1140657--3/26/2008--HUNTINGTON_PREFERRED_CAPITAL_INC

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{stock, price, share}
{acquisition, growth, future}
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Bank regulators may limit HPCI s ability to implement its business plan and may restrict its ability to pay dividends. HPCI could suffer adverse tax consequences if it failed to qualify as a REIT. HPCI is dependent, in virtually every phase of its operations, on the diligence and skill of the officers and employees of the Bank, and its relationship with the Bank may create potential conflicts of interest. HPCI s assets may be used to guarantee certain of the Bank s obligations that will have a preference over the holders of HPCI s preferred securities. A decline in the Bank s capital levels may result in HPCI s preferred securities being subject to a conditional exchange into Bank preferred securities at a time when the Bank s financial condition is deteriorating. Consequently, the likelihood of dividend payments, as well as the liquidation preference, taxation, voting rights, and liquidity of securities would be negatively impacted. HPCI may redeem the Class C and Class D preferred securities upon the occurrence of certain special events and holders of such securities may receive a redemption amount that is less than the then current market price for the securities.

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