<SEC-DOCUMENT>0000929638-17-000292.txt : 20170309
<SEC-HEADER>0000929638-17-000292.hdr.sgml : 20170309
<ACCEPTANCE-DATETIME>20170309092714
ACCESSION NUMBER:		0000929638-17-000292
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20170309
FILED AS OF DATE:		20170309
DATE AS OF CHANGE:		20170309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DESCARTES SYSTEMS GROUP INC
		CENTRAL INDEX KEY:			0001050140
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-PREPACKAGED SOFTWARE [7372]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-29970
		FILM NUMBER:		17677026

	BUSINESS ADDRESS:	
		STREET 1:		120 RANDALL ST
		CITY:			WATERLOO
		STATE:			A6
		ZIP:			N2V 1C6
		BUSINESS PHONE:		519-746-8110

	MAIL ADDRESS:	
		STREET 1:		120 RANDALL DRIVE
		CITY:			WATERLOO, ONTARIO, CANADA
		STATE:			XX
		ZIP:			N2V 1C6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>REPORT OF FOREIGN PRIVATE ISSUER
<TEXT>
<html>
<head>
<title>a69630_descartes6k.htm</title>
<!--Licensed to: morgan lewis
    Document created using EDGARfilings PROfile 4.2.1.0
    Copyright 1995 - 2017 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline" bgcolor="#ffffff">
<div>
<div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table id="4a5b4c07dd284127b0b9d15324e29080" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">UNITED STATES</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SECURITIES AND EXCHANGE COMMISSION</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Washington, D.C. 20549</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">FORM 6-K</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">REPORT OF FOREIGN PRIVATE ISSUER</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">PURSUANT TO RULE 13a-16 OR 15d-16 UNDER</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE SECURITIES EXCHANGE ACT OF 1934</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">For the month of&#160;March 2017</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Commission File Number:&#160;&#160;000-29970</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr style="HEIGHT: 17px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 18pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE DESCARTES SYSTEMS GROUP INC.</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Translation of registrant&#8217;s name into English)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 68%" valign="top">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">120 Randall Drive</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Waterloo, Ontario</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Canada N2V 1C6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 68%" valign="top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Address of principal executive office)</div>
</td>
</tr>
</table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Form 20-F [ ]</font><font style="DISPLAY: inline" face="Wingdings2">&#160;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline">Form 40-F [x]</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Note</font>: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-WEIGHT: bold; DISPLAY: inline">Note: </font>Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant&#8217;s &#8220;home country&#8221;), or under the rules of the home country exchange on which the registrant&#8217;s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant&#8217;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; DISPLAY: inline">Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [ ]</font><font style="DISPLAY: inline" face="Wingdings2">&#160;</font><font style="FONT-SIZE: 10pt; DISPLAY: inline">No [x]</font></div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">If &#8220;Yes&#8221; is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">82-_______________.</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The attached press release issued March 8, 2017 is furnished herewith as Exhibit 99.1.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">The attached press release issued November 11, 2016 is furnished herewith as Exhibit 99.2.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; COLOR: #000000; TEXT-ALIGN: left; TEXT-INDENT: 36pt">&#160;</div>
</div>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">SIGNATURES</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table id="aed2d2111898407aadedc5d331c41194" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 47%" valign="top" colspan="2" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">THE DESCARTES SYSTEMS GROUP INC.</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47%" valign="top" colspan="2">&#160; </td>
</tr>

<tr>
<td style="WIDTH: 47%" valign="top" colspan="2" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(Registrant)</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47%" valign="top" colspan="2">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47%" valign="top" colspan="2">&#160; </td>
</tr>

<tr style="HEIGHT: 11px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 6%; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By:</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 94%; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" valign="top" align="left">
<div style="TEXT-DECORATION: underline; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">/s/ Michael Verhoeve&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 6%; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Name:</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 94%; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Michael Verhoeve</div>
</td>
</tr>

<tr style="HEIGHT: 12px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 6%; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Title:</div>
</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 94%; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal" valign="top" align="left">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: -47.05pt; TEXT-INDENT: 0pt">General Counsel</div>
</td>
</tr>
</table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160;&#160;March 9, 2017</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">EXHIBITS</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>

<div>
<table id="74ada501354e437c9a4d19716292bff9" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 15%; BORDER-BOTTOM: black 2px solid" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Exhibit No.</div>
</td>
<td style="WIDTH: 85%; BORDER-BOTTOM: black 2px solid" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Description</div>
</td>
</tr>

<tr style="HEIGHT: 18px">
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 15%" valign="top">&#160; </td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 85%" valign="top">&#160; </td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 15%" valign="top" align="left">99.1</td>
<td style="WIDTH: 85%" valign="top" align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; DISPLAY: block; TEXT-INDENT: 0pt">Press Release issued March 8, 2017</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 15%" valign="top" align="left">99.2</td>
<td style="WIDTH: 85%" valign="top" align="left">
<div style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; text-align: left; text-indent: 0pt;">Press Release issued November 11, 2016</div>
</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 15%" valign="top" align="left">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 85%" valign="top" align="left">&#160;</td>
</tr>
</table>
</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
 &#160;</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>PRESS RELEASE ISSUED MARCH 8, 2017
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: morgan lewis
    Document created using EDGARfilings PROfile 4.2.1.0
    Copyright 1995 - 2017 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div id="DSPFPageHeader">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">Exhibit 99.1</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="LINE-HEIGHT: 13.7pt"><img src="descartes_logo.jpg"></div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><img src="pressrelease_banner.jpg"></div>
</div>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="FONT-SIZE: 16pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 18.25pt">DESCARTES REPORTS FISCAL 2017 FOURTH QUARTER AND ANNUAL FINANCIAL RESULTS</div>

<div style="FONT-SIZE: 14pt; FONT-FAMILY: Verdana, sans-serif; TEXT-ALIGN: center; LINE-HEIGHT: 15.95pt"><a id="OLE_LINK1" name="OLE_LINK1"><!--Anchor--></a><a id="OLE_LINK2" name="OLE_LINK2"><!--Anchor--></a>Record Annual Revenues and Cash Provided by Operating Activities</div>

<div style="LINE-HEIGHT: 15.95pt">&#160;</div>

<div style="LINE-HEIGHT: 15.95pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; TEXT-ALIGN: justify; LINE-HEIGHT: 15.95pt">
<div style="LINE-HEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">WATERLOO, Ontario &#8212; March 8, 2017 </font>&#8212; The Descartes Systems Group Inc. (TSX:DSG) (Nasdaq:DSGX) announced its financial results for its fiscal 2017 fourth quarter (Q4FY17) and year (FY17) ended January 31, 2017. All financial results referenced are in United States (US) currency and, unless otherwise indicated, are determined in accordance with US Generally Accepted Accounting Principles (GAAP).</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#8220;Descartes is a trusted party focused on helping our customers manage complexity and change in logistics and supply chains,&#8221; said Edward J. Ryan, Descartes&#8217; CEO. &#8220;Our strong financial performance this past year illustrates the value we bring to customers amid global trade uncertainty via our efficient Global Logistics Network (GLN) infrastructure. We continue to invest in the GLN and our products both organically and through acquisitions, including the 4 businesses we combined with last year. Combined with our available capital and our track record of execution, Descartes and the GLN is a solid platform for continued growth and acquisitions.&#8221;</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">FY17 Financial Results</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify">As described in more detail below, key financial highlights for Descartes&#8217; twelve-month period ended January 31, 2017 (FY17) included:</div>

<div style="TEXT-ALIGN: justify">
<table id="z92342e38272a4b20a9536f0fad228e46" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Revenues of $203.8 million, up 10% from $185.0 million in the same period a year ago (FY16);</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb2f74a8b7fa54e2493bd4ecd7c249bed" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Revenues were comprised of license revenues of $6.9 million (3% of total revenues) and services revenues (non-license) of $196.9 million (97% of total revenues). Services revenues were up 12% from $176.3 million in FY16;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb347d6c6ba01471a8dd47973aa271aea" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Cash provided by operating activities of $72.6 million, up 34% from $54.2 million in FY16;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zc2efc0e2a1e9486fa35828e32c2bbffb" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Net income of $23.8 million, up 16% from $20.6 million in FY16. Net income as a percentage of revenues was 12%, up from 11% in FY16;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zfb7eaee99b3445f6aa483729aac6bd19" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 17.85pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 17.85pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Earnings per share on a diluted basis of $0.31, up 15% from $0.27 in FY16; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="zb4c6b6be7e974cd5b75e79c0ac0dc19a" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Adjusted EBITDA of $70.1 million, up 15% from $60.9 million in FY16. Adjusted EBITDA as a percentage of revenues was 34%, up from 33% in FY16.</div>
</td>
</tr>
</table>
</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal; BACKGROUND-COLOR: #ffffff">Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures provided as a complement to financial results presented in accordance with GAAP. We define Adjusted EBITDA as earnings before interest, taxes, depreciation, amortization, stock-based compensation (for which we include related fees and taxes) and other charges (for which we include restructuring charges and acquisition-related expenses). These items are considered by management to be outside Descartes' ongoing operational results. We define Adjusted EBITDA as a percentage of revenues as the quotient, expressed as a percentage, from dividing Adjusted EBITDA for a period by revenues for the corresponding </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal; BACKGROUND-COLOR: #ffffff">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">1</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal; BACKGROUND-COLOR: #ffffff">period. A reconciliation of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income determined in accordance with GAAP is provided later in this release.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">The following table summarizes Descartes&#8217; results in the categories specified below over FY17 and FY16 (dollar amounts, other than per share amounts, in millions):</div>

<div><br>
</div>

<table id="zfe889d1fd01b4a2ab8e38c1dc8990b32" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 60%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 17.57%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 17.57%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">FY16</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Revenues</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">203.8</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">185.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Services revenues</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">196.9</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">176.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Gross margin</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">72%</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">71%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Cash provided by operating activities</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">72.6</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">54.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Net income</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">23.8</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">20.6</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Net income as a % of revenues</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">12%</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">11%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Earnings per diluted share</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">0.31</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">0.27</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Adjusted EBITDA</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">70.1</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">60.9</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64.86%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Adjusted EBITDA as a % of revenues</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">34%</div>
</td>
<td style="WIDTH: 17.57%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">33%</div>
</td>
</tr>
</table>

<div><br>
 &#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Q4FY17 Financial Results</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">As described in more detail below, key financial highlights for Descartes in Q4FY17 included:</div>

<div style="TEXT-ALIGN: justify">
<table id="z8b898a60d8df4dcfb59beb7fb5d75cb7" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Revenues of $52.8 million, up 10% from $48.0 million in the fourth quarter of fiscal 2016 (Q4FY16) and up 3% from $51.5 million in the previous quarter (Q3FY17);</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z1adf618d2e7f42eeb90f8aa5befc3651" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Revenues were comprised of license revenues of $1.4 million (3% of total revenues) and services revenues (non-license) of $51.4 million (97% of total revenues). Services revenues were up 11% from $46.3 million in Q4FY16 and up 4% from $49.4 million in Q3FY17;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z12bd779109aa4a7d823269527c762a76" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Cash provided by operating activities of $19.5 million, up 20% from $16.2 million in Q4FY16 and down from $20.5 million in Q3FY17;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z9e9ae8bf35154581b2dcc2993a5713dd" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Net income of $6.1 million, up 13% from $5.4 million in Q4FY16 and up 3% from $5.9 million in Q3FY17. Net income as a percentage of revenues was 12%, compared to 11% in Q4FY16 and 11% in Q3FY17;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z3c90519f63b744c48e8267306385bc9c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Earnings per share on a diluted basis of $0.08, up 14% from $0.07 in Q4FY16 and consistent with Q3FY17; and</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify">
<table id="z24c3760402af4b90a78d43e28eb270e2" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 18pt"></td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; WIDTH: 18pt; VERTICAL-ALIGN: top; align: right">&#183;</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; TEXT-ALIGN: justify">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">Adjusted EBITDA of $18.5 million, up 13% from $16.3 million in Q4FY16 and up 4% from $17.8 million in Q3FY17. Adjusted EBITDA as a percentage of revenues was 35%, compared to 34% in Q4FY16 and 35% in Q3FY17.</div>
</td>
</tr>
</table>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">2</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: normal">The following table summarizes Descartes' results in the categories specified below over the past 5 fiscal quarters (unaudited; dollar amounts, other than per share amounts, in millions):</div>

<div><br>
</div>

<table id="zf7c0e2b569184d1a95b98a91c9741bdf" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 90%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q4</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">Q3</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">Q2</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">Q1</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">Q4</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">FY16</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Revenues</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">52.8</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">51.5</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">50.5</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">48.9</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">48.0</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Services revenues</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">51.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">49.4</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">48.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">47.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">46.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Gross margin</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">72%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">73%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">73%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">72%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">72%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Cash provided by operating activities</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">19.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">20.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">16.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">15.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">16.2</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Net income</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">6.1</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">5.9</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">5.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">6.0</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">5.4</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Net income as a % of revenues</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">12%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">11%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">11%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">12%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">11%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Earnings per diluted share</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">0.08</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">0.08</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">0.08</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">0.08</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">0.07</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Adjusted EBITDA</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">18.5</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">17.8</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">17.2</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">16.6</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">16.3</div>
</td>
</tr>

<tr>
<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Adjusted EBITDA as a % of revenues</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">35%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">35%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">34%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">34%</div>
</td>
<td style="WIDTH: 10%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">34%</div>
</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Cash Position</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">At January 31, 2017, Descartes had $38.1 million in cash. Cash has decreased $39.8 million in Q4FY17 primarily due to cash used to fund the acquisitions of 4Solutions Information Technology Pty Ltd. and The Datamyne Inc., as discussed below, partially offset by cash provided by operating activities. Cash has increased $0.9 million in FY17 primarily due to strong cash flow provided by operating activities offset by cash used to fund the acquisitions of pixi* Software GmbH, Appterra LLC, 4Solutions Information Technology Pty Ltd., and The Datamyne Inc.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify">The table set forth below provides a summary of cash flows for Q4FY17 and FY17 in millions of dollars:</div>

<div><br>
</div>

<table id="za48d51e5a7614966a3ec95c7c7b9a627" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">Q4FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Cash provided by operating activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">19.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">72.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Purchase of marketable securities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(0.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Sale of marketable securities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">6.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Additions to property and equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(4.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Acquisition of subsidiaries, net of cash acquired</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(55.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(71.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Proceeds from borrowing on credit facility</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">10.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Credit facility repayments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(3.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(10.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Payment of debt issuance costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Issuance of common shares, net of issuance costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Effect of foreign exchange rate on cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Net change in cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(39.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Cash, beginning of period</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">77.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">37.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 7.5pt; TEXT-INDENT: -7.5pt">Cash, end of period</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">38.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">38.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">Acquisition of 4Solutions</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; BACKGROUND-COLOR: #ffffff">On November 11, 2016, Descartes acquired </font>4Solutions Information Technology Pty Ltd. (&#8220;4Solutions&#8221;)<font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; BACKGROUND-COLOR: #ffffff">, an Australia-based provider of cloud-based B2B supply chain integration solutions. 4Solutions operates the Health Supply Network, Australia's foremost electronic document exchange network for the healthcare community. The purchase price for the acquisition was approximately AUD 3.5 million (approximately $2.7 million at November 11, 2016), which was paid in cash.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">3</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; BACKGROUND-COLOR: #ffffff">Acquisition of Datamyne</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; BACKGROUND-COLOR: #ffffff">On December 23, 2016, Descartes acquired The Datamyne Inc. (&#8220;Datamyne&#8221;), </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">a provider of cloud-based trade data content solutions for customers to analyze import and export trade activity.</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; BACKGROUND-COLOR: #ffffff"> Subscribers use Datamyne&#8217;s web</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; BACKGROUND-COLOR: #ffffff">&#8208;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; BACKGROUND-COLOR: #ffffff">based solutions and business intelligence tools to augment, speed up and simplify trade data research, and to shape global marketing, prospecting, and sourcing strategies. The purchase price for the acquisition was approximately $55.2 million, which was paid in cash.</font></div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left">Descartes Evolution &#8211; 2017 User Group Conference</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">From March 28-30, 2017, Descartes will be hosting Descartes Evolution at the Hilton West Palm Beach. Evolution, Descartes' Global User &amp; Partner conference, is the pinnacle event where Descartes customers and partners from around the world get together to network with other Descartes users, meet the Descartes product management team, provide input on Descartes&#8217; product development plans, and learn more about Descartes solutions and how to improve their operations.&#160; Registration information is available at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #0000ff; FONT-STYLE: normal"><u>www.descartes.com/usergroup</u></font>.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: justify">Conference Call</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">Members of Descartes' executive management team will host a conference call to discuss the company's financial results at 5:00 p.m. ET on Wednesday, March 8. Designated numbers are +1 888 465-5079 for North America and +1 416 216-4169 for international, using Passcode 7027935#.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">The company will simultaneously conduct an audio webcast on the Descartes Web site at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #0000ff; FONT-STYLE: normal"><u>www.descartes.com/descartes/investor-relations</u></font>. Phone conference dial-in or webcast log-in is required approximately 10 minutes beforehand.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">Replays of the conference call will be available following the call from 8:00 p.m. ET, and until March 15, 2017, by dialing +1 888 843-7419 or +1 630 652-3042 followed by Passcode 7027935#. An archived replay of the webcast will be available at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #0000ff; FONT-STYLE: normal"><u>www.descartes.com/descartes/investor-relations</u></font>.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">About Descartes</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world's largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at <font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #0000ff; FONT-STYLE: normal"><u>www.descartes.com</u></font>, and connect with us on LinkedIn and Twitter.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: center"># # #</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Descartes Investor Contact:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: normal">Laurie McCauley +1-519-746-6114 x202358</div>

<div style="TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; FONT-STYLE: normal"><u>investor@descartes.com</u></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif"><br>
</font></font><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Safe Harbor Statement</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">This release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relates to Descartes' growth in margins; continued growth and acquisitions; rate of profitable growth; demand for Descartes' solutions; growth of Descartes' Global Logistics Network; and other matters. These forward-looking statements are based on certain assumptions including the following: global shipment volumes continuing to increase at levels consistent with the average growth rates of the global economy; countries continuing to implement and enforce existing and additional customs and security </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">4</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">regulations relating to the provision of electronic information for imports and exports; <font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">countries continuing to implement and enforce existing and additional trade restrictions and sanctioned party lists with respect to doing business with certain countries, organizations, entities and individuals; </font>Descartes' continued operation of a secure and reliable business network; the stability of general economic and market conditions, currency exchange rates, and interest rates; equity and debt markets continuing to provide Descartes with access to capital; Descartes' continued ability to identify and source attractive and executable business combination opportunities; Descartes' ability to develop solutions that keep pace with the continuing changes in technology, and our continued compliance with third party intellectual property rights. These assumptions may prove to be inaccurate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Descartes, or developments in Descartes' business or industry, to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, Descartes' ability to successfully execute on acquisitions and to integrate acquired businesses and assets, and to predict expenses associated with and revenues from acquisitions; the ability to attract and retain key personnel and the ability to manage the departure of key personnel and the transition of our executive management team; changes in trade or transportation regulations that currently require customers to use services such as those offered by Descartes; the impact on Descartes' business of the global economic downturn; departures of key customers; the impact of foreign currency exchange rates; Descartes' ability to retain or obtain sufficient capital in addition to its debt facility to execute on its business strategy, including its acquisition strategy; disruptions in the movement of freight; the potential for future goodwill or intangible asset impairment as a result of other-than-temporary decreases in Descartes' market capitalization; and other factors and assumptions discussed in the section entitled, "Certain Factors That May Affect Future Results" in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada, including Descartes' most recently filed Management's Discussion and Analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Reconciliation of Non-GAAP Financial Measures - Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues</div>

<div><br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">We prepare and release quarterly unaudited and annual audited financial statements prepared in accordance with GAAP. We also disclose and discuss certain non-GAAP financial information, used to evaluate our performance, in this and other earnings releases and investor conference calls as a complement to results provided in accordance with GAAP. We believe that current shareholders and potential investors in our company use non-GAAP financial measures, such as Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues, in making investment decisions about our company and measuring our operational results.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">The term &#8220;Adjusted EBITDA&#8221; refers to a financial measure that we define as earnings before certain charges that management considers to be non-operating expenses and which consist of interest, taxes, depreciation, amortization, stock-based compensation (for which we include </div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">5</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">related fees and taxes) and other charges (for which we include restructuring charges and acquisition-related expenses). Adjusted EBITDA as a percentage of revenues divides Adjusted EBITDA for a period by the revenues for the corresponding period and expresses the quotient as a percentage.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">Management considers these non-operating expenses to be outside the scope of Descartes&#8217; ongoing operations and the related expenses are not used by management to measure operations. Accordingly, these expenses are excluded from Adjusted EBITDA, which we reference to both measure our operations and as a basis of comparison of our operations from period-to-period. Management believes that investors and financial analysts measure our business on the same basis, and we are providing the Adjusted EBITDA financial metric to assist in this evaluation and to provide a higher level of transparency into how we measure our own business. However, Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues are non-GAAP financial measures and may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues should not be construed as a substitute for net income determined in accordance with GAAP or other non-GAAP measures that may be used by other companies, such as EBITDA. The use of Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues does have limitations. In particular, we have completed twelve acquisitions since the beginning of fiscal 2015, and may complete additional acquisitions in the future that will result in acquisition-related expenses and restructuring charges. As these acquisition-related expenses and restructuring charges may continue as we pursue our consolidation strategy, some investors may consider these charges and expenses as a recurring part of operations rather than expenses that are not part of operations.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for Q4FY17, Q3FY17, Q2FY17, Q1FY17 and Q4FY16, which we believe is the most directly comparable GAAP measure.</div>

<div><br>
</div>

<table id="z07f34eda6e984a769c4a7a0e6ca1b8b2" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr style="HEIGHT: 16px">
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 7.2pt">(US dollars in millions)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7pt">Q4FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">Q3FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">Q2FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">Q1FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">Q4FY16</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">Net income</font>, as reported on Consolidated Statements of Operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">6.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">5.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">5.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">6.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">5.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Adjustments to reconcile to Adjusted EBITDA:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Interest expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Investment income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(0.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Income tax expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">1.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">2.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Depreciation expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">1.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Amortization of intangible assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">7.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">7.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">7.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">7.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">7.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Stock-based compensation and related taxes</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Acquisition-related expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Restructuring charges</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Adjusted EBITDA</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">18.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">17.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">17.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">16.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">16.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">52.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">51.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">50.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">48.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">48.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Net income as % of revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 40%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Adjusted EBITDA as % of revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">35</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">35</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">34</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">34</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">34</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
</tr>
</table>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">6</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; LINE-HEIGHT: normal">The table below reconciles Adjusted EBITDA and Adjusted EBITDA as a percentage of revenues to net income reported in our unaudited Consolidated Statements of Operations for FY17 and FY16, which we believe is the most directly comparable GAAP measure.</div>

<div><br>
</div>

<table id="zce8c6938637d4ad7a82cf12b33cb03ce" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-LEFT: 7.2pt">(US dollars in millions)</div>
</td>
<td style="VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right; TEXT-INDENT: 7pt">FY17</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right; TEXT-INDENT: 7pt">FY16</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">Net income</font>, as reported on Consolidated Statements of Operations</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">23.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">20.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Adjustments to reconcile to Adjusted EBITDA:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Interest expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Investment income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(0.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Income tax expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">7.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">7.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Depreciation expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Amortization of intangible assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">30.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">26.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt">Stock-based compensation and related taxes</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">2.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Acquisition-related expenses</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: justify; MARGIN-LEFT: 9pt">Restructuring charges</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Adjusted EBITDA</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">70.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">60.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">203.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">185.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Net income as % of revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">12</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">11</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify">Adjusted EBITDA as % of revenues</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">34</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">33</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">%</div>
</td>
</tr>
</table>

<div><br>
</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">7</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: normal">The Descartes Systems Group Inc.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: normal">Condensed Consolidated Balance Sheets</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: normal; TEXT-ALIGN: left; LINE-HEIGHT: normal">(US dollars in thousands; US GAAP)

<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<table id="z23fd6fb4e6da48fa9b84ce2a1dade7ee" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: left">Year Ended</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">CURRENT ASSETS</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">38,135</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">37,213</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Short-Term marketable securities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">4,639</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Accounts receivable (net)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Trade</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">25,401</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">25,614</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">Other</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3,709</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3,131</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Prepaid expenses and other</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">5,149</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">4,205</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Inventory</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">167</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">155</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">72,561</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">74,957</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">OTHER LONG-TERM ASSETS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">1,525</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">468</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">PROPERTY AND EQUIPMENT, NET</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">10,447</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">8,604</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">DEFERRED INCOME TAXES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">7,027</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">16,804</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">DEFERRED TAX CHARGE</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">422</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">906</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">INTANGIBLE ASSETS, NET</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">145,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">133,562</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">GOODWILL</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">263,113</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">217,486</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">500,540</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">452,787</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #000000; TEXT-ALIGN: left">CURRENT LIABILITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-LEFT: 2%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Accounts payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">4,679</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">4,473</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-LEFT: 2%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Accrued liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">23,247</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">16,844</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-LEFT: 2%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Income taxes payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">2,170</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">2,086</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; PADDING-LEFT: 2%" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Deferred revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">23,728</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">16,639</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">53,824</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">40,042</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">LONG-TERM DEFERRED REVENUE</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">421</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">941</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">LONG-TERM INCOME TAXES PAYABLE</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">5,725</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3,672</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">DEFERRED INCOME TAXES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">9,975</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">6,097</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">69,945</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">50,752</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">SHAREHOLDERS&#8217; EQUITY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 4.5pt; TEXT-INDENT: -4.5pt">Common shares &#8211; unlimited shares authorized; Shares issued and outstanding totaled 75,874,684 at January 31, 2017 (January 31, 2016 &#8211; 75,761,184)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">253,242</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">252,471</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Additional paid-in capital</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">448,597</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">446,747</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Accumulated other comprehensive loss</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(32,779</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(34,880</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Accumulated deficit</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(238,465</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(262,303</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">430,595</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">402,035</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">500,540</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">452,787</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
 &#160;</div>

<div><br>
</div>

<div><br>
</div>

<div><br>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">8</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: normal">The Descartes Systems Group Inc.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: normal">Consolidated Statements of Operations</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; TEXT-ALIGN: left; LINE-HEIGHT: normal">(US dollars in thousands, except per share and weighted average share amounts; US GAAP)

<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<table id="za90bdb2631ea4241b617e51ec7ac6a6e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: left">Year Ended</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">2016</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">2015</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 62.16%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div>&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">REVENUES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">203,779</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">184,993</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">170,860</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">COST OF REVENUES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">56,051</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">53,859</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">54,879</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">GROSS MARGIN</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">147,728</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">131,134</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">115,981</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EXPENSES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Sales and marketing</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">24,943</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">22,424</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">20,404</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Research and development</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">35,556</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">31,293</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">28,077</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">General and administrative</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">23,077</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">21,607</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">20,333</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Other charges</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3,455</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1,491</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">2,876</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Amortization of intangible assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">30,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">26,222</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">21,715</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 62.16%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">117,032</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">103,037</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">93,405</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">INCOME FROM OPERATIONS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">30,696</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">28,097</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">22,576</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">INTEREST EXPENSE</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(611</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(522</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(1,088</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">INVESTMENT INCOME</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">1,415</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">195</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">333</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">INCOME BEFORE INCOME TAXES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">31,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">27,770</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">21,821</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">INCOME TAX EXPENSE</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Current</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">4,022</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1,443</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">2,784</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Deferred</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3,640</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">5,765</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3,978</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 62.16%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">7,662</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">7,208</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">6,762</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">NET INCOME</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">23,838</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">20,562</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">15,059</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">EARNINGS PER SHARE</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Basic</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.31</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.27</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.21</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">0.31</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.27</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">0.21</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">WEIGHTED AVERAGE SHARES OUTSTANDING (thousands)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Basic</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">75,800</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">75,595</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">70,559</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 994px; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; TEXT-INDENT: 13pt">Diluted</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">76,515</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">76,409</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">71,584</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div>&#160;</div>

<div><br>
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">9</font></div>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: normal">The Descartes Systems Group Inc.</div>

<div style="FONT-SIZE: 11pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: normal">Condensed Consolidated Statements of Cash Flows</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-VARIANT: small-caps; TEXT-ALIGN: left; LINE-HEIGHT: normal">(US dollars in thousands; US GAAP)

<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<table id="z19c7e78266064b5ab7e0c0cae9c59fd4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-STYLE: italic; TEXT-ALIGN: left; MARGIN-RIGHT: 12pt">Year Ended</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">January 31,</div>
</td>
<td style="BORDER-TOP: #000000 1px solid; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: right">2017</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">2016</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: right">2015</div>
</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">OPERATING ACTIVITIES</div>
</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Net income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">23,838</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">20,562</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">15,059</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Adjustments to reconcile net income to cash provided by operating activities:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Depreciation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3,628</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3,377</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3,295</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Amortization of intangible assets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">30,001</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">26,222</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">21,715</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Stock-based compensation expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">2,022</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1,577</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">1,543</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Other non-cash operating activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1,028</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(392</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Deferred tax expense</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3,640</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">5,765</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3,978</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Deferred tax charge</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">358</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">22</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">&#160;&#160;&#160;&#160;&#160;Changes in operating assets and liabilities:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">&#160;&#160;&#160;Accounts receivable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">&#160;&#160;&#160;Trade</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">2,727</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">764</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">3,999</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 27pt">&#160;&#160;&#160;Other</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(212</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">203</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">4,869</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">&#160;&#160;&#160;Prepaid expenses and other</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(64</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(86</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">141</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">&#160;&#160;&#160;Inventory</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">314</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">859</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">&#160;&#160;&#160;Accounts payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(317</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(412</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(3,121</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">&#160;&#160;&#160;Accrued liabilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">3,674</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">25</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(294</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">&#160;&#160;&#160;Income taxes payable</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">1,431</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(1,690</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(73</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">&#160;&#160;&#160;Deferred revenue</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">2,883</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(2,008</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(2,492</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Cash provided by operating activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">72,583</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">54,243</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">49,478</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">INVESTING ACTIVITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Purchase of marketable securities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(241</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(4,667</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Sale of marketable securities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">6,140</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Additions to property and equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(4,914</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(4,309</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(2,679</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Acquisition of subsidiaries, net of cash acquired and bank indebtedness assumed</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(71,348</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(120,853</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(82,152</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Cash used in investing activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(70,363</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(129,829</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(84,831</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">FINANCING ACTIVITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Proceeds from borrowing on the credit facility</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">10,801</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">20,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Credit facility repayments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(10,200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(63,305</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Payment of debt issuance costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(957</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(386</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Issuance of common shares for cash, net of issuance costs</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">145</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">158</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">140,724</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 13.5pt">Settlement of stock options</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(2,590</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(405</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr style="HEIGHT: 14px">
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Cash (used in) provided by financing activities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(211</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(2,432</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">96,628</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left">Effect of foreign exchange rate changes on cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">(1,087</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(2,822</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(5,927</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Increase (decrease) in cash</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">922</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">(80,840</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">55,348</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash, beginning of year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">37,213</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">118,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">62,705</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 64%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 4px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left">Cash, end of year</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold">38,135</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">37,213</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, sans-serif">118,053</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 4px solid; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>

<div><br>
</div>

<div><br>
 &#160;</div>
</div>
</div>

<div id="DSPFPageNumberArea" style="TEXT-ALIGN: center"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal">10</font></div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>PRESS RELEASE ISSUED NOVEMBER 11, 2016
<TEXT>
<html>
<head>
<title></title>
<!--Licensed to: morgan lewis
    Document created using EDGARfilings PROfile 4.2.1.0
    Copyright 1995 - 2017 Summit Financial Printing, LLC.  All rights reserved.-->
</head>
<body style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif" bgcolor="#ffffff" text="#000000">
<div>
<div id="DSPFPageHeader">
<div style="FONT-WEIGHT: bold; TEXT-ALIGN: right; LINE-HEIGHT: 13.7pt">Exhibit 99.2</div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="LINE-HEIGHT: 13.7pt"><img src="descartes_logo.jpg"></div>

<div style="LINE-HEIGHT: 13.7pt">&#160;</div>

<div style="TEXT-ALIGN: center; LINE-HEIGHT: 13.7pt"><img src="newsrelease_banner.jpg"></div>
</div>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="LINE-HEIGHT: 13.7pt"><br style="LINE-HEIGHT: 13.7pt">
</div>

<div style="LINE-HEIGHT: 15.95pt"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Verdana, Geneva, sans-serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: normal">Descartes Acquires 4Solutions</div>

<div style="FONT-SIZE: 12pt; FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: center; LINE-HEIGHT: normal">Expands Supply Chain Messaging Capabilities in Australia</div>

<div style="COLOR: #000000"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: normal"><font id="DSPFPageNumber" style="FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><font style="FONT-WEIGHT: bold">WATERLOO, Ontario, November 11, 2016 (GLOBE NEWSWIRE)</font> -- Descartes Systems Group (TSX:DSG) (Nasdaq:DSGX), the global leader in uniting logistics-intensive businesses in commerce, announced that it has acquired 4Solutions, a leading Australia-based provider of cloud-based business-to-business (&#8220;B2B&#8221;) supply chain integration solutions.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: normal">4Solutions is the market leader for B2B supply chain integration and trading partner enablement solutions for the healthcare sector in Australia. 4Solutions operates the Health Supply Network, Australia&#8217;s foremost electronic document exchange network for the healthcare community. As part of this community, large multi-national, local pharmaceutical manufacturers and wholesalers can connect and collaborate to automate a wide array of supply chain processes spanning sourcing to delivery.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#8220;We continue to look for opportunities around the world to expand the geographic reach, functional capabilities and the community of supply chain participants on our Global Logistics Network,&#8221; said Edward J Ryan, Descartes&#8217; CEO. &#8220;By combining with 4Solutions, we&#8217;ve added a team of strong B2B domain experts and we&#8217;ve increased our footprint in Australia to better serve growing markets in Southeast Asia and beyond.&#8221;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: normal">&#8220;We see a lot of opportunities to not only grow the customer base in the region but also to expand what we do with our existing customers in Australia,&#8221; said Lee Karlinsky, Senior Vice President Emerging Markets at Descartes. &#8220;4Solutions&#8217; customers will now have access to additional Descartes solutions to improve purchased transportation, shipment visibility, customs filing, fleet management and other related areas of supply chain execution and global trade compliance.&#8221;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: normal">4Solutions is headquartered just outside Sydney, Australia. The purchase price for the acquisition was approximately AUD 3.5 million (approximately USD $2.7 million at November 11, 2016), which was paid in cash.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: normal">About Descartes</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: normal">Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, performance and security of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, schedule, track and measure delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world's largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at <font style="FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #00aaff; FONT-STYLE: normal"><u>www.descartes.com</u></font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: normal">About 4Solutions</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">For more information about 4Solutions visit <font style="FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #00aaff; FONT-STYLE: normal"><u>http://www.4solutions.com.au/</u></font>.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>

<hr style="BORDER-TOP: medium none; HEIGHT: 1px; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; COLOR: #000000; TEXT-ALIGN: center; MARGIN-LEFT: auto; BORDER-LEFT: medium none; BACKGROUND-COLOR: #000000; MARGIN-RIGHT: auto" align="center" noshade="noshade">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><br>
 &#160;</font></div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div style="FONT-SIZE: 7pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: normal"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #083d9f">The Descartes Systems Group Inc.</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> |</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">TSX:</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> DSG |</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">NASDAQ:</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> DSGX | 120 Randall Drive, Waterloo, Ontario, N2V 1C6, Canada</font></font></div>

<div style="FONT-SIZE: 7pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">Toll Free</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> 800.419.8495 |</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">Int&#8216;l</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> 519.746.8110 | </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #00aaff; FONT-STYLE: normal"><u>info@descartes.com</u></font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"><font style="FONT-SIZE: 7pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #00aaff; FONT-STYLE: normal"><u> </u></font>| </font><font style="FONT-SIZE: 7pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-VARIANT: normal; FONT-WEIGHT: normal; COLOR: #00aaff; FONT-STYLE: normal"><u>www.descartes.com</u></font></font></div>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>

<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>

<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: normal">Global Media Contact</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">Mavi Silveira</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">Tel: +1(800) 419-8495 ext. 202416</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">msilveira@descartes.com</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: normal">Cautionary Statement Regarding Forward-Looking Statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; LINE-HEIGHT: normal">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: normal">This release contains forward-looking information within the meaning of applicable securities laws ("forward-looking statements") that relate to Descartes' solution offering and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, "Certain Factors That May Affect Future Results" in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes most recently filed management's discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><br>
</font></div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><br>
<font style="FONT-SIZE: 10pt">&#160;</font></font></div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>&#160;</div>

<div><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"></font>

<div style="FONT-SIZE: 7pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left; LINE-HEIGHT: normal"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><font id="DSPFPageNumber" style="FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #083d9f">The Descartes Systems Group Inc.</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> |</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">TSX:</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> DSG |</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">NASDAQ:</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> DSGX | 120 Randall Drive, Waterloo, Ontario, N2V 1C6, Canada</font></font></font></div>

<div style="FONT-SIZE: 7pt; FONT-FAMILY: Verdana, Geneva, sans-serif; TEXT-ALIGN: left"><font id="DSPFPageNumber" style="FONT-SIZE: 8pt; FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><font id="DSPFPageNumber" style="FONT-FAMILY: Verdana, Geneva, 'sans-serif'; FONT-WEIGHT: normal; FONT-STYLE: normal"><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">Toll Free</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> 800.419.8495 |</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343">Int&#8216;l</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> 519.746.8110 | </font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif">info@descartes.com</font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif; COLOR: #434343"> | </font><font style="FONT-FAMILY: Verdana, Geneva, sans-serif">www.descartes.com</font></font></font></div>
</div>
</div>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>descartes_logo.jpg
<TEXT>
begin 644 descartes_logo.jpg
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M::XTJSCA:;54N;?Z3_98\*_MR>#M6\<Z-^UK\6/@G\9/#$=KH=Q\-_&/PY\
MZO\ #WQG<WTTFI+XCLO&&@?;;GPS;6=C##I;:1)H_P!HN+UKRY>YG@^S?9Z
M/LRBOS[_ &\?VPO%W[-MI\'_ (8?!+P+IGQ/_:>_:8\:S> /@GX,UZ_ETWPM
M936$%O=>)O'?C:[M6CNXO"OA*SO+.XO8+>>SFO&N,_;+:VM+R:+SCP+\*/\
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K **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** /_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>newsrelease_banner.jpg
<TEXT>
begin 644 newsrelease_banner.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    /   _^X #D%D
M;V)E &3      ?_; (0 !@0$! 4$!@4%!@D&!08)"P@&!@@+# H*"PH*#! ,
M# P,# P0# X/$ \.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-# T8$! 8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\  $0@ :0.$ P$1  (1 0,1 ?_$ )T  0$!  ,! 0
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M098:@ # &% E00#"LO,*@+:%#S R10 !00#*H9%!%@,*& !1M  H! "L[ H
M@!D5 995#"AYF%  \PU V@>GG8/'(" @(" @(" @(" @(" @(" @(" @(" @
M(" @(" @(" @)A0 !0!ED4!5L  H8&62506 \PK+S  J &162*@,@!5!&DP!
M@9"AA8#)(B+ "L@ 4/( >05DBE@985 #"LO,@-H4!0 /,*MA!EAJ  , 84"5
M! ,*R\PJ MH4/,#)%  %! ,JAD4$6 PH8 %&T "@$ *SL"@" &14!EE4,*'F
M84 #S#4#:!Z>=@\<@(" @(" @(" @(" @(" @(" @(" @(" @(" @(" @("
MF%  % &610%6P "A@99)5!8#S"LO, "H 9%9(J R %4$:3 &!D*&%@,DB(L
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M5!&DP!@9"AA8#)(B+ "L@ 4/( >05DBE@985 #"LO,@-H4!0 /,*MA!EAJ
M, 84"5! ,*R\PJ MH4/,#)%  %! ,JAD4$6 PH8 %&T "@$ *SL"@" &14!E
ME4,*'F84 #S#4#:!Z>=@\<@(" @(" @(" @/3OTK4A2_UNK-8QITZ,FEXO"/
M,9YK_(HUXX]Y_@]C_B=41RS/I%/\7:U>W;;_ 'SHG<^EX3TW4Y2E6<<HU949
MM2_AO_\ E_,XE/=U?M<F#)_71^FL?I^CG5=C3^]Q=SC_ ./)\?OMG]?U?+ZW
MVS>=Q?LO4]/MI*DE-5*]:2Q4*:IP3>"S>+P2.T[;O*>W[*BNKKM&_673=YX^
MONO(UT4]/69VC2'[6OZ][;U5W=GHFL5:VIV<6Y1K4=RE-Q>[^,L%X;WACBS%
M?E<V*VK+1$45;3U;Q^#[?-=1AR3.2G>.DNIH=E4J_9=UK]*YG]NRG*G<V3BL
M(N$TI?ECCX1EO9'+J\C-/<QBF/IJ^$N%1XB*NTJSQ5]5$Z33\_\ 3JY%]^NJ
MMKV53[A^Q*5PZ=.O5M-U)1IU)8)[V..33R/GC\M%7<SATZ:S&OO#ZYO!31V<
M9]?JTB;?:6-2[!^IIVA2A<N>J:W*G&G:RBHP@IQ3;<L6_P =Z.PN'RE]>36/
MHQZ]6,_A;,>+2K_V9M.FVO\ .'9:CV#V?I%:E9:MKE>A>U(J7,5!\A;WA_=@
MU_W'&P^4[C+$U8\<33'OU^WR<S/X7M,$Q1ERU17/]O3[?-\'=T:="[KT:=15
MJ=*I*$*T<IQC)I26&.>9WV.J:J8F8TUAYG+1%-4Q$ZQ$_'=ZS^O*]_;_ *WO
M:^G4N??TZU:5O2W=_>FE'!;J\6>3\M315WE,5SI3,1K^;W'@ZZZ?'U58XUKB
M9T]=G*O*MUJ7Z_U&Z[OL:5G=4XU/JXQW)[RBN5))N3C)S\,,?$^>.FG'W=-/
M;U353TU_C^3[9:JLO8UU=U3%-4:Z>GW?/5\'H/95I7T*7<&MWLK'2]_ET52I
MNI5J2QW?!>."Q\,CO>Z\C53EX<5-U?KK.D0\SV7B:*L//FJLQZZ1I&LRNZ.R
M;73]$MM>TF\E>Z7<24&ZD-RI!O%+%>&V+62'9>1JR99Q9*;:X_!?(>(IQ8:<
M^*J_'5O&DP^D_;-I<7E;MJTMX[]>XC.G2AYRERTCK?!9(HC+5/PC_J[;_),5
M62<%%/\ 55$Q_P"+@+]>=LVVHT=$O]:JK6JZCA&E1;HQG-8QBY-;=GBC[_\
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MZ<N.*Z?A+SG=]M5@RU8ZOC3+A'V<= 3"@ "@#+(H"K8 !0P,LDJ@L!YA67F
M!4 ,BLD5 9 "J"-)@# R%#"P&21$6 %9  H>0 \@K)%+ RPJ &%9>9 ;0H"@
M >85;"#+#4  8 PH$J" 85EYA4!;0H>8&2*  *" 95#(H(L!A0P *-H % (
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MMG]NW5XKR==W<53?R?W;]/9TYRW 0$PH  H RR* JV  4,#+)*H+ >85EY@
M5 #(K)%0&0 J@C28 P,A0PL!DD1%@!60 *'D /(*R12P,L*@!A67F0&T* H
M'F%6P@RPU  & ,*!*@@&%9>85 6T*'F!DB@ "@@&50R*"+ 84, "C: !0" %
M9V!0! #(J RRJ&%#S,* !YAJ!M ]/.P>.0$! 0$! 0$! 0$! 0%@! 0$! 0$
M! 0$! 0$! 0$! 0$! 3"@ "@#+(H"K8 !0P,LDJ@L!YA67F !4 ,BLD5 9 "
MJ"-)@# R%#"P&21$6 %9  H>0 \@K)%+ RPJ &%9>9 ;0H"@ >85;"#+#4
M8 PH$J" 85EYA4!;0H>8&2*  *" 95#(H(L!A0P *-H % ( 5G8% $ ,BH#+
M*H84/,PH 'F&H&T#T\[!XY 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0
M$! 0$!,*  * ,LB@*M@ %# RR2J"P'F%9>8 %0 R*R14!D *H(TF ,#(4,+
M9)$18 5D "AY #R"LD4L#+"H 85EYD!M"@* !YA5L(,L-0 !@#"@2H(!A67F
M%0%M"AY@9(H  H(!E4,B@BP&%#  HV@ 4 @!6=@4 0 R*@,LJAA0\S"@ >8:
M@;0/3SL'CD! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$PH  H
MRR* JV  4,#+)*H+ >85EY@ 5 #(K)%0&0 J@C28 P,A0PL!DD1%@!60 *'D
M /(*R12P,L*@!A67F0&T* H 'F%6P@RPU  & ,*!*@@&%9>85 6T*'F!DB@
M"@@&50R*"+ 84, "C: !0" %9V!0! #(J RRJ&%#S,* !YAJ!M ]/P.P>.6
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5" @(" @(" @(" @(" @(" @(#__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>pressrelease_banner.jpg
<TEXT>
begin 644 pressrelease_banner.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X1$*17AI9@  34T *@    @ ! $[  (
M   5   (2H=I  0    !   (8)R=  $    J   0V.H<  <   @,    /@
M   <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                                 %)O8VAE+"!#
M;W5R=&YE>2!!;FYE    !9 #  (    4   0KI $  (    4   0PI*1  (
M   #,#4  )*2  (    #,#4  .H<  <   @,   (H@     <Z@    @
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M
M                                 #(P,3,Z,#8Z,#,@,#DZ-3(Z,#D
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M\O/T]?;W^/GZ_\0 'P$  P$! 0$! 0$! 0        $" P0%!@<("0H+_\0
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M^$>_MS_A+_\ B7;MGG_V8_7.,;=V[K[4I8RC%)N^NGPRW[;;CC@JTG96VO\
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
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M?VY9?WI/^^*/[;L_[TG_ 'Q7-CK2BCVDA?4J7F='_;=G_>D_[XI?[:L_5_\
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M(3%'6EHHIDBBBBBD(**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
>HHHH **** "BBB@ HHHH **** "BBB@ HHHH __9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
