and X                                                                        |                                            | 56     |
|       | 9.13                  |   | Taxes                                                                                         |                                            | 56     |
|       | 9.14                  |   | Solvency, etc.                                                                                |                                            | 56     |
|       | 9.15                  |   | Environmental Matters                                                                         |                                            | 56     |
|       | 9.16                  |   | Insurance                                                                                     |                                            | 57     |
|       | 9.17                  |   | Real Property                                                                                 |                                            | 57     |
|       | 9.18                  |   | Information                                                                                   |                                            | 57     |
|       | 9.19                  |   | Intellectual Property                                                                         |                                            | 58     |
|       | 9.20                  |   | Burdensome Obligations                                                                        |                                            | 58     |
|       | 9.21                  |   | Labor Matters                                                                                 |                                            | 58     |
|       | 9.22                  |   | No Default                                                                                    |                                            | 58     |
|       | 9.23                  |   | Sears Agreements                                                                              |                                            | 58     |
|       | 9.24                  |   | Wal-Mart Agreements                                                                           |                                            | 58     |
|       | 9.25                  |   | Toys R Us Agreements                                                                          |                                            | 59     |
|       | 9.26                  |   | Material Acquisition Agreements.  For al Material Acquisitions consumated after the |                                            |   |
|       |                  |   | date hereof,                                                                                  |                                            | 59     |
|       | 9.27                  |   | Dormant Entities                                                                              |                                            | 59     |
|       | 9.28                  |   | Subordinated Debt                                                                             |                                            | 60     |
|       |
| SECTION 10 | AFFIRMATIVE COVENANTS |   | 60                                                                                            |
|       |
|       | 10.1                  |   | Reports, Certificates and Other Information                                                   |                                            | 60     |
|       |                  |   | 10.1.1                                                                                        | Annual Report                                   |   | 60 |
|       |                  |   | 10.1.2                                                                                        | Interim Reports                                 |   | 60 |
|       |                  |   | 10.1.3                                                                                        | Compliance Certificates                         |   | 61 |
|       |                  |   | 10.1.4                                                                                        | Reports to the SEC and to Shareholders          |   | 61 |
|       |                  |   | 10.1.5                                                                                        | Notice of Default, Litigation and ERISA Matters |   | 61 |
|       |                  |   | 10.1.6                                                                                        | Management Reports                              |   | 62 |
|       |                  |   | 10.1.7                                                                                        | Projections                                     |   | 62 |
|       |                  |   | 10.1.8                                                                                        | Other Information                               |   | 62 |
|       |                  |   | 10.1.9                                                                                        | Retail Location Closings and Openings           |   | 62 |
|       |                  |   | 10.1.10                                                                                       | Capital Expenditure Report                      |   | 63 |
|       |                  |   | 10.1.11                                                                                       | Subordinated Debt Notices                       |   | 63 |
|       |                  |   | 10.1.12                                                                                       | Schedule 9.1                                    |   | 63 |
|       |                  |   | 10.1.13                                                                                       | Collateral Value Information                    |   | 63 |
|       |                  |   | 10.1.14                                                                                       | Notice of Lease Extension or New Leases         |   | 63 |
|       | 10.2                  |   | Books, Records and Inspections                                                                |                                            | 63     |
|       | 10.3                  |   | Maintenance of Property; Insurance                                                            |                                            | 64     |
|       | 10.4                  |   | Compliance with Laws; OFAC/BSC Provision; Payment of Taxes and Liabilities                    |                                            | 64     |
|       |                  |   | 10.4.1                                                                                        |                                            |   | 64 |

|       | 10.5                                       |   | Maintenance of Existence, etc.                                                      |   | 65                                    |
|------------|--------------------------------------------|--------|-------------------------------------------------------------------------------------|--------|---------------------------------------|
|       | 10.6                                       |   | Use of Proceeds                                                                     |   | 65                                    |
|       | 10.7                                       |   | Employee Benefit Plans                                                              |   | 66                                    |
|       | 10.8                                       |   | Environmental Matters                                                               |   | 66                                    |
|       | 10.9                                       |   | Further Assurances                                                                  |   | 66                                    |
|       | 10.10                                      |   | Deposit Accounts                                                                    |   | 67                                    |
|       | 10.11                                      |   | Redemptions                                                                         |   | 67                                    |
|       | 10.12                                      |   | Collateral Access Agreements                                                        |   | 67                                    |
|       | 10.13                                      |   | Sandy Realy Holdings, LLC; Utal Real Property                                       |   | 67                                    |
|       | 10.14                                      |   | Collateral Access Agreements                                                        |   | 67                                    |
|       |
| SECTION 11 | NEGATIVE COVNENATS                         |   | 67                                                                                  |
|       |
|       | 11.1                                       |   | Debt                                                                                |   | 67                                    |
|       | 11.2                                       |   | Liens                                                                               |   | 68                                    |
|       | 11.3                                       |   | Operating Leases                                                                    |   | 70                                    |
|       | 11.4                                       |   | Restricted Payments                                                                 |   | 70                                    |
|       | 11.5                                       |   | Mergers, Consolidations, Sales                                                      |   | 71                                    |
|       | 11.6                                       |   | Modification of Organizational Documents                                            |   | 74                                    |
|       | 11.7                                       |   | Transactions with Affiliates                                                        |   | 74                                    |
|       | 11.8                                       |   | Inconsistent Agreements                                                             |   | 74                                    |
|       | 11.9                                       |   | Business Activities; Issuance of Equity                                             |   | 74                                    |
|       | 11.10                                      |   | Investments                                                                         |   | 74                                    |
|       | 11.11                                      |   | Restriction of Amendments to Certain Documents                                      |   | 75                                    |
|       | 11.12                                      |   | Restriction of Amendments to Subordinated Debt Documents, and Acquisition Documents |   | 75                                    |
|       | 11.13                                      |   | Transaction with Sears, Wal-Mart or Toys R US                                       |   | 76                                    |
|       | 11.14                                      |   | Dormant Entities; Utah Property                                                     |   | 76                                    |
|       | 11.15                                      |   | Fiscal Year                                                                         |   | 76                                    |
|       | 11.16                                      |   | Financial Covenants                                                                 |   | 76                                    |
|       |                                       |   | 11.16.1                                                                             |   | Total Funded Debt to EBITDA Ratio     |   | 76 |
|       |                                       |   | 11.16.2                                                                             |   | Interest Coverage Ratio               |   | 76 |
|       | 11.17                                      |   | Liens on Joint Venture Assets                                                       |   | 77                                    |
|       |
| SECTION 12 | EFFECTIVENESS; CONDITIONS OF LENDING, ETC. |   | 77                                                                                  |
|       |
|       | 12.1                                       |   | Initial Credit Extension                                                            |   | 77                                    |
|       |                                       |   | 12.1.1                                                                              |   | Financial Statements                  |   | 77 |
|       |                                       |   | 12.1.2                                                                              |   | Notes                                 |   | 77 |
|       |                                       |   | 12.1.3                                                                              |   | Authorization Documents               |   | 78 |
|       |                                       |   | 12.1.4                                                                              |   | Consents, etc.                        |   | 78 |
|       |                                       |   | 12.1.5                                                                              |   | Letter of Direction                   |   | 78 |
|       |                                       |   | 12.1.6                                                                              |   | Loan Documents                        |   | 78 |
|       |                                       |   | 12.1.7                                                                              |   | Opinions of Counsel                   |   | 78 |
|       |                                       |   | 12.1.8                                                                              |   | Insurance                             |   | 78 |
|       |                                       |   | 12.1.9                                                                              |   | Payment of Fees                       |   | 78 |
|       |                                       |   | 12.1.10                                                                             |   | Solvency Certificate                  |   | 78 |
|       |                                       |   | 12.1.11                                                                             |   | Search Results; Lien Terminations     |   | 78 |
|       |                                       |   | 12.1.12                                                                             |   | Filings, Registrations and Recordings |   | 79 |

|       |                               |   | 12.1.13                                             |   | Closing Certificate                                              |   | 79     |
|------------|------------------------------------|--------|-----------------------------------------------------|--------|------------------------------------------------------------------|--------|--------|
|       |                               |   | 12.1.14                                             |   | No Material Adverse Change                                       |   | 79     |
|       |                               |   | 12.1.15                                             |   | Disclosure                                                       |   | 79     |
|       |                               |   | 12.1.16                                             |   | Other                                                            |   | 79     |
|       |                               |   | 12.1.17                                             |   | Real Estate Documents                                            |   | 79     |
|       | 12.2                               |   | Conditions                                          |   | 79                                                               |
|       |                               |   | 12.2.1                                              |   | Compliance with Warranties, No Default, etc.                     |   | 79     |
|       |                               |   | 12.2.2                                              |   | Confirmatory Certificate                                         |   | 80     |
|       |
| SECTION 13 | EVENTS OF DEFAULT AND THEIR EFFECT |   | 80                                                  |
|       |
|       | 13.1                               |   | Events of Default                                   |   | 80                                                               |
|       |                               |   | 13.1.1                                              |   | Non-Payment of the Loans, etc.                                   |   | 80     |
|       |                               |   | 13.1.2                                              |   | Non-Payment of Other Debt                                        |   | 80     |
|       |                               |   | 13.1.3                                              |   | Other Material Obligations                                       |   | 80     |
|       |                               |   | 13.1.4                                              |   | Bankruptcy, Insolvency, etc.                                     |   | 80     |
|       |                               |   | 13.1.5                                              |   | Non-Compliance with Loan Documents                               |   | 81     |
|       |                               |   | 13.1.6                                              |   | Representations; Warranties                                      |   | 81     |
|       |                               |   | 13.1.7                                              |   | Pension Plans                                                    |   | 81     |
|       |                               |   | 13.1.8                                              |   | Judgments                                                        |   | 81     |
|       |                               |   | 13.1.9                                              |   | Invalidity of Collateral Documents, etc.                         |   | 81     |
|       |                               |   | 13.1.10                                             |   | Sears Agreements; Wal-Mart Agreements, Toys R US Agreements, and |   |   |
|       |                               |   |                                                |   | Material Acquisition Agreements                                  |   | 81     |
|       |                               |   | 13.1.11                                             |   | Guaranty                                                         |   | 82     |
|       |                               |   | 13.1.12                                             |   | Change of Control                                                |   | 82     |
|       |                               |   | 13.1.13                                             |   | Closing of Locations                                             |   | 82     |
|       |                               |   | 13.1.14                                             |   | Material Adverse Effect                                          |   | 83     |
|       |                               |   | 13.1.15                                             |   | Invalidity of Subordination Provisions, etc.                     |   | 83     |
|       | 13.2                               |   | Effect of Event of Default                          |   | 83                                                               |
|       | 13.3                               |   | Setoff                                              |   | 83                                                               |
|       | 13.4                               |   | Sharing of Payments                                 |   | 84                                                               |
|       |
| SECTION 14 | THE AGENTS                         |   | 85                                                  |
|       |
|       | 14.1                               |   | Appointment and Authorization                       |   | 85                                                               |
|       | 14.2                               |   | Issuing Lender                                      |   | 85                                                               |
|       | 14.3                               |   | Delegation of Duties                                |   | 86                                                               |
|       | 14.4                               |   | Exculpation of Administrative Agent                 |   | 86                                                               |
|       | 14.5                               |   | Reliance by Administrative Agent                    |   | 86                                                               |
|       | 14.6                               |   | Notice of Default                                   |   | 87                                                               |
|       | 14.7                               |   | Credit Decision                                     |   | 87                                                               |
|       | 14.8                               |   | Indemnification                                     |   | 87                                                               |
|       | 14.9                               |   | Administrative Agent in Individual Capacity         |   | 88                                                               |
|       | 14.10                              |   | Successor Administrative Agent                      |   | 88                                                               |
|       | 14.11                              |   | Administrative Agent May File Proofs of Claim       |   | 89                                                               |
|       | 14.12                              |   | Other Agents; Arrangers and Managers                |   | 89                                                               |
|       | 14.13                              |   | Collateral Matters                                  |   | 90                                                               |
|       | 14.14                              |   | Fifth Third Bank Appointment as a Syndication Agent |   | 90                                                               |

| SECTION 15 |   | GENERAL |                                                           | 90                               |
|------------|--------|---------|----------------------------------------------------------------|----------------------------------|
|       |
|       | 15.1   |    | Waiver; Amendments                                             |                             | 90 |
|       | 15.2   |    | Confirmations                                                  |                             | 91 |
|       | 15.3   |    | Notices                                                        |                             | 91 |
|       | 15.4   |    | Computations                                                   |                             | 92 |
|       | 15.5   |    | Costs, Expenses and Taxes                                      |                             | 93 |
|       | 15.6   |    | Assignments; Participations                                    |                             | 93 |
|       |   |    | 15.6.1                                                         | Successors and Assigns Generally |   | 93 |
|       |   |    | 15.6.2                                                         | Certain Pledges                  |   | 97 |
|       | 15.7   |    | GOVERNING LAW                                                  |                             | 97 |
|       | 15.8   |    | Confidentiality                                                |                             | 97 |
|       | 15.9   |    | Severability                                                   |                             | 98 |
|       | 15.10  |    | Nature of Remedies                                             |                             | 98 |
|       | 15.11  |    | Entire Agreement                                               |                             | 98 |
|       | 15.12  |    | Counterparts                                                   |                             | 98 |
|       | 15.13  |    | Electronic Execution of Assignments                            |                             | 99 |
|       | 15.14  |    | No Third Party Beneficiaries                                   |                             | 99 |
|       | 15.15  |    | Captions; Recitals                                             |                             | 99 |
|       | 15.16  |    | Customer Identification - USA Patriot Act Notice               |                             | 99 |
|       | 15.17  |    | INDEMNIFICATION BY THE COMPANY                                 |                             | 99 |
|       | 15.18  |    | Nonliability of Lenders; Waiver of Consequential Damages, etc. |                             | 100 |
|       | 15.19  |    | FORUM SELECTION AND CONSENT TO JURISDICTION                    |                             | 101 |
|       | 15.20  |    | WAIVER OF JURY TRIAL                                           |                             | 102 |
|       | 15.21  |    | Statutory Notice - Oral Commitments                            |                             | 102 |

| Level | Total Funded Debtto EBITDA Ratio                                 | Bate RateMargin Revolving Loans | LIBORMargin Revolving Loans | Non-UseFee Rate | L/C FeeRate |
|-------|------------------------------------------------------------------|---------------------------------|-----------------------------|-----------------|-------------|
| I     | Greater than or equal to 2.00 to 1.00                            | 2.000%                          | 3.000%                      | 0.500%          | 3.000%      |
| II    | Greater than or equal to 1.50 to 1.00 but less than 2.00 to 1.00 | 1.750%                          | 2.750%                      | 0.500%          | 2.750%      |
| III   | Greater than or equal to 1.00 to 1.00 but less than 1.50 to 1.00 | 1.500%                          | 2.500%                      | 0.450%          | 2.500%      |
| IV    | Less than 1.00 to 1.00                                           | 1.250%                          | 2.250%                      | 0.400%          | 2.250%      |

| Computation PeriodEnding                                          | Ratio of Total Funded Debt toEBITDA |
|-------------------------------------------------------------------|-------------------------------------|
| July 24, 2010, and the last day of each Fiscal Quarter thereafter | 2.50 to 1.00                        |

| Computation PeriodEnding                                          | Interest Coverage Ratio |
|-------------------------------------------------------------------|-------------------------|
| July 24, 2010, and the last day of each Fiscal Quarter thereafter | 3.00 to 1.00            |

| Lender                            |   | RevolvingCommitmentAmount |           |   | ProRataShare*/ |   |
|-----------------------------------|--------|---------------------------|----------------|--------|----------------|--------|
| Bank of America, N.A.             |   | $                         | 40,000,000.00  | **     |           |   | 38.095238095 | % |
| Fifth Third Bank                  |   | $                         | 25,000,000.00  |   |           |   | 23.809523810 | % |
| Associated Bank, N.A.             |   | $                         | 20,000,000.00  |   |           |   | 19.047619048 | % |
| The PrivateBank and Trust Company |   | $                         | 20,000,000.00  |   |           |   | 19.047619048 | % |
| TOTALS                            |   | $                         | 105,000,000.00 |   |           |   | 100.000000000 | % |

| 4. | Administrative Agent: | _____________________________, as the administrative agent under the Credit Agreement |
|----|-----------------------|---------------------------------------------------------------------------------------|

| 5. |   | Credit Agreement: | The Credit Agreement dated as of August __, 2010 among CPI Corp., the Lenders parties thereto, and Bank of America, N.A., as Administrative Agent |
|----|--------|-------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. |   | Assigned Interest[s]: |
|----|--------|-----------------------|

| Assignor[s]5 | Assignee[s]6 | Facility Assigned7 | Aggregate Amount of Commitment/Loans for all Lenders8 | Amount of Commitment/Loans Assigned8 | Percentage Assigned of Commitment/Loans9 |
|--------------|--------------|--------------------|-------------------------------------------------------|--------------------------------------|------------------------------------------|
|         |         |               | $                                                     | $                                    | $                                        |
|         |         |               | $                                                     | $                                    | $                                        |
|         |         |               | $                                                     | $                                    | $                                        |

| Letter of Existing Credit Number |    |   | Dollar Amount of Existing Letter of Credit |   | Beneficiary of Existing Letter of Credit | Expiry of Existing Letter of Credit |
|----------------------------------|---------|--------|--------------------------------------------|--------|------------------------------------------|-------------------------------------|
|                             | 3097052 |   |                                       | $      | 1,500,000.00                             |                                | WAL-MART STORES, INC. | 6/06/11 |
|                             | 3097050 |   |                                       | $      | 120,000.00                               |                                | ARROWOOD INDEMNITY COMPANY ON BEHALF OF ITSELF AND ITS AFFILIATED COMPANIES | 6/06/11 |
|                             | 3097049 |   |                                       | $      | 11,122,500.00                            |                                | THE TRAVELERS INDEMNITY COMPANY | 6/06/11 |
|                             | 3097047 |   |                                       | $      | 305,000.00                               |                                | LUMBERMENS MUTUAL CASUALTY COMPANY  AND AMERICAN MOTORISTS INSURANCE COMPANY AND AMERICAN MANUFACTURERS  MUTUAL INSURANCE COMPANY AND AMERICAN PROTECTION INSURANCE COMPANY | 6/05/11 |
|                             | 3097046 |   |                                       | $      | 230,000.00                               |                                | MUTUAL INDEMNITY LTD. | 6/05/11 |
|                             | 3097045 |   |                                       | $      | 888,399.00                               |                                | RELIANCE INSURANCE COMPANY | 6/06/11 |
|                             | 3096945 |   |                                       | $      | 200,000.00                               |                                | SAFETY NATIONAL CASUALTY CORPORATION | 4/29/11 |
|                             | 3096944 |   |                                       | $      | 355,000.00                               |                                | KEMPER INSURANCE | 5/06/11 |
|                             | 3096943 |   |                                       | $      | 2,080,381.00                             |                                | THE TRAVELERS INDEMNITY COMPANY | 5/06/11 |